Does Gender Diversity in the Workplace Mitigate Climate Change?

45 Pages Posted: 1 Mar 2022

See all articles by Yener Altunbas

Yener Altunbas

University of Wales, Bangor

Leonardo Gambacorta

Bank for International Settlements (BIS); Centre for Economic Policy Research (CEPR)

Alessio Reghezza

European Central Bank (ECB)

Giulio Velliscig

Università degli Studi di Udine

Multiple version iconThere are 2 versions of this paper

Date Written: February 1, 2022

Abstract

We match firm-corporate governance characteristics with firm-level carbon dioxide (CO2) emissions over the period 2009-2019 to study the relationship between gender diversity in the workplace and firm carbon emissions. We find that a 1 percentage point increase in the percentage of female managers within the firm leads to a 0.5% decrease in CO2 emissions. We document that this effect is statically significant, also when controlling for institutional differences caused by more patriarchal and hierarchical cultures and religions. At the same time, we show that gender diversity at the managerial level has stronger mitigating effects on climate change if females are also well-represented outside the organization, e.g. in political institutions and civil society organizations. Finally, we find that, after the Paris Agreement, firms with greater gender diversity reduced their CO2 emissions by about 5% more than firms with more male managers.

Keywords: carbon emissions, female managers, global warming, green economics, Paris agreement

JEL Classification: G12, G23, G30, D62, Q54

Suggested Citation

Altunbas, Yener and Gambacorta, Leonardo and Reghezza, Alessio and Velliscig, Giulio, Does Gender Diversity in the Workplace Mitigate Climate Change? (February 1, 2022). ECB Working Paper No. 2022/2650, Available at SSRN: https://ssrn.com/abstract=4046329 or http://dx.doi.org/10.2139/ssrn.4046329

Yener Altunbas (Contact Author)

University of Wales, Bangor ( email )

Bangor, Wales LL57 2DG
United Kingdom

Leonardo Gambacorta

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Alessio Reghezza

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Giulio Velliscig

Università degli Studi di Udine ( email )

Via Tarcisio Petracco, Palazzo antonini, 8
Udine, 33100
Italy

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