Does board gender diversity improve environmental, social and governance disclosure? Evidence from South Africa

Purpose: This study examines the relationship between board gender diversity and environmental, social governance (ESG) disclosure of companies listed on Johannesburg Stock Exchange (JSE).Design/methodology/approach: Panel regressions were used to analyse an unbalanced sample 92 (725 company years) JSE All Share Index during 2011 2021. Board diversity, measured as percentage women a board, was regressed against aggregate individual component Bloomberg ESG scores. ‘Critical mass theory’ tested using 30%+ female representation dummy variable.Findings/results: Positive correlation is found both S-disclosure. likely results from unexplained differences overall economy level time effects, no series remains scores once these effects are controlled for. Little evidence in support critical theory.Practical implications: The results, although not conclusive, provide for argument that greater South African corporate boards desirable attain higher disclosure. However, may be driven by same non-modelled underlying process, fixed effects.Originality/value: adds growing research – specifically Africa, interesting case emerging with well-developed frameworks, where more equitable increasing topics great practical academic importance.