Carbon and financial performance: the role of women on board as moderator variable from masculine country
Abstract This research aims to examine the effect of carbon performance on financial performance in recognizing the demands of stakeholders to mitigate climate change due to carbon emissions. Additionally, the role of women on board is investigated as a moderating variable in this relationship. The...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Springer
2025-06-01
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| Series: | Discover Sustainability |
| Subjects: | |
| Online Access: | https://doi.org/10.1007/s43621-025-01391-7 |
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| Summary: | Abstract This research aims to examine the effect of carbon performance on financial performance in recognizing the demands of stakeholders to mitigate climate change due to carbon emissions. Additionally, the role of women on board is investigated as a moderating variable in this relationship. The population focuses on non-financial firms listed on the Indonesia Stock Exchange (IDX) in 2018–2022 with a sample of 712 obtained through purposive sampling. Data are obtained from annual and sustainability reports of related firms. Meanwhile, Moderated Regression Analysis was used to analyze the data in this research. The results show that carbon performance has a negative effect on financial performance and the relationship is weakened by women on board as a quasi-moderator. Our study is robust after controlling COVID-19 period. The findings also remain relatively similar in many additional tests except for the variable of women on board, which is not significant in large firms and high-intensive carbon firms. Therefore, the effect of female directors on the relationship between carbon and financial performance is conditional on firm characteristics. The novelty of this study is to test the presence of women on the board in a masculine culture, whether it can provide diverse perspectives in carbon performance decision-making, and how it is linked to financial performance. |
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| ISSN: | 2662-9984 |