Published May 15, 2026
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When more is not always better: Non-linear and governance-layer effects of female representation on ESG performance
Authors/Creators
- 1. Ms., Rotterdam, Netherlands
- 2. Dr., Rotterdam, Netherlands
Description
This study investigates whether more female representation always leads to better ESG performance using European STOXX 600 firms from 2010 to 2023. Across firms, higher female representation in the top management team is associated with better ESG performance. We find limited evidence that this association is non-linear; if anything, the relationship appears to weaken at high levels of representation. Within firms over time, increases in board female representation weaken the positive association between top management female representation and ESG performance, suggesting substitution across governance layers. Overall, our findings suggest that more female representation is not always better for ESG performance.
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