Saving the environment with indigenous directors: Evidence from Africa

Vincent Konadu Tawiah · Reon Matemane · Babajide Michael Oyewo · Tesfaye Lemma

45 citations0/0 files storedBusiness Strategy and the Environment

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Gender Diversity and Inequality Corporate Finance and Governance Corporate Social Responsibility Reporting

Abstract

Abstract We build on and extend the literature on corporate governance and sustainability by examining whether indigenous directors (IDs, hereinafter) shape corporate environmental performance (CEP, hereinafter). Drawing insights from image motivation, resource dependence, and critical mass theories, we develop models that link IDs with CEP. Analyzing 1,372 firm‐year observations extracted from firms listed on the Johannesburg Securities Exchange (JSE, hereinafter), for the period spanning from 2015 to 2021, we provide robust evidence that IDs are positively associated with a firm's environmental performance and the association is driven primarily by non‐executive and female IDs. In additional analyses, we demonstrate that a token appointment of IDs to a firm's board would not have an impact on CEP, while the appointment of a “critical mass” of IDs promotes CEP. We also find that a higher percentage of IDs on a firm's board increases corporate financial performance (CFP, hereinafter) and reinforces the positive impact of CEP on CFP. Our findings suggest that appointing a higher proportion of IDs to a firm's board promotes both the financial as well as the environmental performance of the firm. Thus, companies could exploit the virtues of especially non‐executive and female IDs to promote corporate environmental sustainability.

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References

1979The External Control of Organizations: A Resource Dependence Perspective 2003Corporate Governance, Board Diversity, and Firm Value 2007Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis 2010The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation 2003The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach 2014Gender diversity, board independence, environmental committee and greenhouse gas disclosure 2009Doing Good or Doing Well? Image Motivation and Monetary Incentives in Behaving Prosocially 2009Women Directors on Corporate Boards: A Review and Research Agenda

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