نوع مقاله : مقاله پژوهشی

نویسندگان

• محسن ختن لو ¹
• مهدی کاظمی علوم ¹
• یاسمن مرادی بهجت ²

¹ استادیار، گروه حسابداری، دانشکده علوم اقتصادی و اجتماعی، دانشگاه بوعلی‌سینا، همدان، ایران.

² دانشجوی کارشناسی ارشد، گروه حسابداری، موسسه آموزش عالی الوند، همدان، ایران.

چکیده

در سال‌های اخیر، افشای اطلاعات غیرمالی برای ذینفعان در تصمیم‌گیری اهمیت بیشتری یافته است. افشای اطلاعات غیرمالی شرکت‌ها مانند افشای اطلاعات زیست‌محیطی، اجتماعی و حاکمیتی (ESG) می‌تواند تحت تأثیر ویژگی‌های مدیران و سایر ارکان حاکمیت شرکتی قرار گیرد. بر این اساس هدف پژوهش حاضر بررسی تأثیر تنوع جنسیتی هیئت مدیره بر افشای اطلاعات زیست‌محیطی، اجتماعی و حاکمیتی با نقش تعدیلی ویژگی‌های کمیته حسابرسی است. در این پژوهش داده‌های 78 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 1392 تا 1402 (858 سال-شرکت) جمع‌آوری شد و فرضیه‌‌های پژوهش با استفاده از داده‌های ترکیبی و بکارگیری رگرسیون چندگانه مورد آزمون قرار گرفت. یافته‌های پژوهش نشان می‌دهد تنوع جنسیتی در هیئت مدیره تأثیر مثبت و معناداری بر افشای اطلاعات زیست‌محیطی، اجتماعی و حاکمیتی دارد؛ به‌عبارت دیگر با افزایش حضور زنان در هیئت مدیره، شاخص افشای ESG نیز افزایش می‌یابد. همچنین یافته‌های پژوهش نشان داد استقلال و تخصص مالی کمیته حسابرسی رابطه بین تنوع جنسیتی هیئت مدیره و افشای اطلاعات زیست‌محیطی، اجتماعی و حاکمیتی را تقویت و تعدیل می‌نماید؛ ولی اندازه اعضای کمیته حسابرسی بر این رابطه اثر تعدیلی ندارند. این پژوهش بینش‌های ارزشمندی را برای مدیران و سرمایه‌گذاران فراهم می‌کند تا نقش تنوع جنسیتی در هیئت مدیره و کمیته‌های حسابرسی را در افشای ESG ارزیابی کنند و آنها را در تصمیم‌گیری‌های بهتر یاری ‌کند. همچنین، قانون‌گذاران و سیاست‌گذاران می‌توانند سازوکارهای حاکمیت شرکتی را بازنگری کنند تا حضور بیشتر زنان را نه تنها در هیئت مدیره‌های شرکت‌ها، بلکه در کمیته‌های فرعی نیز ترویج کنند تا از حقوق ذینفعان، بیشتر محافظت شود.

کلیدواژه‌ها

• افشای اطلاعات زیست‌محیطی
• اجتماعی و حاکمیتی
• تنوع جنسیتی
• هیئت مدیره
• کمیته حسابرسی

موضوعات

• حسابداری مالی
• حسابداری وجنبه های مختلف مالی

عنوان مقاله [English]

Investigating the Impact of Board Gender Diversity on ESG Disclosure: The Moderating Role of Audit Committee Characteristics

نویسندگان [English]

• Mohsen Khotanlou ¹
• Mahdi Kazemioloum ¹
• Yasaman Moradi Behjat ²

¹ Assistant Prof., Department of Accounting, Faculty of Economics and Social Science, Bu-Ali Sina University, Hamedan, Iran.

² Master of Accounting, Department of Accounting, Alvand Institute of Higher Education, Hamedan, Iran.

چکیده [English]

In recent years, non-financial disclosure has become increasingly important for stakeholders in making informed decisions. Non-financial disclosures by companies, such as Environmental, Social, and Governance (ESG) information disclosure, can be influenced by the characteristics of directors and other corporate governance mechanisms. Accordingly, the purpose of this research is to investigate the impact of board gender diversity on ESG disclosure, with a focus on the moderating role of audit committee characteristics. In this study, data from 78 companies listed on the Tehran Stock Exchange from 2013 to 2024 (858 firm-years) were collected, and the research hypotheses were tested using pooled data and multiple regression analysis. The research findings indicate that gender diversity on the board of directors has a positive and significant impact on ESG disclosure. In other words, an increase in the presence of women on the board is associated with a corresponding increase in the ESG disclosure index. The research findings also indicated that the independence and financial expertise of the audit committee moderate the relationship between board gender diversity and ESG disclosure; however, the size of the audit committee members does not have a moderating effect on this relationship. This study offers valuable insights for managers and investors to evaluate the impact of gender diversity on the boards of directors and audit committees in ESG disclosure, and to inform their decision-making. Furthermore, legislators and policymakers can revise corporate governance mechanisms to promote greater inclusion of women not only on company boards but also in sub-committees to protect the rights of stakeholders better. The findings of the present study indicate a low number of female board members in companies listed on the Tehran Stock Exchange (9.2% of observations), which may affect the research results.

Introduction

In 2015, the United Nations introduced the Sustainable Development Goals to address poverty, environmental degradation, inequality, and justice, with the 2030 Agenda promoting sustainability for all stakeholders and guiding companies to shift from profit maximization to sustainable growth. Non-financial disclosures related to environmental, social, and governance (ESG) factors have gained strategic importance for stakeholders, including governments, investors, and employees, in decision-making processes. These disclosures address environmental concerns (e.g., green technologies), social issues (e.g., human rights), and governance matters (e.g., board independence). Agency and stakeholder theories emphasize the need for long-term, sustainable perspectives, though some view corporate social responsibility activities as a source of agency problems. In contrast, others see them as a competitive advantage. The board of directors, particularly in terms of its gender diversity, plays a critical role in enhancing ESG disclosures and stakeholder accountability, despite conflicting research findings. The audit committee strengthens transparency and accuracy in ESG reporting. This study examines how board gender diversity, moderated by audit committee characteristics, influences ESG disclosures, thereby contributing to the literature, particularly in the unique political context of Iran.
Research Question: What is the impact of board gender diversity on environmental, social, and governance (ESG) disclosures, with the moderating role of audit committee characteristics?

Literature Review

Environmental, Social, and Governance (ESG) issues have gained significant importance for companies due to current competitive requirements and stakeholder attention. By disclosing ESG information, companies aim to reduce agency problems and positively impact capital markets. Since ESG disclosure is often voluntary, studying the factors influencing the improvement of its quality is crucial. Research indicates that corporate governance factors, such as the board of directors and audit committees (especially in the context of agency theory), can play a significant role in reducing information asymmetry and conflicts of interest in ESG information disclosure.
Based on the theoretical foundation and prior research, the following hypotheses are formulated:
Hypothesis 1: Gender diversity on the board of directors has a positive and significant impact on ESG disclosure.
Hypothesis 2: The size of the audit committee moderates the relationship between gender diversity on the board of directors and ESG disclosure.
Hypothesis 3: The independence of audit committee members moderates the relationship between gender diversity on the board of directors and ESG disclosure.
Hypothesis 4: The financial expertise of audit committee members moderates the relationship between gender diversity on the board of directors and ESG disclosure.

Methodology

This applied study utilizes data from audited financial statements, explanatory notes, audit committee reports, and board activity reports submitted to the general assembly of shareholders of firms listed on the Tehran Stock Exchange, utilizing the CODAL system. The data were analyzed with EViews software, and multiple regression analysis was applied to test the research hypotheses. The study encompasses all firms listed on the Tehran Stock Exchange over the period from 2013 to 2023.

Results

The research findings indicate that gender diversity on the board of directors has a positive and significant impact on ESG disclosure. In other words, an increase in the presence of women on the board is associated with a corresponding increase in the ESG disclosure index. The research findings also indicated that the independence and financial expertise of the audit committee moderate the relationship between board gender diversity and ESG disclosure; however, the size of the audit committee members does not have a moderating effect on this relationship..

Conclusion

This study offers valuable insights for managers and investors to evaluate the impact of gender diversity on the boards of directors and audit committees in ESG disclosure, and to inform their decision-making. Furthermore, legislators and policymakers can revise corporate governance mechanisms to promote the greater inclusion of women not only on company boards but also in subcommittees, thereby better protecting the rights of stakeholders. The findings of the present study indicate a low number of female board members in companies listed on the Tehran Stock Exchange (9.2% of observations), which may affect the research results

کلیدواژه‌ها [English]

• Audit Committee
• Board Gender Diversity
• Environmental
• Social
• and Governance Disclosure