Board Gender Diversity and Low Carbon Initiatives: A Study of Women's Participation in the Board of IBrX100 Companies in Potentially Polluting Sectors




Board Gender Diversity, ICO2 Index, Sustainability, Potentially Polluting Sectors


Objectives: This study investigated the relationship between the presence of women in the Boards of Directors (BDs) and company adhesion to the Carbon Efficient Index (ICO2). As a complement, the study investigated whether company adhesion to the Corporate Sustainability Index (ISE) increases the likelihood of adhesion to the ICO2.

Method: The study adopted the logistic regression method, given that the dependent variable (ICO2) is binary. The sample involved Brazilian companies that are part of the IBrX100, and the study period was from 2011 to 2021.The study segmented the companies in two sub-samples: one group of potentially more polluting companies, and one group of potentially less polluting companies.

Results: We find a positive relationship between the presence of women in the BDs and adhesion to ICO2, for the group of more polluting companies, and when the BD is presided by a woman, this relationship happens in all subdivisions of the sample. The results also indicated that companies with greater liquidity, greater market value, more leveraged, and with more assets, have more probability to be part of the ICO2.

Contributions: The major contribution of this study is the classification of the sample into different groups of sectors related to gas emissions. This study is in line with three of the UN's Sustainable Development Goals (SDGs): gender equality, innovation and action against climate change. In addition, the study is relevant because it showed that the protagonism of women in BDs leads to sustainable, environmentally efficient practices.


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Author Biographies

Anderson Luís Firmino, Universidade Federal de Uberlândia

Mestrando no Programa de Pós Graduação em Administração - Faculdade de Gestão em Negócios - UFU

Fernanda Maciel Peixoto, Universidade Federal de Uberlândia - Faculdade de Gestão e Negócios - Programa de Pós Graduação em Administração

Professora Adjunta IV da FAGEN/UFU. Doutora em Administração pelo CEPEAD-UFMG.


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How to Cite

Firmino, A. L., & Peixoto, F. M. (2023). Board Gender Diversity and Low Carbon Initiatives: A Study of Women’s Participation in the Board of IBrX100 Companies in Potentially Polluting Sectors. Advances in Scientific and Applied Accounting, 16(2), 065–077/078.