PROPORTION OF WOMEN ON CORPORATE BOARDS AND GENDER PAY GAP. EARLY EVIDENCE FROM THE WARSAW STOCK EXCHANGE

PURPOSE: This research examines how the representation of women on corporate boards and in executive positions influences the gender pay gap in Poland, using newly available ESG data from companies listed on the Warsaw Stock Exchange in 2023. DESIGN/METHOD: A linear regression model is applied, with the gender pay gap as the dependent variable and the proportion of women in leadership roles as key independent variables. Additional controls include company size, profitability, industry sector, and geographical location. RESULTS/FINDINGS: The results indicate that regional and sectoral factors play a significant role in wage disparities, while the presence of women in leadership positions does not necessarily lead to a reduction in the gender pay gap. The estimated coefficients for female representation on boards and among executives are negative but lack statistical significance across all model variations. Similarly, company size and prof- itability do not exhibit a significant effect on the gender pay gap. ORIGINALITY/VALUE: This study provides novel insights into the relationship between female representa- tion in corporate governance and the gender pay gap in Poland, leveraging newly available ESG data. The results highlight the need for a nuanced understanding of the complex dynamics shaping wage disparities beyond a singular focus on increasing female representation in corporate decision-making roles, which occurred to be statistically insignificant. KEYWORDS: gender pay gap, corporate governance, women on boards, ESG reporting, Warsaw Stock Exchange. JEL: J16, J31, M14.