Gender, Critical Mass and Carbon Emission

This study investigates the impact of board gender diversity and the presence of a critical mass of female directors on corporate carbon emissions. Grounded in agency, legitimacy, and critical mass theories, it explores how the gender composition of corporate boards shapes firms’ environmental governance. Using panel data from 37 non-financial CAC 40 firms between 2020 and 2023, the analysis employs Fixed Effect regression models with robustness checks. The results reveal a non-linear relationship between gender diversity and emissions: a higher proportion of female directors reduces emissions only when the board reaches a critical mass, supporting the idea that women’s influence becomes significant beyond token representation. CEO duality negatively affects environmental outcomes, while firm size and profitability are positively associated with emission performance. The study contributes to corporate governance research by showing that meaningful female representation enhances environmental accountability, highlighting the need for policies promoting gender balance and sustainability-oriented board practices.