ESG Disclosure Practices in Hospitality Under Governance Heterogeneity

ABSTRACT This study examines how board gender diversity (BGD) and internal governance mechanisms are associated with ESG disclosure in the global tourism and hospitality industry. Using an unbalanced panel of 282 listed firms from 49 countries over 2015–2024, the analysis employs firm and year fixed effects, interaction models, lagged specifications and instrumental‐variable sensitivity tests. The results show that BGD is positively associated with ESG disclosure across environmental, social and governance dimensions, although the relationship is not uniform across representation levels or institutional settings. Squared and threshold specifications indicate that the association becomes more visible when female representation reaches a meaningful level, consistent with critical mass theory. Audit committee independence is also positively associated with ESG disclosure and strengthens the gender diversity‐disclosure relationship, suggesting that diversity is more consequential when supported by monitoring structures. Cross‐continental analysis shows stronger and more precise estimates in Europe and North America, while results for smaller regional subsamples are interpreted cautiously. The study contributes by distinguishing ESG disclosure from ESG performance, situating board diversity in the labour‐intensive and reputation‐sensitive hospitality context and showing that board composition, audit oversight and institutional setting jointly shape sustainability transparency.