Board gender diversity in the French context: moderating the relation between CSR performance and firm value

Purpose This study aims to investigate whether board gender diversity moderates the relationship between environmental, social and governance (ESG) performance and firm value in the French context, characterised by mandatory corporate social responsibility (CSR) reporting and gender equality legislation. Design/methodology/approach The authors apply a two-step dynamic system generalised method of moments (GMM) estimator to a sample of French non-financial companies listed on the SBF 120 index over the period 2011–2022. Findings The findings indicate that board gender diversity positively moderates the ESG performance–firm value relationship, highlighting the governance role of female directors in the specific French regulatory context. Research limitations/implications The findings are limited to the characteristics of the sample. Future research could extend this study by including firms from the financial sector and examining the ESG–firm performance relationship while considering other governance mechanisms, such as ownership structure. Practical implications The study highlights the relevance of board gender diversity as a corporate governance mechanism. For policymakers, it may be pertinent to give greater consideration to gender equality when developing the CSR regulatory framework. Originality/value This study contributes to the debate on the CSR performance–firm value relationship by providing additional evidence from the French regulatory setting on the important role of female directors in strengthening the effectiveness of ESG practices and thereby improving corporate performance.