Abstract
This study examines the association between board gender diversity and firm-level climate change exposure. Using a global sample of 14,685 firm-year observations covering 2469 firms across 63 countries from 2000–2021, we find that firms with more gender-diverse boards are likely to exhibit lower climate change exposure. The results remain after we decompose the exposure into three components: exposures to opportunity, physical (e.g., sea level rises), and regulatory shocks (e.g., carbon taxes, cap and trade markets). Our critical mass analysis further confirms that boards with at least two female directors start having such a significant effect.
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