A REVIEW OF BOARD ATTRIBUTES AND ESG PERFORMANCE: THE MODERATING ROLE OF WOMEN DIRECTORS OF THE EMERGING MARKETS
DOI:
https://doi.org/10.35631/AIJBES.829058Keywords:
Board Gender Diversity, Corporate Governance, Esg, Board Attributes, MalaysiaAbstract
Regulatory focus on ESG performance and board characteristics, such as gender diversity, is increasingly widespread worldwide, including in Malaysia. Prior studies show that board characteristics influence ESG performance and generally enhance governance-related outcomes in emerging markets. While several existing Malaysian studies have investigated the relationships between independent directors, gender diversity, and ESG disclosure quality, specific evidence on the interaction between board size and board expertise, jointly with ESG performance, at different levels of female representation is still in its infancy. This literature review analyses the empirical and theoretical work on the interrelationships between board attributes, such as board independence, board size, and board expertise, and ESG performance in publicly listed companies in Malaysia and similar emerging markets. The review also investigates the moderating role of board gender diversity on the governance of the ESG relationship and the implications of this dynamic on ESG outcomes in Malaysian publicly listed firms. This paper, written in the Malaysian context, contributes to the governance literature and has practical policy implications by clarifying whether and how female representation on boards changes the relationship between board attributes and ESG performance.
Downloads
References
Agustina, R. P., & Barokah, Z. (2024). Women on boards and ESG performance: empirical evidence before and during the COVID-19 pandemic in Indonesia and Malaysia. Corporate Governance the International Journal of Business in Society, 24(3), 489–508. https://doi.org/10.1108/cg-10-2023-0415
Aziz, N. H. A., Alshdaifat, S. M., & Amosh, H. A. (2025). ESG Controversies and Firm Performance in ASEAN : Do Board Gender Diversity and Sustainability Committee Matter? Business Strategy & Development, 8(1). https://doi.org/10.1002/bsd2.7009
Bahaudin, M. F., Zakaria, N. B., Jamaludin, M. F., & Marzuki, M. M. (2026). Multidimensional Board Diversity and Sustainable Company Performance: An Empirical Study of Shariah-compliant Companies in Malaysia. Indian Journal of Corporate Governance, 19(1), 32–63. https://doi.org/10.1177/09746862261436472
Chong, L., Ong, H., & Tan, S. (2018). Corporate risk-taking and performance in Malaysia: the effect of board composition, political connections and sustainability practices. Corporate Governance the International Journal of Business in Society, 18(4), 635–654. https://doi.org/10.1108/cg-05-2017-0095
Cucari, N., Falco, S. E. D., & Orlando, B. (2017). Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies. Corporate Social Responsibility and Environmental Management, 25(3), 250–266. https://doi.org/10.1002/csr.1452
Dempere, J., & Abdalla, S. (2023). The Impact of Women’s Empowerment on the Corporate Environmental, Social, and Governance (ESG) Disclosure. Sustainability, 15(10), 8173. https://doi.org/10.3390/su15108173
Gavana, G., Gottardo, P., & Moisello, A. M. (2024). The impact of board gender diversity on ESG disclosure. A contingency perspective. Meditari Accountancy Research, 33(7), 1–29. https://doi.org/10.1108/medar-07-2024-2567
Halid, S., Mahmud, R., Suffian, M. T. M., & Rahman, R. A. (2022). Does Firm’s Board Affects ESG? Malaysian Evidence. International Journal of Academic Research in Accounting Finance and Management Sciences, 12(1). https://doi.org/10.6007/ijarafms/v12-i1/11609
Jing, D., Hussin, N., & Othman, R. (2025). Nexus Between Board Diversity and Environmental, Social, Governance (ESG) Performance and Disclosure: A Systematic Literature Review. Corporate Social Responsibility and Environmental Management, 33(2), 1776–1793. https://doi.org/10.1002/csr.70255
Jizi, M., Nehme, R., & Melhem, C. (2021). Board gender diversity and firms’ social engagement in the Gulf Cooperation Council (GCC) countries. Equality Diversity and Inclusion an International Journal, 41(2), 186–206. https://doi.org/10.1108/edi-02-2021-0041
Kamaludin, K., Ibrahim, I., Sundarasen, S., & Faizal, O. (2022). ESG in the boardroom: evidence from the Malaysian market. International Journal of Corporate Social Responsibility, 7(1). https://doi.org/10.1186/s40991-022-00072-2
Latif, R. A., Mohd, K. N. T., Kamardin, H., & Ariff, A. H. M. (2023). Determinants of Sustainability Disclosure Quality among Plantation Companies in Malaysia. Sustainability, 15(4), 3799. https://doi.org/10.3390/su15043799
Manini, M. M., & Abdillahi, U. A. (2023). Breaking barriers and building sustainability: The importance of board feminization in ESG disclosures. Journal of Accounting Business and Finance Research, 16(2), 78–92. https://doi.org/10.55217/102.v16i2.657
Marheni, Khan, M. A., Syahid, M., & Fadly, M. (2026). Board Independence, Institutional Ownership, and CEO Duality as Drivers of ESG Performance in Southeast Asia: The Moderating Role of Board Gender Diversity in Strong Versus Weak Regulatory Environments. Corporate Social Responsibility and Environmental Management, 33(3), 4383–4398. https://doi.org/10.1002/csr.70390
Mohammad, W. M. W., Zaini, R. M., & Kassim, A. A. M. (2022). Women on boards, firms’ competitive advantage and its effect on ESG disclosure in Malaysia. Social Responsibility Journal, 19(5), 930–948. https://doi.org/10.1108/srj-04-2021-0151
Ng, S., Ng, C., & Johl, S. K. (2023). Overview of ESG Practices in Malaysia with Introduction of Conceptual Framework. International Journal of Academic Research in Business and Social Sciences, 13(15). https://doi.org/10.6007/ijarbss/v13-i15/18678
Ngu, S.-B., & Amran, A. (2024). Unveiling the antecedents and the outcome of materiality disclosure: insights from sustainability reporting of Malaysian public listed companies. Meditari Accountancy Research, 32(6), 2053–2082. https://doi.org/10.1108/medar-10-2023-2206
Phore, J., Kumar, A., Deepa, Ahuja, S., & Soti, N. (2025). Mapping the Intellectual Landscape of ESG : A Bibliometric and Thematic Approach. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.70331
Radin, R. B., Tahir, N. S. B. H., & Othman, S. (2023). The Influence of Board of Directors and Ownership Structure on Integrated Reporting and the Moderating Role of ESG Disclosure: A Proposed Conceptual Framework. International Journal of Academic Research in Accounting Finance and Management Sciences, 13(2). https://doi.org/10.6007/ijarafms/v13-i2/17653
Setiani, E. P., & Novitasari, B. T. (2024). Exploring the Impact of Board Attributes on ESG Scores of Indonesian Companies. Nominal Barometer Riset Akuntansi Dan Manajemen, 13(1), 131–143. https://doi.org/10.21831/nominal.v13i1.72362
Toerien, F., Breedt, C., & Jager, P. de. (2023). Does board gender diversity improve environmental, social and governance disclosure? Evidence from South Africa. South African Journal of Business Management, 54(1). https://doi.org/10.4102/sajbm.v54i1.3646
Wasiuzzaman, S., & Mohammad, W. M. W. (2019). Board gender diversity and transparency of environmental, social and governance disclosure: Evidence from Malaysia. Managerial and Decision Economics, 41(1), 145–156. https://doi.org/10.1002/mde.3099
Wu, J., Wang, D., Fu, X., & Meng, W. (2023). Antecedent Configurations of ESG Disclosure: Evidence from the Banking Sector in China. Sustainability, 15(17), 13234. https://doi.org/10.3390/su151713234
Zawawi, M. M., Ismail, A. M., & Kamaruddin, S. N. (2023). Gender Diversity and Environmental, Social and Governance (ESG) of Malaysian Listed Companies. International Journal of Academic Research in Business and Social Sciences, 13(1). https://doi.org/10.6007/ijarbss/v13-i1/15251
