女性董事能否提高ESG评级？一项元分析
Do Female Directors Raise ESG Ratings? A Meta-Analysis
- Charles University, Prague（布拉格查理大学）
- Centre for Economic Policy Research, London（伦敦经济政策研究中心）
- Meta-Research Innovation Center, Stanford（斯坦福元研究创新中心）
机构由 AI 辅助整理，请以论文原文为准。
AI总结：
本研究通过元分析发现，女性董事比例增加对ESG评分的提升效应在纠正发表偏倚后显著减弱，且受地域和方法选择影响，证据强度低于已有文献所示。
AI中文摘要：
任命更多女性进入公司董事会被广泛预期也将提升企业的环境、社会和治理（ESG）表现。我们提供了关于这一关系的首个元分析，基于106项研究中的533个估计值，这些研究使用彭博或伦敦证券交易所集团（LSEG）评级来衡量ESG表现。报告的平均效应显示，董事会性别多样性每增加一个百分点，ESG得分约提高0.28分，但其中很大一部分经不起推敲。使用一系列线性和非线性方法对发表偏倚进行校正后，效应降至约0.08至0.17分之间。一项同时采用合理研究设计的最佳实践估计显示，在世界大部分地区该效应接近0.12分，在中东地区显著更高，而在主导亚洲证据的东南亚市场则接近-0.11分。研究之间存在的剩余差异是系统性的，主要受地理因素和估计方法选择的影响，而非ESG评级提供商或研究包含的控制变量。董事会性别多样性本身可能值得追求，但关于其可靠提高ESG得分的证据比已发表记录所暗示的要弱。
英文摘要：
Appointing more women to corporate boards is widely expected to also raise firms' environmental, social, and governance (ESG) performance. We provide the first meta-analysis of this relationship, drawing on 533 estimates from 106 studies that measure ESG performance with Bloomberg or LSEG ratings. The average reported effect of a one-percentage-point increase in board gender diversity is about 0.28 ESG points, but much of it does not survive scrutiny. Correcting for publication bias with a battery of linear and non-linear methods lowers the effect to between roughly 0.08 and 0.17 points. A best-practice estimate that also imposes sound study design puts it near 0.12 for most of the world, markedly higher for the Middle East, and near -0.11 for the Southeast Asian markets that dominate the Asian evidence. The differences that remain across studies are systematic, driven mainly by geography and by the choice of estimation method rather than by the ESG-rating provider or the controls a study includes. Board gender diversity may be well worth pursuing on its own merits, but the evidence that it reliably raises ESG scores is weaker than the published record suggests.
