Using Baltagi and Li's (2002) semi-parametric panel fixed effects model, this article investigates the effect of board gender diversity (BGD) on a firm's environmental performance (EP) in a sample of firms from the 2020 Fortune 1000 Index over the 2004–2020 period. We address the endogeneity issue via a control function. Contrary to the existing literature, we find an inverted U-shaped BGD-EP relationship with a turning point. Similarly, we show that this relationship is endogenous and dynamic by nature. Overall, we find a curvilinear relationship (inverted U-shape) between BGD and EP, thereby supporting the “too-much-of-a-good-thing” (TMGT) effect (Pierce and Aguinis, 2013).

本文使用 Baltagi 和 Li (2002) 的半参数面板固定效应模型，调查了董事会性别多样性 (BGD) 对 2020 年财富 1000 强指数公司样本在 2004– 2020年期间。我们通过控制函数解决内生性问题。与现有文献相反，我们发现具有转折点的倒U形 BGD-EP 关系。同样，我们表明这种关系本质上是内生的和动态的。总体而言，我们发现 BGD 和 EP 之间存在曲线关系（倒U形），从而支持“好事太多”（TMGT）效应（Pierce 和 Aguinis，2013 年）。