Research Question/Issue We examine the impact of two differing types of employee board representation (i.e., labor board representation and employee shareholder board representations) on environmental, social, and corporate governance components of ESG performance and the moderating role of each type of employee board representation on the relationship between ESG performance and the firm's market value. Research Findings/Insights Using a propensity score matching approach on a sample of French firms listed in the SBF 120 index from 2007 to 2017, our findings reveal that labor board representatives act in the opposite direction to employee shareholder board representatives by focusing exclusively on improving social performance and reducing environmental and corporate governance performance. The way employees are represented on the board of directors also moderates the corporate ESG–financial performance relationship differently. Theoretical/Academic Implications Employee directors are not a homogenous group. The differentiation between the two types of employee directors (i.e., labor board representatives and employee shareholder board representatives) brings a deeper understanding of the effect of stakeholders' representation on the board. Practitioner/Policy Implications Our results are of interest to governance policymakers because they provide them with a fresh understanding of the key role of employee board representation. A meaningful inference to be drawn from our findings is that employee ownership and the representation of employees on the board as employee shareholders may bring about fundamental changes in employees' attitudes and behavior on the board and may, in this regard, be considered as a credible way of generating social harmony and constructive relationships between employees and shareholders. Video Abstract https://youtu.be/GqB_6GxtH2A

中文翻译：

---

ESG 与财务绩效的关系：员工董事会代表的类型是否重要？

研究问题/问题 我们研究了两种不同类型的员工董事会代表（即劳工董事会代表和员工股东董事会代表）对 ESG 绩效的环境、社会和公司治理组成部分的影响以及每种类型的员工董事会的调节作用ESG 绩效与公司市值之间关系的表述。研究结果/见解 对 2007 年至 2017 年 SBF 120 指数中列出的法国公司样本使用倾向得分匹配方法，我们的研究结果表明，劳工委员会代表与员工股东委员会代表的行为相反，只专注于改善社会绩效和降低环境和公司治理绩效。员工在董事会中的代表方式也会以不同的方式调节企业 ESG 与财务绩效的关系。理论/学术影响 员工董事不是一个同质的群体。两种类型的员工董事（即劳工董事会代表和员工股东董事会代表）之间的区别使人们更深入地了解利益相关者代表在董事会中的作用。从业者/政策影响 我们的结果对治理政策制定者很感兴趣，因为它们让他们对员工董事会代表的关键作用有了全新的理解。从我们的调查结果中得出的一个有意义的推论是，员工所有权和员工在董事会中作为员工股东的代表可能会导致员工在董事会中的态度和行为发生根本变化，并且在这方面可能被认为是可信的在员工和股东之间建立社会和谐和建设性关系的方式。视频摘要 https://youtu.be/GqB_6GxtH2A