This paper aims to investigate the impact of board composition on environmental, social and governance (ESG) reporting in the Gulf countries. Despite the vast literature on the significance of ESG disclosure on firms’ performance, trust and reputation, there are relatively few studies on the influence of board structure on ESG disclosure in the Gulf Cooperation Council (GCC) countries. Gulf countries are witnessing a fast growing capital markets and having serious efforts to attract foreign investments to divert their economies from the oil and gas reliance. This could be facilitated by illustrating firms’ good citizenship and communicating the fulfillment of their social obligation.,The study examines publically listed companies between 2008 and 2017. Thomson Reuter’s database is used to collect the ESG disclosure scores and governance information. The authors apply multiple panel data regressions and sensitivity testing to ensure the robustness of the results.,Examining publically listed companies for a 10-year period shows that higher board independence and female board participation facilitate the transmission of a firm’s positive image by improving social responsibility. Independent boards of directors and participation among women serve as catalysts to strike an effective balance between firms’ financial targets and social responsibilities. In contrast, boards chaired by chief executive officers are less supportive in executing a social agenda and consequently reporting their ESG activities.,The results suggest that firms that appoint a sustainability and/or governance committee tend to engage in more impactful social and environmental activities and communicate their societal engagements more effectively.,The paper recommends that policymakers, executives and shareholders in the GCC countries support board participation among women, independent directors and formation of sustainability committees to facilitate engaging in effectual social activities.,Empirical evidence regarding the relationship between board composition and ESG disclosure in the Gulf countries is limited. Prior literature mainly provides results on developed countries in which the governance system is mature and well structured. This study provides useful evidence regarding the Gulf countries that lack privatization and where corporate boards tend to be dominated by families and governments.

中文翻译：

---

董事会构成对海湾合作委员会国家 ESG 披露水平的影响

本文旨在调查董事会组成对海湾国家环境、社会和治理 (ESG) 报告的影响。尽管有大量关于 ESG 披露对公司业绩、信任和声誉的重要性的文献，但在海湾合作委员会 (GCC) 国家中，关于董事会结构对 ESG 披露影响的研究相对较少。海湾国家正在见证资本市场的快速增长，并正在认真努力吸引外国投资，以使其经济摆脱对石油和天然气的依赖。这可以通过说明公司的良好公民行为和传达其社会义务的履行情况来促进。,该研究调查了 2008 年至 2017 年间的上市公司。Thomson Reuter 的数据库用于收集 ESG 披露分数和治理信息。作者应用多元面板数据回归和敏感性测试来确保结果的稳健性。,对上市公司的 10 年调查表明，更高的董事会独立性和女性董事会参与通过提高社会责任感促进了公司正面形象的传递. 独立的董事会和女性的参与是在公司财务目标和社会责任之间取得有效平衡的催化剂。相比之下，由首席执行官担任主席的董事会不太支持执行社会议程并因此报告其 ESG 活动。结果表明，任命可持续发展和/或治理委员会的公司倾向于参与更有影响力的社会和环境活动，并更有效地传达其社会参与。本文建议海湾合作委员会国家的政策制定者、高管和股东支持董事会参与其中女性、独立董事和可持续发展委员会的形成，以促进参与有效的社会活动。关于海湾国家董事会组成与 ESG 披露之间关系的经验证据有限。先前的文献主要提供治理体系成熟且结构良好的发达国家的结果。