Female and environmental disclosure of family and non-family firms. Evidence from India

This study aims to use the gender socialization theory, critical mass theory and legitimacy theory to examine the female gender and environmental disclosure of family and non-family-controlled firms in India.

A sample size of 783 and 177 firm-year observations for family and non-family-controlled firms, respectively, between 2009 and 2020 uses descriptive statistics, a test of difference in means and panel regression with random effect assumptions for data interpretation.

The descriptive statistics show a significant mean difference between family-controlled firms and non-family-controlled firms in India. The first findings show that female chief executive officers (CEOs) and CEO duality have a positive and statistically significant association with environmental disclosure in a family-controlled firm but not in non-family-controlled firms in India. The second findings show that independent female directors have no significant association with environmental disclosure of family and non-family firms in India. The fourth findings with critical mass theory confirm the insignificant association of female directors on environmental disclosure of family and non-family firms in India. The results are robust to controlling firm-level variables.

Firms in the Indian context, through this study, assure stakeholders that family firms are better at improving stakeholder’s expectation of environmental accountability than non-family firms, especially where female CEOs are in charge.

This study adds the family perspective of the relationship between female CEOs and the environmental disclosure of listed firms in India. Also, female CEO duality and environmental disclosure add novelty to the research studies on gender and environmental disclosure.