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Gender Diversity and Corporate Sustainability Disclosures in Swedish Listed Companies

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Gender Diversity and Corporate Sustainability Disclosures in Swedish Listed Companies Gender diversity and corporate sustainability disclosures in Swedish listed companies - A quantitative study examining female representation on boards and in the CEO role and their effects on corporate sustainability disclosures Master’s Thesis 30 credits Programme: Master’s Programme in Accounting and Financial Management Specialisation: Financial Accounting Department of Business Studies Uppsala University Spring Semester of 2021 Date of Submission: 2021-06-02 Ehsan Alkhatib Fatima Al-Ramahi Supervisor: Katarzyna Cieslak Abstract This study investigates the relationship between female representation, women as chief executive officers, and corporate sustainability disclosures in Swedish listed companies. The used data was collected from the Swedish listed companies in Nasdaq Stockholm for the period 2017-2020. The specific research period is due to the new amendments of the Swedish Annual Accounts Act (Årsredovisningslagen) which came into force 2017. To investigate the effect female representation, and women as chief executive officers have on the legally issued corporate sustainability disclosures, this study applies content analysis and quantitative methods. By estimating multiple regression models, the results revealed a non-significant relationship of female representation on the board of directors and of women as chief executive officers, on the quality of corporate sustainability disclosures. For the critical mass of at least three women, a non-significant impact is detected. Lastly, an additional test for reversed causality has been conducted, however no significant relationship was documented. Keywords: Corporate Sustainability Disclosures, Women, Female Representation, Gender Diversity, Board of Directors, Chief Executive Officer, Critical Mass Acknowledgements We would like to express a huge gratitude to our supervisor Katarzyna Cieslak whose expertise, guidance, valuable and constructive suggestions benefited us for this master thesis. Thanks to her guidance we had a very educational experience during this semester. We would also like to direct our great appreciation to our fellow students in the seminar groups for this thesis, whom provided us with helpful feedback and suggestions during this semester. The discussions during the seminars were truly valuable and significant in order to improve this thesis further. Without your assistance, this thesis would not have been possible. 2nd of June 2021 Uppsala ___________________________ ___________________________ Ehsan Alkhatib Fatima Al-Ramahi Table of contents LIST OF ABBREVIATIONS 1 1. INTRODUCTION 2 1.1 Background 2 1.2 Problem statement 4 1.3 Purpose 6 2. THEORETICAL FRAMEWORK 7 2.1 Corporate sustainability 7 2.2 Corporate sustainability disclosure in Sweden 7 2.3 The stakeholders theory 8 2.4 The political costs theory 9 2.5 The upper echelon theory 9 2.6 The critical mass theory 10 2.7 The CEO in the company 11 2.8 Previous research on female impact on corporate sustainability disclosures 12 2.9 Hypothesis development 14 3. METHODOLOGY 17 3.1 Research approach 17 3.2. Data 17 3.2.1 Corporate sustainability disclosure data 17 3.2.2 Data regarding women on boards 18 3.2.3 Data of the control variables 18 3.3 Population and sample 18 3.4 Reliability and validity 20 3.5 Variables 20 3.5.1 Dependent variable 20 3.5.2 Independent variable 22 3.5.2.1 Women as board members 22 3.5.2.2 Women as chief executive officers 22 3.5.2.3 Two and three women or more on the board of directors 23 3.5.3.1 Company size 23 3.5.3.2 Company risk 24 3.5.3.3 Company value 24 3.6 Panel data regression 25 3.6.1 Selection of the model 25 3.6.2 Assumptions of ordinary least squares regression models 26 3.6.2.1 Normal distribution 26 3.6.2.2 Multicollinearity 27 3.6.2.3 Endogeneity 27 3.6.3 Models 28 4. RESULTS 30 4.1 Descriptive analysis 30 4.2 Correlation matrix 33 4.3 Regression analysis 34 4.3.1 Testing hypotheses for the models 35 4.3.1.1 Normality 35 4.3.1.2 Multicollinearity 35 4.3.1.3 Heteroscedasticity 37 4.3.2 Results of regression models 37 4.3.2.1 Result of hypothesis 1 39 4.3.2.2 Result of hypothesis 2 40 4.3.2.3 Result of hypothesis 3 41 4.4 Additional test of the potential reversed causality 42 5. ANALYSIS AND DISCUSSION 44 5.1 Female representation on the board of directors 44 5.2 Women as chief executive officers 46 5.3 Two and three women or more on the board of directors 47 6. CONCLUSION 50 6.1 Limitations 51 7. REFERENCE LIST 52 8. APPENDICES 68 List of abbreviations BOD Board of directors CEO Chief executive officer CG Corporate governance CSD Corporate sustainability disclosure CSP Corporate sustainability performance CSDind Corporate sustainability disclosure index ESG Environmental, social and governance CGC Corporate governance code UET Upper echelon theory AAA Annual Accounts Act (Årsredovisningslagen in Swedish, ÅRL) KPIs Key performance indicators ROA Return on assets TQ Tobin's-Q FEM Fixed effect model OLS Ordinary least square VIF Variance inflation factor 1 1. Introduction 1.1 Background Sustainability has become the primary concern within the corporate world. The reasoning behind this is due to the increased focus on environmental, social, and governance aspects (ESG) by managers (Robert, Mary, Colin & Judith, 2020). A study conducted by PriceWaterhouseCoopers finds that corporate directors emphasize the importance of taking social and environmental sustainability issues into account (PwC, 2020a). This is due to the directors realizing that the company cannot achieve its economic performance nor its maximized value without providing any contributions to society, and without considering the importance of stakeholders in improving the performance. To do that, the board of directors (BOD) focus their efforts on the sustainability issues, introduces the activities, and discloses the sustainable initiatives to the stakeholders (PwC, 2020a). In fact, corporate sustainability disclosures (CSD) are issued by the BOD in which the chief exclusive officer (CEO) of the company is sometimes a member of (Swedish Corporate Governance Code, 2016). Thus, both the BOD and the CEO are responsible for issuing the CSDs of the company and highlighting the social and environmentally sustainable activities that should be presented to the stakeholders. In order to achieve that, the BOD draws policies, make decisions, control activities as well as disclose sustainability reports regarding sustainable performance (Dibra, 2016). CSDs provide information about the current and future position of the company from economic, environmental, and social aspects as well as its expected needs for the stakeholders. (Arvidsson, 2011). Recently, companies’ impact and responsibility regarding sustainability, inequality and other social issues have brought attention to the stakeholders and shareholders, resulting in further strict regulations within this area (Szabó & Sørensen, 2015). That is when the European Commission introduced that sustainability reporting’s should be improved, which ultimately resulted in a new directive 2014 (Directive 2014/95/EU). In Sweden, this was incorporated 2017 as the definition in the regulation 6 kap. § 10 Annual Accounts Act (1995:1554, originally Årsredovisningslagen in Swedish) requires that larger companies disclose information including sustainability, employees, human rights, corruption, and development. In general, CSD regulations can provide several advantages including creating measures and benchmarks that lead to significant practices by the company (Elise & Cynthia, 2010). This is due to CSDs being directed to generate sustainable relationships with governments, communities and respond to the customers' needs 2 (Henderson, 2007). In order to accomplish this, CSDs work as a tool that communicates with the company’s stakeholders, and it is a mechanism that provides the investors with the information that is necessary when assessing risks and making decisions, which helps to reduce the cost of capital (Dhaliwal, Li, Tsang & Yang, 2011; Botosan, 1997). As a result, CSDs provide many benefits to the company. On one hand, the BOD intend to invest in sustainability issues to appear socially responsible for the public and their stakeholders (Graham, Harvey & Rajgopal, 2005; Dhaliwal et al., 2011; Plumlee, Brown, Hayes & Marshall, 2015). On the other hand, CSDs can provide positive signals captured by investors such as company situations, risks and the expected return gained later (Li, Gong, Zhang & Koh, 2018). When the company issues high-quality CSDs, it usually reflects lower business risks and decreases estimated risks to investors. As a result, it decreases the rate of return required by investors and ultimately reduces the cost of capital. Thus, the information provided in the CSDs usually influences the investors and is crucial for supporting their decisions when investing in the company (Li et al., 2018). In that sense, disclosures regarding sustainability issues reduce the expectation gap between the company and its stakeholders and mitigate information asymmetries between them as well (Arvidsson, 2011; Dhaliwal et al., 2011; Plumlee et al. 2015). As the government’s interests is to issue CSDs, corporate governance (CG) focuses on the roles performed by the BOD and CEO in governing the company and building significant relationships with the shareholders. In Sweden for instance, the corporate governance code (CGC) has profoundly presented the responsibility of board members in governing the company. However, it does not clarify the role of characteristics
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