A influência da participação feminina e do comitê de sustentabilidade no desempenho ESG: no setor de energia elétrica

Abstract

Some publicly listed companies have started adopting diversity policies and establishing sustainability committees; however, the concrete effects of these initiatives on ESG (Environmental, Social, and Governance) performance remain controversial. In this context, this study analyzes the influence of female board participation, critical mass, and the presence of a sustainability committee on the ESG performance of Brazilian electric power companies from 2014 to 2024. Grounded in Stakeholder Theory and Critical Mass Theory, the research employs panel data regression with Panel-Corrected Standard Errors (PCSE) to investigate the interactions between dependent and explanatory variables. The main findings indicate that female participation on the board has a positive and significant relationship with overall ESG performance, particularly with the governance dimension. However, the presence of a critical mass of women on the board did not show statistical significance. Conversely, the presence of a sustainability committee demonstrated a consistent and positive effect on ESG performance and its dimensions. These results contribute to corporate governance and Stakeholder Theory by demonstrating that the creation of sustainability committees and greater board diversity, particularly female participation, enhance ESG performance in the electric power sector, according to the sample analyzed. Furthermore, the findings offer practical implications, suggesting that boards should promote female inclusion and establish sustainability committees to improve transparency and sustainability performance.Some publicly traded companies have begun adopting diversity policies and establishing sustainability committees, yet the concrete effects of these initiatives on ESG performance remain controversial