How do female directors, managers and CEO affect firm sustainability? A review and research agenda

The purpose of this article is to review and systematize prior works that investigate how the presence of women in leading roles of firms affects sustainability and to open up an agenda to guide future research into this promising area. A structured literature review was conducted and 84 relevant publications were identified. The study shows that the presence of women in the board of directors and/or top management team is associated with a greater engagement in social and environmental projects and a better use of scarce resources towards them; it also positively influences the environmental and social performance and it increases the level, quality, and transparency of sustainability disclosure. Furthermore, the presence of women in leading positions and the implementation of sustainable activities improve the financial performance of the company and its value. Despite these positive effects, conflicting results have also emerged. On the basis of these findings, research gaps and future research agenda were identified and presented.