Title: Females on board and sustainability performance: evidence from the emerging markets

Authors: Ahmed F. Elbayoumi; Hanan Elmoursy; Somya M. Eljilany; Mohammed Bouaddi; Mohamed A.K. Basuony

Addresses: Onsi Sawiris School of Business, The American University in Cairo, New Cairo, Egypt; Faculty of Commerce, Cairo University, Egypt ' Faculty of Management Technology, German University in Cairo, Egypt ' Department of Accounting, Higher Institute of Management and Accounting, Sohag, Egypt ' Onsi Sawiris School of Business, The American University in Cairo, Egypt ' Onsi Sawiris School of Business, The American University in Cairo, Egypt

Abstract: This study examines the impact of gender diversity, board size, board independence, and CEO duality on sustainability performance. Using a dataset of 19,199 firm-year observations from 25 emerging market countries listed in the MSCI emerging markets index and spanning from 2008 to 2021, this study provides robust empirical evidence on the association between board composition and sustainability performance. Fixed effect model with lags and GMM are used to provide robust empirical evidence on the relationship between board composition and sustainability performance. The results reveal that the presence of female members on boards (executive and non-executive directors) improves the firm's sustainability performance. While, board independence negatively affects the ESG scores. This study contributes to the ongoing discourse on sustainability by providing a deeper comprehension of the intricate relationships between board composition and sustainability performance. Our findings help advance our understanding of the role of board composition in shaping corporate sustainability decisions.

Keywords: board gender diversity; board composition; board independence; CEO duality; sustainability performance.

DOI: 10.1504/IJCG.2026.152096

International Journal of Corporate Governance, 2026 Vol.16 No.1, pp.67 - 89

Received: 04 Mar 2025
Accepted: 26 Aug 2025
Published online: 06 Mar 2026 *

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