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The present study investigates the impact of board characteristics on environmentally friendly production. The current research uses secondary data extracted from the Refinitiv Eikon database. The data is extracted from the database for a sample of 8094 corporates from 2 continents, Asia and Europe, from 2016 to 2021. Panel data analysis with fixed effect models is used to estimate the results. The findings reveal that board size, independence, and industry expertise significantly impact environmentally friendly production. The results also indicate that board diversity correlates positively with environmentally friendly production in European corporates but negatively in Asian corporates. Findings show that the moderating role of environmental teams has a greater interaction effect with board characteristics in Europe than in Asia. Finally, the results also show that higher environmental performance and environmental, social, and governance scores lead to higher levels of environmentally friendly production. The study has valuable insights and implications for board members, practitioners, academicians, and policymakers. Further, the study contributes to the strand literature by investigating the role of environmental teams on the relationship between board characteristics and environmentally friendly production. The findings are supported by agency, legitimacy, and stakeholder theories, which contribute to a better understanding of the relationship between board characteristics and environmentally friendly production. The evidence about this issue is still unknown and critical, particularly in the context of developing countries where there is a lack of regulatory enforcement related to environmental, social, and governance disclosures.
Almaqtari et al. (Thu,) studied this question.
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