Female CEOs gender and the ESG scores of S&P1200: comparison between Refinitiv and Bloomberg

Different governments and institutional contexts around the world have increasingly voiced concerns regarding the sustainability practices of businesses, recognizing their critical role in ensuring long-term growth and survival. In this comprehensive study, we examine the underlying dynamics of how CEO gender influences various dimensions of governance – namely Environmental, Social, and Governance (ESG) performance – using data from two major providers: Refinitiv and Bloomberg. The study covers a total sample of 3,617 firm-year observations, encompassing 742 companies and 1,087 CEOs from non-financial sectors of the S&P 1200 index, over the 2017–2022 period. ESG information is sourced from either Refinitiv and/or Bloomberg databases. As a first step, we analyze ESG data from Bloomberg and Refinitiv separately. Our findings reveal a significant relationship between CEO gender and a firm's ESG performance, with results varying depending on the ESG data provider. Specifically, ESG metrics for the same firms, as reported by different providers, either demonstrate a strong and statistically significant positive association with female leadership or show no meaningful relationship. By highlighting the positive influence of gender diversity in corporate leadership on ESG outcomes, this research underscores the value of promoting female representation in executive roles.