The Impact of Female Directors on Corporate Green Innovation: Evidence from China

Green innovation has become an important driving force for enterprises to shape competitive advantages and for countries to restructure the industrial competitive landscape, but existing research has not reached a consistent conclusion on whether and how female directors affect corporate green innovation. Based on data from Chinese A-share listed companies from 2009 to 2023, this study empirically examines the impact of female directors on corporate green innovation. The results show that female directors can significantly improve the level of corporate green innovation, and this conclusion remains valid after a series of robustness tests. The mechanism analysis indicates that female directors promote green innovation by improving corporate environmental, social, and governance (ESG) performance. The heterogeneity analysis finds that this effect is more significant in non-state-owned enterprises, industries with low competition, and young enterprises. From the perspective of board gender composition, this study reveals the internal mechanism through which female directors affect corporate green innovation and provides empirical evidence for understanding the economic consequences of board gender diversity and for enterprises seeking to improve their green innovation level.