With European Union initiatives mandating gender quotas on corporate boards, a key question arises: Is greater board gender diversity (BGD) associated with better emissions performance (EP)? To answer this question, we examine the influence of BGD on EP across a sample of European firms from 2016 to 2022. Using panel regressions, advanced machine learning algorithms, and explainable AI, we reveal a non-linear relationship. Specifically, EP improves with BGD up to an optimal level of approximately 35 %, beyond which further increases in BGD yield no additional improvement in EP. A minimum BGD threshold of 22 % is necessary for meaningful improvements in EP. To assess the legitimacy of EP outcomes, this study examines whether ESG controversies weaken the BGD-EP relationship. The results show no significant effect, suggesting that BGD's impact is driven by governance mechanisms rather than symbolic actions. Additionally, path analysis indicates that while environmental innovation contributes to EP, it is not the mediating channel through which BGD promotes EP. The results have implications for academics, businesses, and regulators.

翻译：随着欧盟倡议强制规定公司董事会性别配额，一个关键问题随之产生：更高的董事会性别多样性是否与更好的排放绩效相关？为解答这一问题，我们以2016年至2022年间的欧洲企业为样本，研究了董事会性别多样性对排放绩效的影响。通过运用面板回归、先进的机器学习算法和可解释人工智能，我们揭示了一种非线性关系。具体而言，排放绩效随董事会性别多样性的增加而改善，直至达到约35%的最佳水平；超过该水平后，董事会性别多样性的进一步增加不会带来排放绩效的额外提升。要实现排放绩效的显著改善，董事会性别多样性需达到22%的最低阈值。为评估排放绩效结果的合理性，本研究检验了ESG争议是否会削弱董事会性别多样性与排放绩效之间的关系。结果显示无显著影响，表明董事会性别多样性的作用源于治理机制而非象征性行为。此外，路径分析表明，尽管环境创新有助于提升排放绩效，但它并非董事会性别多样性促进排放绩效的中介渠道。研究结果对学术界、企业界和监管机构具有启示意义。