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Article

Gender, Critical Mass and Carbon Emission

1
Institute of the High Commercial Studies of Sousse, Department of Accounting and Finance, University of Sousse, Sousse 4054, Tunisia
2
International Finance Group-Tunisia–IFGT, University of Tunis-Manar, ROMMANA, Tunis 1068, Tunisia
J. Risk Financ. Manag. 2026, 19(6), 401; https://doi.org/10.3390/jrfm19060401
Submission received: 30 March 2026 / Revised: 22 May 2026 / Accepted: 29 May 2026 / Published: 31 May 2026
(This article belongs to the Special Issue Carbon Accounting, Climate Reporting, and Sustainable Finance)

Abstract

This study investigates the impact of board gender diversity and the presence of a critical mass of female directors on corporate carbon emissions. Grounded in agency, legitimacy, and critical mass theories, it explores how the gender composition of corporate boards shapes firms’ environmental governance. Using panel data from 37 non-financial CAC 40 firms between 2020 and 2023, the analysis employs Fixed Effect regression models with robustness checks. The results reveal a non-linear relationship between gender diversity and emissions: a higher proportion of female directors reduces emissions only when the board reaches a critical mass, supporting the idea that women’s influence becomes significant beyond token representation. CEO duality negatively affects environmental outcomes, while firm size and profitability are positively associated with emission performance. The study contributes to corporate governance research by showing that meaningful female representation enhances environmental accountability, highlighting the need for policies promoting gender balance and sustainability-oriented board practices.
Keywords: board gender diversity; critical mass; corporate governance; carbon emissions; sustainability; France board gender diversity; critical mass; corporate governance; carbon emissions; sustainability; France

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MDPI and ACS Style

El Houcine, R. Gender, Critical Mass and Carbon Emission. J. Risk Financ. Manag. 2026, 19, 401. https://doi.org/10.3390/jrfm19060401

AMA Style

El Houcine R. Gender, Critical Mass and Carbon Emission. Journal of Risk and Financial Management. 2026; 19(6):401. https://doi.org/10.3390/jrfm19060401

Chicago/Turabian Style

El Houcine, Rim. 2026. "Gender, Critical Mass and Carbon Emission" Journal of Risk and Financial Management 19, no. 6: 401. https://doi.org/10.3390/jrfm19060401

APA Style

El Houcine, R. (2026). Gender, Critical Mass and Carbon Emission. Journal of Risk and Financial Management, 19(6), 401. https://doi.org/10.3390/jrfm19060401

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