Publication Type

Journal Article

Version

publishedVersion

Publication Date

12-2025

Abstract

Prior studies have shown that women possess unique personality traits that cause them to communicate differently than men do. Hence, we investigate whether the presence of female CEOs affects the use of visual expressions in a firm’s ESG report (“ESG visual expressions”). Using detailed disclosure data from ESG reports in China, we find that firms with female CEOs use more ESG visual expressions. This result is stronger when the firm prioritizes ESG performance, when the female CEO is more powerful, and when there are more women on the top management team. ESG visual expressions are also positively associated with the firm’s long-term abnormal returns, market value, and ESG rating assessments. We contribute to the literature on the determinants of firms’ ESG disclosure and how female managerial participation influences a firm’s ESG decisions.

Keywords

female CEO, information disclosure, ESG, visual expressions

Discipline

Business and Corporate Communications | Organizational Behavior and Theory

Research Areas

Corporate Reporting and Disclosure; Corporate Governance, Auditing and Risk Management; Financial Intermediation and Information

Publication

Accounting Horizons

Volume

20

Issue

20

First Page

1

Last Page

21

ISSN

0888-7993

Identifier

10.2308/HORIZONS-2024-097

Publisher

American Accounting Association

Additional URL

https://doi.org/10.2308/HORIZONS-2024-097

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