Using the natural experiment created by France's 2011 board gender quota law, we find that the presence of women on boards increases firms' environmental and social (E&S) performance. After the quota law, firms are more likely to create an E&S committee, and women directors are increasingly serving as members of the main board committees and as chairs of E&S committees. We find that prior to being recruited to boards, women directors have more environmental and social experience than men. Combined with their increased authority after the introduction of quotas, their E&S skills allow them to steer companies toward more E&S-oriented policies.

利用法国 2011 年董事会性别配额法创建的自然实验，我们发现董事会中女性的存在可以提高公司的环境和社会 (E&S) 绩效。配额法实施后，公司更有可能成立环境与社会委员会，并且越来越多的女性董事担任主要董事会委员会的成员以及环境与社会委员会的主席。我们发现，在被纳入董事会之前，女性董事比男性拥有更多的环境和社会经验。再加上引入配额后权力的增加，他们的环境与社会技能使他们能够引导公司制定更加以环境与社会为导向的政策。