This study examined the impact of slack financial resources, board characteristics (such as gender diversity, tenure, and skill/expertise), and energy efficiency policies on firms' consumption of renewable energy. Using a dataset of 17,753 observations from 2002 to 2019, we primarily utilized fixed‐effects regression, among other methods, for robustness analysis. We find that while slack financial resources, board gender diversity, and energy efficiency policies are positively associated with more renewable energy consumption, board skill is negatively associated with it. Interaction effects showed that firms with more female and tenured directors effectively utilize slack financial resources for increased renewable energy consumption, unlike firms with more expert directors. Energy efficiency policies enhanced the positive impact of female directors on renewable energy consumption but mitigated the influence of expert directors, weakening their association.

中文翻译：

---

可再生能源使用、金融资源松弛和董事会属性：能效政策重要吗？

本研究考察了财务资源松弛、董事会特征（例如性别多样性、任期和技能/专业知识）以及能源效率政策对企业可再生能源消费的影响。使用 2002 年至 2019 年 17,753 个观测值的数据集，我们主要利用固定效应回归等方法进行稳健性分析。我们发现，虽然财政资源宽松、董事会性别多元化和能源效率政策与更多可再生能源消费呈正相关，但董事会技能却与之呈负相关。交互效应表明，与拥有更多专家董事的公司不同，拥有更多女性董事和终身董事的公司可以有效地利用闲置财务资源来增加可再生能源消耗。能源效率政策增强了女性董事对可再生能源消费的积极影响，但削弱了专家董事的影响力，削弱了她们的关联。