Is greenwashing less impactful for firms with female-led boards? Analyzing the effect on stock market performance

Ewe, Eugene Kai Jian and Lew, Yun Yong and Lim, Jun Hung and Ong, Sher Ying (2025) Is greenwashing less impactful for firms with female-led boards? Analyzing the effect on stock market performance. Final Year Project, UTAR.

Preview

PDF Download (1196Kb) | Preview

Abstract

This study investigates greenwashing behaviour among 40 companies listed in Malaysia’s Top 100 Stock Index from 2018 to 2023. Employing a rigorous empirical approach, the research utilizes the Generalized Method of Moments (GMM) as the primary estimation technique, supplemented by Feasible Generalized Least Squares (FGLS) and Panel-Corrected Standard Errors (PCSE) methods, with regressions conducted using Stata and EViews software. Greenwashing behavior is the independent variable, with earnings per share (EPS), leverage, and book value (BV) as control variables. The moderating role of female board representation is also examined. The results elucidate the prevalence and determinants of greenwashing practices, offering insights into their impact on corporate transparency and sustainability. By exploring the influence of gender diversity on mitigating greenwashing, this study contributes to the literature and provides policy recommendations to strengthen regulatory frameworks and foster genuine environmental accountability in Malaysia’s corporate landscape. Keywords: stock performance; environmental, social and governance; greenwashing; gender diversity; generalized method of moments

Actions (login required)