Examining ESG Disclosure and Financial Performance:The Role of Board Gender ‎Diversity in Saudi Arabia

  • Authors

    • Nuha Hamed Alofi Assistant Professor, Applied College, Taibah University, Madinah, Kingdom of Saudi Arabia
    https://doi.org/10.14419/867sbk06

    Received date: November 22, 2025

    Accepted date: December 14, 2025

    Published date: December 19, 2025

  • Environmental Disclosure; Governance Disclosure; Social Disclosure; ESGD Disclosure; Board ‎Gender Diversity; Financial Performance

  • Abstract

    This study analyzes how board gender diversity mediates the link between Environmental, ‎Social, and Governance Disclosure (ESGD) and financial performance. We examined 540 ‎observations from 135 Saudi non-financial listed firms. ESGD is monitored across ‎environmental, governance, and social pillars, while financial success is measured by ROA ‎and ROE. Structural equation modeling assessed mediation after direct and mediating effect ‎models in panel data analysis. Higher ESGD disclosure lowers company performance by ‎lowering ROA and ROE. Board gender diversity improves financial performance, but not ‎significantly. Financial performance is greater for larger enterprises, although leverage lowers ‎ROA but not ROE. Audit committee expertise and CSR sustainability committee ratings also ‎lower financial performance. However, board gender diversity may mediate whether ESGD ‎disclosure openness improves long-term financial success. Policymakers, investors, and board ‎members may learn about board success in sustainable company initiatives. For ESG and ‎financial balance, firms should have gender-diverse leadership. This study examines board ‎gender diversity as a mediator of the ESGD-performance link, filling a vacuum in corporate ‎governance and sustainability literature. This emphasizes gender diversity in business ‎sustainability‎.

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    Hamed Alofi, N. . (2025). Examining ESG Disclosure and Financial Performance:The Role of Board Gender ‎Diversity in Saudi Arabia. International Journal of Accounting and Economics Studies, 12(8), 659-672. https://doi.org/10.14419/867sbk06