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The impact of ESG pillars on carbon emissions in the hospitality and tourism industry: the moderating role of gender diversity

Lefkothea Giannarou,Panayiotis G. Tzeremes,Andreas G. Koutoupis,Athanasios Fassas

Published 2026 in Gender in Management

ABSTRACT

The purpose of this study is twofold. First, it examines how the environmental (E), social (S) and governance (G) pillars, both individually and collectively, influence greenhouse gas (GHG) emissions. Second, it investigates how the presence of a critical mass of women on corporate boards moderates this relationship. This study focuses on gender diversity, as it is considered the most regulated aspect of corporate board composition in many jurisdictions. The authors conducted a fixed-effects panel data regression analysis using a global sample of 184 publicly traded firms in the hospitality and tourism (H&T) industry from 2013 to 2023. They confirmed the robustness of the baseline results using alternative model specifications that control for endogeneity and various firm-level variables. The results illustrate that the E and G pillars have the most significant role in reducing Total and Scope 2 GHG emissions, respectively. The findings also suggest that boards with a critical mass of women (i.e. firms with at least three female directors, or where females constitute 25% or more of the board) moderate the relationship between ESG and GHG emissions across Total, Scope 1 and Scope 2 emissions. To the best of the authors’ knowledge, this study is the first to examine ESG pillars and the moderating role of gender diversity in global H&T firms. It contributes to the H&T and ESG literature, offering important implications for scholars, regulators and market participants.

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