Critical Evaluation of Leadership Gender Diversity as a Driver of ESG Disclosure: A Case Study of Companies Listed on the Johannesburg Stock Exchange

Abstract

The thesis examines the relationship between leadership gender diversity and Environmental, Social, and Governance (ESG) disclosure within Johannesburg Stock Exchange (JSE) - listed companies. Motivated by the increasing global emphasis on stakeholder capitalism, the study investigates whether the presence of women on corporate boards influences the quality of ESG disclosure in South Africa - an emerging market recognised both for strong non-financial disclosure, governance frameworks and persistent socio-environmental challenges.
Drawing on stakeholder, legitimacy, signalling, gender socialisation, and critical mass theories, the research adopts a positivist, quantitative approach. It utilises homogeneous, AI-powered ESG GPS® ratings and board composition data for the JSE Top 100 companies over a period of 2019–2022. Multiple dimensions of gender diversity are analysed, including percentage of women on boards, absolute number of women, and threshold-based measures (30% representation and a minimum of three women), while controlling for board size and market capitalisation. Correlation and multivariate regression analyses are applied to test the strength and significance of relationships.
The findings reveal a consistent positive association between women’s representation on boards and ESG disclosure quality. Notably, the presence of three or more women demonstrates the strongest and most reliable effect across models, supporting critical mass theory. Percentage-based measures alone show weaker explanatory power, suggesting that absolute representation may better capture influence dynamics in South African boards.
The study contributes to literature on corporate governance and ESG in the Global South by providing a rare, data-rich empirical analysis in the African context. It offers practical implications for regulators, investors, and companies, highlighting gender-balanced leadership as a potential driver of enhanced ESG disclosure, improved risk management, and strengthened stakeholder confidence. The findings support ongoing policy efforts to promote diversity and reinforce the value of inclusive governance structures.

Date of Award	29 Sept 2025
Original language	English
Awarding Institution	University of Northampton
Supervisor	Divya Shukla (Director of Studies), Seyi Omoloso (Supervisor), David A. Crowther (Supervisor) & Amin Hosseinian Far (Director of Studies)