Our most recent GARG seminar presentation series was held on Friday 30 January 2026 at 11:00 am with a talk given by Dr Kenny Tee (James Cook University, Singapore).
Co-authors: Dr Longfeng Weng (University Sains Malaysia) and Dr Chee-Wooi Hooy (University Sains Malaysia)
Abstract
This study investigates the impact of regional religious atmosphere on gender diversity in corporate leadership among Chinese A-share listed firms from 2009 to 2023, with a focus on the moderating role of Environmental, Social, and Governance (ESG) performance.
Leveraging spatial data on religious venue density as a proxy for local religiosity, the analysis finds a robust negative association between religious intensity and female representation in top management, executive teams, and corporate boards. These effects are particularly pronounced in firms located in regions with strong Buddhist or Catholic presence, while Protestant and Taoist influences are associated with more gender-inclusive outcomes.
The study also reveals that firms with higher ESG scores exhibit weaker negative effects of religiosity on gender diversity, highlighting the role of corporate sustainability practices in mitigating cultural constraints. Further, the moderating effects of regional marketization and ownership structure are explored, revealing that state-owned and private firms are more affected by religious influences than foreign-owned enterprises. Instrumental variable regressions and propensity score matching confirm the robustness of the results, while additional analysis links religious intensity and gender diversity to firm risk-taking behaviour.
Overall, the findings underscore the complex interplay between cultural values, regulatory reforms, and firm-level governance in shaping gender inclusivity in China’s corporate sector.