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Optimizing board structure for ESG integrity: Nonlinear size effects and diversity moderation on greenwashing
Jingzhuo Yu1,2, Yong-Sik Hwang2
1School of Civil Engineering and Architecture, Jiaxing Nanhu University, Jiaxing, Zhejiang, China.
Plos One
|January 23, 2026
Summary
Medium-sized boards are linked to higher Environmental, Social, and Governance (ESG) greenwashing. Board diversity, particularly gender and functional diversity, can influence this relationship, offering insights for corporate governance strategies.
Area of Science:
- Corporate Governance
- Environmental, Social, and Governance (ESG) Studies
- Behavioral Finance
Background:
- Board size is a critical factor in corporate governance.
- Environmental, Social, and Governance (ESG) greenwashing poses risks to corporate reputation and stakeholder trust.
- Understanding the interplay between board characteristics and ESG practices is essential.
Purpose of the Study:
- To investigate the nonlinear relationship between board size and ESG greenwashing.
- To examine the moderating role of board diversity (gender, functional background, nationality, age) on this relationship.
- To explore the underlying mechanisms driving these associations using fraud triangle theory.
Main Methods:
- Panel data analysis of Chinese A-share listed firms (2009-2023).
- Quadratic fixed-effects regression models to test for inverted U-shaped relationships.
- Heterogeneity analysis of board diversity dimensions.
Main Results:
- An inverted U-shaped relationship exists between board size and ESG greenwashing, with medium-sized boards (10-13 directors) showing the highest propensity.
- Gender and functional diversity strengthen the inverted U-shape, while age and nationality diversity weaken it.
- Distinct pathways identified: resource-based (gender, functional) and supervision-based (nationality) diversity mechanisms.
Conclusions:
- Firms should avoid medium-sized boards to mitigate ESG greenwashing risks.
- Targeted board diversity strategies are crucial for effective ESG greenwashing risk management.
- Findings contribute to board governance and greenwashing literature, offering practical implications for sustainable business practices.
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