Board Gender and Generational Diversity and Sustainability Performance: Quantile Evidence from Italian Agri-food Firms

This study examines the role of board gender and generational diversity in regard to firms’ sustainability performance. Although the academic literature on this topic is expanding, empirical findings, particularly regarding the relationship between gender diversity and sustainability performance, remain inconsistent. Moreover, the influence of societal generations (i.e., Baby Boomers, GenX, Millennials and GenZ) on sustainability outcomes has not yet been thoroughly investigated. Using a quantile regression approach, this article examines medium-sized unlisted firms in the Italian agri-food sector to assess heterogeneous associations between gender and generational diversity and sustainability performance, measured by a score based on the United Nations Sustainable Development Goals. The results indicate that board gender diversity is not statistically significantly associated with sustainability performance, whereas board generational diversity shows a positive and heterogeneous association across the sustainability performance distribution. Overall, the findings provide valuable insights for firms seeking to strengthen their sustainability orientation by considering board composition, particularly regarding generational diversity.