Corporate Governance and Sustainability: Gender Diversity of Independent Board Members and Esg Performance during Covid-19 Era

Abstract

This article examines the relationship between board independence, gender composition of independent board members and sustainability performance in companies listed on the Borsa İstanbul BIST 100 index in the context of the COVID-19 crisis. Analyses conducted using a dataset covering the period 2014-2024 show that Environmental, Social and Governance (hereafter ESG) scores increased significantly during and after COVID-19 with this increase largely explained by year fixed-effects and high ESG continuity. The findings of study are mixed yet overall, it shows that the key determinants of ESG performance in this context are post-crisis institutional and regulatory dynamics and high ESG continuity, while board independence plays a supportive but limited role in this process. The study provides an empirical contribution to the discussions on board independence and gender composition of independent board members in the context of emerging market, highlighting the institutionalising ESG dynamics of the Turkish capital markets.