This paper investigates the impact of corporate boards’ gender diversity on voluntary public disclosure of climate change risks in an emerging economy context in which environmental regulations are weak and markets are ineffective. The investigation relies on data from the CDP (formerly known as the Carbon Disclosure Project) as a corporate sustainability reporting initiative supported by institutional investors, based on a sample of Turkish firms that were invited to disclose their climate change risks and greenhouse gas emissions over the period of 2010–2019 through the CDP platform. We report that the presence of women on board committees, as a proxy for their active involvement in corporate governance, increases the likelihood of voluntary climate change disclosure. We, on the other hand, found no evidence of a positive impact on climate change reporting with women’s overall representation in boards. These findings lend support to board reforms that aim to increase effective representation of women on boards for the better management of sustainability risks and responsiveness to stakeholder demands in countries where legislators are reluctant to introduce climate change reforms.

The purpose of this study is to empirically investigate the effect of microeconomic variables on stock return with moderating role of money supply (MS). The selected microeconomic variables in this study are debt-to-equity ratio (DE), dividend per share (DPS), and quick ratio (QR). Firm size and book-to-market value are considered as controlling variables. The period of the study is from 2003 to 2012 and the sample population of this study is 300 companies listed on Kuala Lumpur Stock Exchange (KLSE). Secondary data were collected from DataStream International, financial annual reports, and the World Bank databank. Generalized least squares (GLS) technique was used to estimate the predictive regressions in form of multiple models of panel data sets. According to the findings, MS moderates the impact of DE and QR on stock return, but does not moderate the effect of DPS on stock return. Besides, MS moderates the impact of all selected predictors on stock return. The findings of this study further show that an increase in value of a firm's debt relative to its equity would cause a decrease in the firm's stock return. The results also indicate that firms with higher QR and DPS are likely to have a higher stock return. Overall, the findings of this research are consistent with Modigliani and Miller's capital structure theory, as well as Pecking Order and Bird In Hand theory. The findings of this study would be of interest to domestic and international investors, stockbrokers, board of directors, financial managers, and policy makers.

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