We examine gender gaps in the values of female and male directors and investigate the effect of gender diversity on Environmental, Social, and Governance (ESG) outcomes in Greater Accra—the industrial region of Ghana. Overall, we find gender gaps in values between male and female directors, with female directors ranking low in power but high in hedonism compared to male directors. Additional results are that gender diversity has a positive effect on firms' ESG outcomes. However, further analysis of the three components of ESG indicates that the positive effect is mainly established for corporate social responsibility (CSR) compared to the environmental and governance components. We find a positive nonlinear relationship between gender diversity and CSR, suggesting that gender-diverse directors increase CSR. However, appointing more than six women out of ten directors within a firm could adversely affect CSR gains.
