Sharing Insightful Research Papers on Gender Diversity in Corporate Governance within France’s CAC 40 companies
In our ongoing commitment to advancing women’s leadership and executive gender balance, we spotlight two groundbreaking research papers from the ESSEC Business School Research Center—and are deeply grateful to Viviane de Beaufort for sharing these insightful papers.
These studies provide a deep dive into the feminization of boards and executive roles within France’s CAC 40 companies, examining progress, qualitative profiles, and the critical links to ESG performance. As we navigate 2026, these analyses underscore how executive gender diversity isn’t just an equity issue—it’s a strategic imperative for sustainable business success.
Authored by renowned experts in governance and equality, they offer data-driven perspectives to inspire action in your organizations.
Paper 1: Feminization of Boards of Administration and Management in CAC 40 Groups – Analytical State of Play
By Viviane de Beaufort , with the assistance of Leah Bessis and Hichâm Ben Chaïb (ESSEC Research Center Working Paper 2505, April 11, 2025)
Abstract: “After ten years of debate, the Women on Boards Directive was finally adopted in 2022 and has been applicable in EU Member States since December 2024. A comparison of how Member States have transposed the Directive already reveals significant disparities.
France, unsurprisingly, stands at the forefront of this issue—and more broadly, of policies promoting gender equality. In the realm of corporate governance, the Copé- Zimmermann Law of 2011 requires at least 40% representation of the underrepresented gender on the boards of large companies. This was followed ten years later by the Rixain Law, which sets targets of 30% of women in executive leadership roles by 2026 and 40% by 2029 for companies with over 1,000 employees. These legislative milestones provide a robust framework, making France a particularly relevant context not only for examining quantitative outcomes, but also for analyzing qualitative aspects of the women appointed to leadership roles.
While statistics now clearly demonstrate the legal framework’s leverage effect—as detailed in Part 1 of this paper—Part 2 investigates the profiles of those who have reached the upper echelons of CAC 40 companies. This includes an analysis of their educational and professional backgrounds, the nature of their roles, any accumulation of directorships, and their positions within boards and executive committees.”
Dive into this analytical overview to understand the progress and profiles shaping executive gender diversity in top French firms—Download the full original research paper in French here.
Paper 2: Feminization of Boards and ESG Performance: Correlation or Illusion?
By Viviane de Beaufort and Hichâm Ben Chaïb (ESSEC Research Center Working Paper 2510, December 19, 2025)
Abstract: “Our Working Paper intervenes as a complement to a WORKING PAPER 2505 of April 11, 2025, which dealt with the examination of the feminization of the governance bodies (Board of Directors and Supervisory Boards) and management bodies (Executive Committee or Executive Committee) of the CAC40, provides an integrated examination of the link between the feminization of corporate governance bodies and firms’ non-financial (ESG) performance, combining a comprehensive literature review, a behavioral analysis of board dynamics, and an original empirical study of CAC 40 companies.
While the literature has long oscillated between limited positive correlations and the absence of a significant effect on financial performance, recent research increasingly points to substantial effects of gender diversity on environmental and social (E&S) performance.
Drawing on critical mass theory, the paper emphasizes that female influence can only emerge once a threshold of approximately 30% women is reached within governance bodies, at which point tokenism diminishes and female directors acquire the legitimacy needed to shape strategic decision-making.
The integration of behavioral approaches, via the Input–Process–Output model, demonstrates that observed effects do not result mechanically from board composition but from the processes these women help transform: increased cognitive conflict, higher effort norms, improved board preparation, more rigorous questioning of managerial assumptions, and reduced informal political behavior. Qualitative studies by Wiersema and Mors confirm that female directors foster a culture of transparency, vigilance, and heightened accountability, while research by de Beaufort highlights a form of female leadership strongly rooted in ethical values—justice, role modeling, sincerity, and responsibility—which contributes to more sustainable governance.
The empirical study of CAC 40 companies shows that feminization is progressing in boards (45.68% in 2024) but remains limited in executive committees (27.97%), with particularly low representation in strategic leadership positions (CEO, CFO, CSO). Statistical analyses reveal a positive, albeit weak, correlation between women’s presence on boards and ESG performance as measured by the Forum for Responsible Investment. In contrast, no relationship is observed between directors’ ESG expertise and non-financial performance. The most notable, counterintuitive finding is that the positive impact on ESG performance is more pronounced when women hold strategic roles unrelated to ESG (finance, strategy, HR, procurement), suggesting that their contribution is less about assumed affinity for these topics than about the diversity of skills and perspectives they bring to decision-making. These findings confirm and refine insights from the international literature, notably the effects identified in the work of Ginglinger & Gentet-Raskopf.
The study concludes that feminization constitutes a lever for sustainable performance, but its impact depends closely on recognition conditions, the deliberative environment, and the quality of board leadership. It proposes a central theorem: the non-financial performance of CAC 40 companies is positively correlated with the increasing proportion of women in leadership bodies, provided they hold strategic responsibilities beyond ESG-specific functions. Finally, the paper opens avenues for future research on the career trajectories of female directors and the diffusion of ESG considerations across all strategic committees.”
Uncover the real connections between gender diversity and ESG outcomes—Download the full original research paper in French here.
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