Breaking the Glass Ceiling for Climate Action: Female CEO's Composite Experience, Carbon Finance, and Multi-Level Mechanisms of Corporate Decarbonization

In recent years, corporate carbon reduction has become a central issue amid global climate change, with executive leadership playing a vital role in driving sustainable transformation. To investigate the impact of Female CEO Composite Experience (FCCE) on corporate carbon reduction performance, this study employs panel data from A-share listed firms in Shanghai and Shenzhen from 2010 to 2023. Specifically, we examine how FCEC influences firms' carbon reduction outcomes by employing a fixed-effects panel regression model, and further apply propensity score matching (PSM), instrumental variable (IV) estimation, and difference-in-differences (DID) techniques to address potential endogeneity concerns. We also test the moderating role of carbon finance instruments in the above relationship and explore the mediating mechanisms through which FCCE enhances environmental performance, namely environmental information disclosure, green R&D investment, and corporate governance structure. The results show that: (1) FCCE significantly promotes corporate carbon reduction; (2) carbon finance instruments positively moderate this relationship, amplifying the influence of FCCE; (3) FCCE improves environmental performance through enhanced transparency, innovation input, and governance practices; and (4) these effects are more pronounced in high-carbon industries and regions with stricter environmental regulations. These findings provide new empirical evidence on the environmental impact of female executive leadership and contribute theoretical insights grounded in Upper Echelons Theory and Cognitive Diversity Theory.