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Financial Innovation

Table 1 Review of earlier studies regarding boardroom gender diversity and firm performance

From: Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector

Author(s) Period Database Econometric techniques Quantitative results
Mastella et al. (2021) 2010–2018 150 Brazilian listed enterprises OLS, quantile and panel data regressions Positive link among board gender diversity and firm performance
Saleh et al. (2021) 2010–2017 48 firms listed on Palestine Stock Exchange Fixed-effects regressions ad one-step system generalized method of moments Positive impact, but statistically insignificant, of board gender diversity on company performance
Soare et al. (2021) 2010–2017 4080 Belgian companies Difference-in-difference Rise in diversity adversely influence some company performance variables
Sun and Zou (2021) 2002–2018 Listed corporations in China Propensity score matching technique Companies lead by women CEOs register superior performance than corporations lead by male CEOs
Ahmad et al. (2020) 2011–2013 Top 200 Malaysian quoted firms Multiple regression analysis The share of female directors on board is negatively associated with return on assets
Arioglu (2020) 2009–2017 Corporations quoted at the Borsa Istanbul System-GMM and 2SLS-IV regressions Women directors positively influence firm financial performance
Đặng et al. (2020) 2004–2015 369 firms listed on the Standard&Poor’s 500 Pooled OLS, fixed-effects, system GMM, control function The presence of women on corporate boards positively influence return on assets
Ozdemir (2020) 2007–2016 36 US tourism firms Fixed-effects regressions Board diversity positively influence Tobin’s Q
Shahzad et al. (2020) 2008–2018 5879 US corporations Regression analysis by incorporating the Sobel intermediary factor test method Board gender diversity positively influence company performance
Song et al. (2020) 1993–2018 Publicly traded US lodging companies Panel regression models Gender diversity positively influence firm performance
Brahma et al. (2020) 2005–2016 FTSE100 constituent companies Fixed-effects and system GMM Positive influence of board gender diversity on return on assets, as well as Tobin’s Q
González et al. (2020) 1996–2006 523 Colombian family companies Fixed and random-effects regressions Outside female directors positively influence industry-adjusted ROA, but family women directors exert a contrary effect
Xing et al. (2020) 2000–2014 2325 firms listed on the Shanghai and Shenzhen Stock Exchanges OLS, fixed-effects, 2SLS, Probit Female top managers positively influence ROA in more gender-diverse boards
Niikura and Seko (2020) 2015 All firms listed in Tokyo Stock Exchange Two-stage least squares method The share of women on board and female inside and outside board members positively influence return on equity
Garanina and Muravyev (2020) 1998–2014 All companies listed on the RTS and/or MICEX, as well as MOEX Fixed and random- effects, 2SLS, dynamic panel data models, quantile regressions Gender-diverse boards register superior market values and improved profitability
Sarkar and Selarka (2020) 2005–2014 1348 firms listed on National Stock Exchange (NSE) Panel data models, instrumental variable technique, difference in difference analysis The existence of a woman director on board determines better firm performance
Fernández-Temprano and Tejerina-Gaite (2020) 2005–2015 87 non-financial Spanish companies Fixed and random-effects regressions Lack of statistically significant association between gender diversity and performance
Chijoke-Mgbame et al. (2020) 2008–2016 77 companies listed on Nigerian Stock Exchange Fixed-effects and dynamic GMM The presence of women on boards positively influences company performance
Ararat and Yurtoglu (2020) 2011–2018 Whole firm listed on the Borsa Istanbul Pooled OLS, fixed and random-effects regressions No association between female representation and firm performance
Belaounia et al. (2020) 2007–2016 1986 public companies from 24 nations Firm and year fixed-effects regressions Companies with higher representation of women on board register superior overall performance
Pucheta-Martínez and Gallego-Álvarez (2020) 2004–2015 10,314 firm-year observations from 34 states Pooled OLS regressions Board gender diversity positively influence Tobin’s Q
Akram et al. (2020) 2010–2016 375 non-financial companies listed on Pakistan Stock Exchange Fixed and random-effects regressions Gender diversity negatively influence firm performance
  1. Source: Authors’ selection based on the earlier studies
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