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