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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




Econometric techniques

Quantitative results

Mastella et al. (2021)


150 Brazilian listed enterprises

OLS, quantile and panel data regressions

Positive link among board gender diversity and firm performance

Saleh et al. (2021)


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)


4080 Belgian companies


Rise in diversity adversely influence some company performance variables

Sun and Zou (2021)


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)


Top 200 Malaysian quoted firms

Multiple regression analysis

The share of female directors on board is negatively associated with return on assets

Arioglu (2020)


Corporations quoted at the Borsa Istanbul

System-GMM and 2SLS-IV regressions

Women directors positively influence firm financial performance

Đặng et al. (2020)


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)


36 US tourism firms

Fixed-effects regressions

Board diversity positively influence Tobin’s Q

Shahzad et al. (2020)


5879 US corporations

Regression analysis by incorporating the Sobel intermediary factor test method

Board gender diversity positively influence company performance

Song et al. (2020)


Publicly traded US lodging companies

Panel regression models

Gender diversity positively influence firm performance

Brahma et al. (2020)


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)


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)


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)


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)


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)


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)


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)


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)


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)


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)


10,314 firm-year observations from 34 states

Pooled OLS regressions

Board gender diversity positively influence Tobin’s Q

Akram et al. (2020)


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