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
|