Board gender diversity, firm performance and risk-taking in developing countries: The moderating effect of culture

Mohsni, Sana; Otchere, Isaac; Shahriar, Saquib

doi:10.1016/j.intfin.2021.101360

Cited by 74 publications

(66 citation statements)

References 59 publications

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“…The improvement in the performance of enterprises when the percentage of women's participation is high in the BOD is also consistent with the announcement of Jurkus et al (2011), Ain et al (2021) in developed countries such as China or America. Moreover, the positive correlation between gender diversity in the BOD and firm performance has also been confirmed by authors in developing countries (Mohsni et al, 2021) such as Vietnam (Ngo et al, 2019), Bangladesh (Rashid, 2015), India (Duppati et al, 2020) when they provide evidence about the positive impact of gender diversity boards and firm performance.…”

Section: Empirical Results and Analysissupporting

confidence: 56%

Agency cost: A missing link between female on board and firm performance

et al. 2022

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This research aims to investigate the relationship between the presence of females in the board of directors (BOD) and agency cost as well as firm performance with the mediating role of agency costs. We employ STATA to test feasible general least squares and generalized method of moments (GMM) on Vietnamese listed firms' data over 2015-2019. The results demonstrate that the presence of female directors is positively related to firm performance. The percentage of females has a positive relationship with agency cost, which has a negative impact on firm performance. The mediating role of the agency cost variable only reduces the positive impact of gender diversity in the BOD on firm performance, but this relationship is not reversed. The main contribution is the examination of the moderating role of state ownership and the mediating role of agency costs. Our study provides evidence about women's roles in different legal contexts, which might foster the formation of future legal frameworks.

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Section: Empirical Results and Analysissupporting

confidence: 56%

Agency cost: A missing link between female on board and firm performance

et al. 2022

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“…However, Nguyen et al (2015) state that the positive effect of gender diversity on performance changes to negative after a certain critical point (0.3 for Blau index corresponding to a ratio of nearly 20% female directors on boards), explaining that after this point the costs of diversity outweigh the potential benefits. Mohsni et al (2021) state that gender diversity is inversely related to both operating and financial risk and positively related to corporate performance in a sample of 232 firms from 27 developing nations. In the French context, Bennouri et al (2018) find that female directorship increases accounting performance (ROE and ROA), but diminishes market-based performance (Tobin's Q).…”

Section: Research Studies On the Relationship Between Board Gender Di...mentioning

confidence: 99%

Does Board Gender Diversity Really Improve Firm Performance? Evidence from Greek Listed Firms

Arvanitis

Varouchas

Agiomirgianakis

2022

JRFM

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In recent decades, the contribution of board gender diversity to corporate performance has drawn the interest of researchers, politicians and regulators. This paper examines whether board gender diversity affected the financial performance of 111 Greek listed firms from 2008 to 2020. We use the two-step system GMM estimator to address the endogeneity problem, which is the appropriate method used in governance literature. Our main empirical finding supports the existence of a positive relation between board gender diversity and firm performance. This finding remains robust to three different proxies of gender diversity and under two alternative performance measures, i.e., return on assets and Tobin’s Q. We also find that there is an inverted U-shaped relation between the proportion of female directors and firm performance (measured by Tobin’s Q). Moreover, we find that gender diversity could lead to maximization of corporate performance when female participation in the boardroom reaches 33%. Thus, the imposition of an ad-hoc 25% female representation in corporate boardrooms, dictated by the new Law 4706/2020 on corporate governance, could most probably be an underproductive policy. Our findings have practical implications for Greek regulators and legislators and contribute to the governance literature for the case of companies that operate in a small open economy.

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“…In the same way, Ding et al (2017) found that crude oil prices have a contagion effect on stock market investor sentiment. Finally, we chose to also include proxies for gender diversity (women employees and women on board) in the estimated regressions because previous studies demonstrated that this is a driving factor of the financial performance of firms (e.g., Hoang et al, 2021;Mather et al, 2021;Mohsni et al, 2021).…”

Section: Notementioning

confidence: 99%

Does ESG Disclosure Transparency Mitigate the COVID-19 Pandemic Shock? An Empirical Analysis of Listed Firms in the UK

Hoang¹,

Pham²,

Lahiani³

et al. 2023

Journal of Innovation Economics &Amp; Management

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Board gender diversity, firm performance and risk-taking in developing countries: The moderating effect of culture

Cited by 74 publications

References 59 publications

Agency cost: A missing link between female on board and firm performance

Agency cost: A missing link between female on board and firm performance

Does Board Gender Diversity Really Improve Firm Performance? Evidence from Greek Listed Firms

Does ESG Disclosure Transparency Mitigate the COVID-19 Pandemic Shock? An Empirical Analysis of Listed Firms in the UK

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