GENDER DIVERSITY, CORPORATE GOVERNANCE AND FIRM PERFORMANCE IN MAJOR ASIAN ECONOMIES
Keywords:
Female directors, board characteristics, ownership structure, tokenism, firm performanceAbstract
This study analyzes the effects of gender diversity and corporate governance on firm’s performance in Asian major economies. The study finds positive and significance impact of gender diversity on firm’s performance. In addition, the study explored significant role of executive female directors as compared to non-executive female directors. The impact of board characteristics and ownership structure on firm’s performance were also examined and found the evidences of positive association of them with firm’s performance in most cases except India (where the state ownership exhibited negative impact on firm’s performance). The study also provides comparative analysis of developed and developing economies in Asia and reported significance role of female representation in emerging markets as compared to developed and overall markets results. Lastly, the study also confirms non-existence of reverse causality between gender diversity and firm’s performance by applying t-tests and breaking down the sample according to women participation in the corporate board. The results confirm the role of female representation on firm performance from tokenism to critical mass. Consequently, the results strongly suggest that gender diversity in firm’s board needs to be enhanced, compulsory laws being a key determinant to achieve the desired results in Asian context.
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