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Based on the resource-based theory, the purpose of this study is to investigate the relationship between operational employment levels of gender diversity and business performance over a multi-year period. This study also explores if gender parity moderates this relationship and how gender diversity is directionally developed.

A cross-lagged panel design and path analysis is applied to a global data set of women employees, women managers and women senior executives – in relation to revenue, of over 6,000 companies over the six-year period from 2012 to 2017.

Overall results confirm a positive relationship between women managers and revenue over a multi-year period for all companies. A moderating analysis also finds a positive relationship between total women employees (as well as women managers) and revenue growth of companies headquartered in countries with medium levels of gender parity. The overall and moderating analysis do not find a positive relationship between senior women executives and revenue growth. Longitudinal analysis also finds that the multiple operational levels of gender diversity directionally develop in a mutually cyclical manner.

To the best of the authors’ knowledge, this is the first diversity and business performance study to use a global data set of multiple operational levels of women employees, managers and senior executives over a multi-year period. This study contributes new perspectives on the positive relationship between women managers and business performance. This study also confirms prior findings of a positive relationship between women employees and business performance in medium gender-parity countries. Finally, this longitudinal study introduces the concept of the gender pipeline of executive advancement along the multiple operational levels of employment and finds that gender diversity is directionally developed in a mutually cyclical, bidirectional pattern.

The present paper aims to propose a viable alternative model for human capital development (HCD), termed as the integrated cash waqf micro enterprises investment (ICWME-I) model, which is expected to contribute to the development of micro enterprises in Malaysia.

This is a conceptual paper for the development of the ICWME-I model. It is purely qualitative in nature, using content analysis. It comprehensively reviews the literature related to HCD issues faced by micro enterprises and existing studies related to cash waqf (Islamic endowment) to construct the ICWME-I model.

The proposed ICWME-I model is specially designed for HCD of micro enterprises. It is an appropriate initiative to upgrade micro enterprises through HCD programmes by ensuring proper utilization of cash waqf funds to build modern training centres at subsidized costs with state-of-the-art facilities. The training centres would subsidize the participation fees of micro enterprises and provide them with facilities to undertake education and training programmes, as well as other kinds of activities for upgrading, improving and enhancing human capital capacity and skills of micro enterprises. The potential challenges of the ICWME-I model are also highlighted in this study.

This paper attempts to construct the ICWME-I model based on an extensive review of literature related to micro enterprises, cash waqf and HCD. Among its major limitations is the fact that the ICWME-I model is not empirically validated and tested in this research. This can be carried out in future studies.

The present study could have an enormous impact on micro entrepreneurs via HCD programmes. The most important impact would be on government budgets, as this ICWME-I model is expected to generate its own funds from cash waqf for micro enterprises’ HCD.

This paper brings forward an original and viable model to develop human capital for micro enterprises development. This model involves the building of training centres using cash waqf raised from donors.