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This study aims to provide insights into gender diversity in Pakistani boardrooms, particularly for the dominant family business type, which is strongly guided by (non-financial) family-related objectives when making business decisions, such as the appointment of board members. Pakistani companies operate within the framework of weak legal institutions and a traditionally highly patriarchal environment. This study examines how corporate decisions regarding the appointment of female board members play out in this socio-political and cultural environment.

Board composition and board characteristics were examined using hand-collected data from 213 listed family firms and non-family firms on the Pakistan Stock Exchange from 2003 to 2017. Univariate analyses, probit regressions and robustness tests were performed.

Pakistani family firms have a significantly higher proportion of women on their boards than do non-family firms. They are also significantly more likely to appoint women to top positions, such as CEO or chairs.

Evidently, women are allowed to enter boards through family affiliations. Gender quotas appear an ineffective instrument for breaking through the “glass ceiling” in this socio-cultural environment. Thus, gender parity must entail the comprehensive promotion of women and the enforcement of legal reforms for structural and cultural change.

The analysis focuses on a Muslim-majority emerging Asian market that has been scarcely researched, thus offering new perspectives and insights into board composition and corporate governance that go beyond the well-studied Western countries.

This study extends the literature on women directors and their impact on firm performance, focusing on developing countries and highlighting practices related to the role of gender diversity and inclusion in corporate governance, especially during a crisis like the COVID-19 pandemic.

We analyzed unbalanced panel data with five methods: OLS, fixed effect, random effect, two-stage least squares (2SLS) and the two-step system GMM. Using the Osiris database and annual reports from five Association of Southeast Asian Nations (ASEAN) countries covering 2010 to 2021, we analyzed 2,494 director-firm-year observations and 2,823 firm-year data on 305 firms.

We found a positive link between women on the board and firm performance. More women on the board enhance performance, particularly during crises, with a significant boost when three or more women are present. However, the positive impact weakens as the number of women surpasses this threshold.

This study’s finding can signal that women’s presence can bring better firm performance, although, in emerging economies, the growth of women’s presence on the board needs to be more inclusive. This condition becomes momentum for policymakers and practitioners or organizations to be more aware and count the women’s potential if they sit on the corporate board. These findings give implications and suggestions to the policymaker to make gender quotes at a high level, such as the board of directors under the critical mass theory, which is three women or one-third of the total board.

This research enhances understanding of how board gender diversity affects firm performance. Specifically, it examines the previously overlooked area of how diversity on boards impacts firms in developing countries facing crises.

This study draws on financial slack, agency, and critical mass theories to investigate risky firms’ ESG engagement, board gender diversity’s moderating role between firm risk and ESG engagement, market reaction to risky firms’ ESG engagement, and board gender diversity’s role in moderating market reaction to risky firms’ ESG engagement.

The study uses a sample of 44,129 firm-year observations between 2005 and 2019 across nine industries and 61 countries. We adopt Refinitiv’s (LSEG Workspace database) scheme in assessing firm ESG performance.

We find that firm risk is significantly and negatively associated with ESG performance. Board gender diversity (1) negatively moderates between firm risk and the environmental pillar (2) negatively moderates between firm risk and the social pillar, (3) negatively moderates between firm risk and CSR strategy metric of governance pillar but positively moderates between firm risk and management metric of the governance pillar. We show that as the number of female director increases, their moderating effect between firms’ risk and ESG performance becomes stronger. The existence of a critical mass of female directors on the board alleviates the market’s negative reaction to ESG engagements.

Although plenty of prior studies focused on board gender diversity’s role in driving firm outcomes, its role in risky firms’ ESG engagement is yet to be explored. It is imperative to investigate risky firms’ engagement in ESG because these firms face more financial distress and are more concerned about their short-term survival whilst investing in ESG is specifically sensitive to the accessibility of slack resources. Consequently, risky firms may have less flexibility to initiate ESG activities or cease them.

The study aims to investigate the impact of board gender diversity (BGD) on firm performance (FP) by testing two hypotheses – the existence of a positive relationship between BGD and FP, and the moderating role of a critical mass of female directors on FP. The study also explores whether the association varies across different industries.

The authors collect data using Bloomberg and CMIE Prowess, from the Bombay Stock Exchange (BSE) 500 index for the period 2008–2018 and employ a robust statistical methodology (Dynamic Panel Data Model).

A critical mass of female directors positively moderates and strengthens the relationship between BGD and FP. The study fails to find evidence of a direct association between BGD and FP. The study also finds evidence of industry effects.

Though we use a very robust statistical methodology, any modifications in the methodology or choice of a different methodology are likely to change the results. Moreover, some of the findings are statistically significant at the 10% level.

The findings of our study hold particular significance for emerging economies like India where regulatory initiatives aim to enhance gender diversity within boardrooms.

The study contributes to the critical mass literature by examining the association between a critical mass of female directors as a moderating variable of BGD and FP. Further, the study also identifies those industries which show a positive association between FP and BGD.

This study aims to examine the influence of board gender diversity on audit quality demand, considering auditor choice and audit efforts within the Gulf Co-operation Council (GCC) countries. It further examines the role of political connections and the impact of gender equality policy initiatives on this relationship.

Fixed-effects regression models are employed in a sample of 1,822 firm-year observations for financial firms across the GCC from 2011–2022 to test the hypotheses. Moreover, the two-stage-least-squares and the propensity score matching methods are used for sensitivity analysis.

The study shows a negative relationship between board gender diversity and the demand for audit quality, reflected auditor choice and audit efforts. However, the study shows a positive association between firm’s political connections and audit quality demand, which is more pronounced in gender-diverse boards. Policy initiatives for gender equality show no significant effect on the relationship between board gender diversity and audit quality demand.

The results inform governments, policy-makers, regulatory authorities and corporations by providing new evidence on the relationship between board gender diversity and the demand for audit quality, as well as the moderating role of political connections and policy initiatives in this relationship. To promote the meaningful participation of female directors in board decision-making, the findings indicate that gender stereotypes, both explicit and implicit, that can hinder female directors’ influence in board decision-making need to be addressed. Second, the study underscores for governments, policy-makers regulatory authorities and corporations that the mere appointment of female directors does not necessarily ensure their engagement in board decision-making. The appointment of female directors should go beyond symbolism and translate into meaningful engagement and influence with the board.

This study contributes to the corporate governance literature by offering new insights on the link between board gender diversity and the demand for audit quality. Beyond confirming a negative relationship between board gender diversity and the demand for quality audit, this study provides new insights on the moderating role of a firm’s political connections on this relationship. In addition, existing studies are primarily based on firms in Western countries and cannot be generalized due to differences in governance and legal structures. Given that the GCC countries have different cultures, economies, institutions, governance practices and norms compared to developed and emerging countries, our study offers a pertinent discussion on the relationship between board gender diversity and the demand for audit quality, as well as the moderating role of political connections in this relationship in the GCC countries.

Albeit gradual and uneven, the emergence of social and environmental reporting by publicly held corporations has been a major development in the last few decades. This paper aims to explore patterns of the emergence of these disclosures. Using an institutional theory lens, this paper considers mimetic, normative and coercive possibilities.

US publicly traded company data from 2013 to 2019 is used to test the hypotheses. Mimetic forces are proxied with corporate board interlock frequency. Normative ones use the extent of gender diversity on corporate boards. Measures of business climate and industry regulatory sensitivity proxy coercive potentiality.

Studied in isolation, each of the three forces through which organizations pursue the heightened legitimacy of enhanced environmental and social disclosures has credibility. The strongest support exists for mimetic and normative mechanisms, perhaps because the US government has been reluctant to make these expanded disclosures mandatory.

In the world of voluntary action, more attention to diffusion is needed. For these purposes, better proxies will be needed to study change. Social and environmental information should be separated for individual analysis.

At least in the USA, companies are attentive to what other companies are doing. There is something to be said for the ethical dimension of corporate transparency.

Governmental action in this area has not been effective, at current levels. Corporate leadership is essential. Critical information is shared about disclosure by board members.

Although institutional theory makes several appearances in this area, to the best of the authors’ knowledge, the current study is the first empirical archival study to examine the three forces simultaneously, providing evidence as to the relative magnitude of each institutional force on environmental and social disclosures. Should these disclosures not be mandated by government, this study shows pathways for enhanced disclosures to continue to spread.

The aim of our study is to explore the nexus between the gender composition of board and firm financial performance. We use the data of 114 listed banks from 10 Asian emerging economies. Data were extracted from the DataStream for the year 2012–2021. We apply fixed effect model to analyze the data. In addition, we use generalized method of moments (GMM) to verify our main findings. We find that both proxies of board gender composition which are the proportion of female board members and the percentage of female executives on the board have a significant impact on banks' financial performance. Findings suggest that female representation on board provides more insights of monitoring and optimal advisory capabilities and, therefore, gender-diversified board enhances firm performance. Females are more active in business matters and take more interests to fulfill their responsibilities. The results of our study provide useful signals for corporate and regulatory policymakers. Board gender disparities between enterprises should be better understood by all stakeholders to have the optimal combination of board members that ultimately lead to better performance of the firm.

Corporate governance research suggests that board structure can impact organizational outcomes such as financial performance and executive remuneration. Agency theory posits that a board composed of independent directors and chaired by an independent chairperson can provide effective control over agency costs, while stewardship theory suggests that effective decision-making is facilitated when the board is chaired by the CEO and majority of directors are from the executive team. Empirical research into the association between board structure and performance in Jordan has provided mixed results, with no consensus supporting either theory. This study takes a different approach to researching the assumed association between board structure and performance by surveying directors’ perspectives on such assumed relationship between financial performance and four of boards’ characteristics (i.e., board independence, CEO duality, board size, and female ratio on board). Findings of this research indicate that Jordanian directors perceive a medium to strong association between financial performance and each of board independence, independent chair of board, and female ratio on board. However, directors of Jordanian boards perceive no association between financial performance and board size.

This study aims to examine the impact of CEO power and regulatory frameworks, particularly gender quotas, on board gender diversity. It explores how CEO power interacts with regulations to influence women’s representation on boards and assesses the role of female CEOs in this context.

This study uses a quantitative research approach, analyzing data from 2003 to 2023. It uses ordinary least squares regression and entropy balance to evaluate relationships between CEO power, regulatory stringency and board gender diversity. Instrumental variables and the two-step generalized method of moments are used to address endogeneity and ensure the robustness of the results.

The power of the CEO significantly enhances the diversity of board genders. Female CEOs also contribute to this, reinforcing the role model effect. While regulatory gender quotas boost diversity, they may result in “tokenism” once targets are reached. The synergy of CEO power and regulatory frameworks maximizes diversity, with female CEOs being most effective when supported by both quotas and CEO influence.

This study emphasizes the importance of powerful CEOs in promoting gender diversity, particularly when working in tandem with strong regulatory frameworks. It suggests that organizations take advantage of CEO influence and regulatory support to exceed quota compliance and foster a genuine diversity culture. Female leadership plays a key role in improving board diversity.

This research uniquely demonstrates the combined effect of CEO power and regulatory frameworks on board diversity, highlighting the critical role of female CEOs. It offers new insights into how organizational and regulatory dynamics interact to advance gender equality in corporate governance.

This paper aims to investigate whether gender-diverse boards and top management teams (TMTs) reduce undesirable environmental social governance (ESG) behavior and whether a critical mass of women in leadership is necessary to influence this outcome. In addition, the authors study whether differences in the levels of national commitment to gender-equality policies affect the effectiveness of gender-diverse boards and management in curbing ESG misconduct.

This study examines the role of women directors and women executives in ESG misconduct using a European sample of analysis of 2,994 firm-year observations from 2015 to 2020.

The authors find that gender diversity effectively prevents ESG misconduct only in countries with strong national policies supporting gender equality. Specifically, women directors and executives significantly reduce ESG misconduct in these countries, demonstrating the complementary role of gender diversity and national equality policies. In addition, female chief executive officers are more likely to curb negative ESG practices in firms operating within gender-equal corporate environments, noting that female chief executive officers are not effective in reducing irresponsible ESG behavior when they are not supported by a critical mass of women directors or executives.

This paper finds novel evidence that the influence of female representation on ESG misconduct is not linear but conditional on the level of female proportion; women in the minority (usually under 3) can scarcely influence group decisions because their specific female attributes are only evident when the visibility and legitimacy of the female group are high enough. Firms led by female chief executive officers seem to reduce ESG misconduct, especially when their chief suites are above a critical threshold. But queen bee female chief executive officers are not effective in reducing adverse ESG activity if their boards and TMTs are not gender diverse; the joint effect of women in different hierarchical positions contributes to decreasing ESG failures.

These findings are useful for policymakers because they show that although there is growing social concern about business gender equality and increasing regulatory efforts through soft/hard gender quotas, stakeholders will not completely benefit from firm gender diversity without national support for gender equality.

This study contributes to the sustainable development literature by examining the direct effects of gender diversity at multiple levels of a firm’s hierarchy (chief suite, board, TMTs), as well as addressing the gap between firm gender diversity and national gender equality policies as mechanisms to reduce ESG misconduct. It also explores the queen bee phenomenon, noting that female leaders in non-diverse organizations often adapt their leadership style to align with masculine corporate cultures.