Board Gender Diversity and Organisational Performance: A Literature Review
By: Alexandra Radu and Mihaela Herciu
References
- Abbasi, K., Alam, A., & Bhuiyan, Md. B. U. (2020). Audit committees, female directors and the types of female and male financial experts: Further evidence. Journal of Business Research, 114, 186–197. https://doi.org/10.1016/j.jbusres.2020.04.013
- Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007
- Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. The Quarterly Journal of Economics, 127(1), 137–197. https://doi.org/10.1093/qje/qjr049
- Alahdal, W. M., Hashim, H. A., Almaqtari, F. A., Salleh, Z., & Pandey, D. K. (2024). The moderating role of board gender diversity in ESG and firm performance: Empirical evidence from Gulf countries. Business Strategy & Development, 7(3). https://doi.org/10.1002/bsd2.70004
- Ali, W., Wilson, J., & Hamza, M. (2025). A meta-analytical study of cultural conditions moderating the relationship between board diversity and CSR disclosure. Corporate Social Responsibility and Environmental Management, 32(4), 4586–4603. https://doi.org/10.1002/csr.3193
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
- Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
- Arvanitis, S. E., Varouchas, E. G., & Agiomirgianakis, G. M. (2022). Does board gender diversity really improve firm performance? Evidence from Greek listed firms. Journal of Risk and Financial Management, 15(7), 306. https://doi.org/10.3390/jrfm15070306
- Atif, M., Liu, B., & Huang, A. (2019). Does board gender diversity affect corporate cash holdings? Journal of Business Finance & Accounting, 46(7–8), 1003–1029. https://doi.org/10.1111/jbfa.12397
- Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207–221. https://doi.org/10.1007/s10551-010-0505-2
- Ben-Amar, W., Chang, M., & McIlkenny, P. (2017). Board gender diversity and corporate response to sustainability initiatives: Evidence from the Carbon Disclosure Project. Journal of Business Ethics, 142(2), 369–383. https://doi.org/10.1007/s10551-015-2759-1
- Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
- Boulouta, I. (2013). Hidden connections: The link between board gender diversity and corporate social performance. Journal of Business Ethics, 113, 185–197. https://doi.org/10.1007/s10551-012-1293-7
- Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704–5719. https://doi.org/10.1002/ijfe.2089
- Cambrea, D. R., Paolone, F., & Cucari, N. (2023). Advisory or monitoring role in ESG scenario: Which women directors are more influential in the Italian context? Business Strategy and the Environment, 32(7), 4299–4314. https://doi.org/10.1002/bse.3366
- Cambrea, D. R., Tenuta, P., & Vastola, V. (2019). Female directors and corporate cash holdings: Monitoring vs executive roles. Management Decision, 58(2), 295–312. https://doi.org/10.1108/MD-11-2018-1289
- Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. https://doi.org/10.1007/s10551-007-9630-y
- Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034
- Chen, J., Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86–105. https://doi.org/10.1016/j.jcorpfin.2017.01.001
- Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. https://doi.org/10.1257/jel.47.2.448
- Cumming, D. J., Leung, T. Y., & Rui, O. M. (2014). Gender diversity and securities fraud. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2471081
- Díez-Martín, F., Miotto, G., & Del-Castillo-Feito, C. (2024). The intellectual structure of gender equality research in the business economics literature. Review of Managerial Science, 18(6), 1649–1680. https://doi.org/10.1007/s11846-023-00671-8
- Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
- Eisenhardt, K. M. (1989). Agency theory: An assessment and review. The Academy of Management Review, 14(1), 57–74. https://doi.org/10.2307/258191
- Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. https://doi.org/10.1111/1467-8683.00011
- Faccio, M., Marchica, M.-T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008
- Falagas, M. E., Pitsouni, E. I., Malietzis, G. A., & Pappas, G. (2008). Comparison of PubMed, Scopus, Web of Science, and Google Scholar: Strengths and weaknesses. The FASEB Journal, 22(2), 338–342. https://doi.org/10.1096/fj.07-9492LSF
- Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325. https://doi.org/10.1086/467037
- Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1–2), 85–106. https://doi.org/10.1016/j.jcorpfin.2003.12.001
- Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman. García-Meca, E., López-Iturriaga, F. J., & Santana-Martín, D. J. (2022). Board gender diversity and dividend payout: The critical mass and the family ties effect. International Review of Financial Analysis, 79, 101973. https://doi.org/10.1016/j.irfa.2021.101973
- García-Meca, E., & Santana-Martín, D. J. (2023). Board gender diversity and performance in family firms: Exploring the faultline of family ties. Review of Managerial Science, 17(5), 1559–1594. https://doi.org/10.1007/s11846-022-00563-3
- García-Sánchez, I.-M., Martínez-Ferrero, J., & García-Meca, E. (2017). Gender diversity, financial expertise and its effects on accounting quality. Management Decision, 55(2), 347–382. https://doi.org/10.1108/MD-02-2016-0090
- Green, C. P., & Homroy, S. (2018). Female directors, board committees and firm performance. European Economic Review, 102, 19–38. https://doi.org/10.1016/j.euroecorev.2017.12.003
- Hakami, T. A., Alginahi, Y. M., & Sabri, O. (2025). Exploring the evolution of big data technologies: A systematic literature review of trends, challenges, and future directions. Future Internet, 17(9), 427. https://doi.org/10.3390/fi17090427
- Hambrick, D. C. (2007). Upper echelons theory: An update. The Academy of Management Review, 32(2), 334–343. http://www.jstor.org/stable/20159303
- Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review, 9(2), 193–206. https://doi.org/10.2307/258434
- Harjoto, M., Laksmana, I., & Lee, R. (2015). Board diversity and corporate social responsibility. Journal of Business Ethics, 132, 641–660. https://doi.org/10.1007/s10551-014-2343-0
- Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2), 235–256. https://doi.org/10.1111/1467-6486.00179
- Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. The Academy of Management Review, 28(3), 383–396. https://doi.org/10.2307/30040728
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
- Joecks, J., Pull, K., & Vetter, K. (2013). Gender diversity in the boardroom and firm performance: What exactly constitutes a “critical mass”? Journal of Business Ethics, 118(1), 61–72. https://doi.org/10.1007/s10551-012-1553-6
- Kanter, R. M. (2008). Men and women of the corporation (4th ed.). Basic Books. (Original work published 1977)
- Konrad, A. M., Kramer, V., & Erkut, S. (2008). Critical mass: The impact of three or more women on corporate boards. Organizational Dynamics, 37(2), 145–164. https://doi.org/10.1016/j.orgdyn.2008.02.005
- Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018). Board gender diversity and ESG disclosure: Evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224. https://doi.org/10.1108/JAAR-01-2017-0024
- Menicucci, E., & Paolucci, G. (2024). Board gender equality and ESG performance: Evidence from the European banking sector. Corporate Governance: The International Journal of Business in Society, 24(8), 147–174. https://doi.org/10.1108/CG-04-2023-0146
- Nadia, L. P., & Hanafi, M. M. (2023). Do women board members affect dividend policy and cash holdings? Evidence from ASEAN emerging economies. Corporate Governance: The International Journal of Business in Society, 23(4), 705–722. https://doi.org/10.1108/CG-01-2022-0011
- Nekhili, M., & Gatfaoui, H. (2013). Are demographic attributes and firm characteristics drivers of gender diversity? Investigating women’s positions on French boards of directors. Journal of Business Ethics, 118(2), 227–249. https://doi.org/10.1007/s10551-012-1576-z
- Nielsen, S., & Huse, M. (2010). The contribution of women on boards of directors: Going beyond the surface. Corporate Governance: An International Review, 18(2), 136–148. https://doi.org/10.1111/j.1467-8683.2010.00784.x
- Oradi, J., & E-Vahdati, S. (2021). Female directors on audit committees, the gender of financial experts, and internal control weaknesses: Evidence from Iran. Accounting Forum, 45(3), 273–306. https://doi.org/10.1080/01559982.2021.1920127
- Oradi, J., & Izadi, J. (2019). Audit committee gender diversity and financial reporting: Evidence from restatements. Managerial Auditing Journal, 35(1), 67–92. https://doi.org/10.1108/MAJ-10-2018-2048
- Pandey, N., Kumar, S., Post, C., Goodell, J. W., & García-Ramos, R. (2022). Board gender diversity and firm performance: A complexity theory perspective. Asia Pacific Journal of Management. https://doi.org/10.1007/s10490-022-09817-w
- Phan Tan, L. (2022). Bibliometrics of social entrepreneurship research: Co-citation and bibliographic coupling analyses. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2124594
- Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. The Academy of Management Journal, 58(5), 1546–1571. http://www.jstor.org/stable/24758233
- Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors’ composition and environmental corporate social responsibility. Business & Society, 50(1), 189–223. https://doi.org/10.1177/0007650310394642
- Pucheta-Martínez, M. C., & Gallego-Álvarez, I. (2020). Do board characteristics drive firm performance? An international perspective. Review of Managerial Science, 14, 1251–1297. https://doi.org/10.1007/s11846-019-00330-x
- Rialti, R., Marzi, G., Ciappei, C., & Busso, D. (2019). Big data and dynamic capabilities: A bibliometric analysis and systematic literature review. Management Decision, 57(8), 2052–2068. https://doi.org/10.1108/MD-07-2018-0821
- Saggese, S., Sarto, F., & Viganò, R. (2021). Do women directors contribute to R&D? The role of critical mass and expert power. Journal of Management & Governance, 25(2), 593–623. https://doi.org/10.1007/s10997-020-09513-1
- Sarhan, A. A., Ntim, C. G., & Al-Najjar, B. (2019). Board diversity, corporate governance, corporate performance, and executive pay. International Journal of Finance & Economics, 24(2), 761–786. https://doi.org/10.1002/ijfe.1690
- Schopohl, L., Urquhart, A., & Zhang, H. (2021). Female CFOs, leverage and the moderating role of board diversity and CEO power. Journal of Corporate Finance, 71, 101858. https://doi.org/10.1016/j.jcorpfin.2020.101858
- Siciliano, J. I. (1996). The relationship of board member diversity to organizational performance. Journal of Business Ethics, 15(12), 1313–1320. https://doi.org/10.1007/BF00411816
- Simionescu, L. N., Gherghina, Ş. C., Tawil, H., & Sheikha, Z. (2021). Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector. Financial Innovation, 7(1), 52. https://doi.org/10.1186/s40854-021-00265-x
- Singhania, S., Singh, J., & Aggrawal, D. (2024). Board committees and financial performance: Exploring the effects of gender diversity in the emerging economy of India. International Journal of Emerging Markets, 19(6), 1626–1644. https://doi.org/10.1108/IJOEM-03-2022-0491
- Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
- Terjesen, S., Aguilera, R. V., & Lorenz, R. (2015). Legislating a woman’s seat on the board: Institutional factors driving gender quotas for boards of directors. Journal of Business Ethics, 128(2), 233–251. https://doi.org/10.1007/s10551-014-2083-1
- Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447–483. https://doi.org/10.1007/s10997-014-9307-8
- Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102(2), 299–317. https://doi.org/10.1007/s10551-011-0815-z
- Tran, M., Beddewela, E., & Ntim, C. G. (2021). Governance and sustainability in Southeast Asia. Accounting Research Journal, 34(6), 516–545. https://doi.org/10.1108/ARJ-05-2019-0095
- Ullah, I., Zeb, A., Khan, M. A., & Xiao, W. (2020). Board diversity and investment efficiency: Evidence from China. Corporate Governance: The International Journal of Business in Society, 20(6), 1105–1134. https://doi.org/10.1108/CG-01-2020-0001
- Valls Martínez, M. del C., Martín Cervantes, P. A., & Cruz Rambaud, S. (2020). Women on corporate boards and sustainable development in the American and European markets: Is there a limit to gender policies? Corporate Social Responsibility and Environmental Management, 27(6), 2642–2656. https://doi.org/10.1002/csr.1989
- Zalata, A. M., Ntim, C. G., Choudhry, T., Hassanein, A., & Elzahar, H. (2019). Female directors and managerial opportunism: Monitoring versus advisory female directors. The Leadership Quarterly, 30(5), 101309. https://doi.org/10.1016/j.leaqua.2019.101309
Language: English
Page range: 418 - 435
Published on: Sep 10, 2026
Published by: Lucian Blaga University of Sibiu
In partnership with: Paradigm Publishing Services
Related subjects:
© 2026 Alexandra Radu, Mihaela Herciu, published by Lucian Blaga University of Sibiu
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.