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Board gender diversity and firm performance: evidence from Latin America

Author

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  • Valentina Marquez-Cardenas
  • Juan David Gonzalez-Ruiz
  • Eduardo Duque-Grisales

Abstract

This study aims at analysing the relationship between board gender diversity (BGD) and financial performance for firms with headquarters based in Latin America (LatAm). Using panel data from 243 listed firms during the period 2012–2018, we find that BGD in LatAm does not lead to any change in firm performance, mainly because the underrepresentation of women on boards in the region compared to their male counterparts. As a result, the ability to improve the firms’ reputation and the relationships with stakeholders as well as the capability to better monitor performance and bring new ideas by female board members are then unavailable to enhance the firms’ performance. The paper also analyses the moderating effect of board independence on the relationship between BGD and firm performance. These study’s findings may be used for providing a roadmap that researchers and investorss can use to improve their understanding of BGD.

Suggested Citation

  • Valentina Marquez-Cardenas & Juan David Gonzalez-Ruiz & Eduardo Duque-Grisales, 2022. "Board gender diversity and firm performance: evidence from Latin America," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 12(3), pages 785-808, July.
    • Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:785-808
    DOI: 10.1080/20430795.2021.2017256
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    Citations

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    Cited by:

    1. Juan David González-Ruiz & Nini Johana Marín-Rodríguez & Alejandro Valencia-Arias, 2023. "Gender Social Bonds in the Latin American Market," Sustainability, MDPI, vol. 15(20), pages 1-18, October.
    2. Ana Gabriela Ramirez & Julián Monsalve & Juan David González-Ruiz & Paula Almonacid & Alejandro Peña, 2022. "Relationship between the Cost of Capital and Environmental, Social, and Governance Scores: Evidence from Latin America," Sustainability, MDPI, vol. 14(9), pages 1-15, April.
    3. Rojo-Suárez, Javier & Alonso-Conde, Ana B. & Gonzalez-Ruiz, Juan David, 2024. "Does sustainability improve financial performance? An analysis of Latin American oil and gas firms," Resources Policy, Elsevier, vol. 88(C).
    4. Grijalva, Diego, 2023. "Women-led firms’ performance during the Covid-19 pandemic. Evidence from an emerging economy," MPRA Paper 117225, University Library of Munich, Germany.
    5. Cecília Carmo & Sandra Alves & Bruna Quaresma, 2022. "Women on Boards in Portuguese Listed Companies: Does Gender Diversity Influence Financial Performance?," Sustainability, MDPI, vol. 14(10), pages 1-21, May.
    6. Neha Hussain & Burhan Rasheed & Zohair Farooq Malik & Syed Taha Fraz & Muhammad Umar Munir, 2024. "Ethics Redefined: A Comparative Study on Women on Boards vs. Attributes of Corporate Governance in the Light of Firm Performance," Journal of Economic Impact, Science Impact Publishers, vol. 6(2), pages 131-137.

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