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Do Women Directors Improve Firm Performance and Risk in India?

Author

Listed:
  • Rwan El-Khatib

    (College of Business, Zayed University, P.O. Box 19282, Dubai, UAE)

  • Nishi Joy

    (School of Management Science, University of Stirling, P.O. Box 41222, Ras Al Khaimah, UAE)

Abstract

We examine board diversity in India following a 2013 law requiring all public companies to have at least one female board member. Our results indicate that having women on the board of directors improves firm performance and reduces firm bankruptcy risk. Using data on directors’ backgrounds and social connections, we find that important factors include female directors’ independence, social network size, committee memberships, and graduate education. Our results hold after addressing endogeneity using instrumental variable (IV) and difference-in-differences (DID) approaches.

Suggested Citation

  • Rwan El-Khatib & Nishi Joy, 2021. "Do Women Directors Improve Firm Performance and Risk in India?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 11(02), pages 1-46, June.
    • Handle: RePEc:wsi:qjfxxx:v:11:y:2021:i:02:n:s2010139221500063
    DOI: 10.1142/S2010139221500063
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    Cited by:

    1. Lawrence, Edward R. & Raithatha, Mehul, 2023. "Gender bias, board diversity, and firm value: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 78(C).
    2. Mujeeb Saif Mohsen Al-Absy & Nada Hameed AlMahari, 2023. "The Interaction Effect of Nomination Committee’s Effectiveness on Board of Directors’ Characteristics and Firm Performance," Administrative Sciences, MDPI, vol. 13(5), pages 1-17, May.

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