This study examines the impact of board gender diversity on financial performance of listed Indian firms in a dynamic modelling framework. Using a firm-year unit of analysis, a sample of 148 publicly listed firms across multiple industries have been studied over a period of five financial years namely FY 2008–2009 to FY 2012–2013. Employing panel data analysis, percentage of women directors is taken as the independent variable and firm performance measured by return on assets (ROA) and Tobin’s Q as the dependent variables. The primary results of the study using ordinary least squares (OLS) and fixed effects (FE) estimation models point towards a positive and significant relationship between percentage of independent women directors (IWD) and firm performance. However, results are reversed when the theoretically superior Arellano Bond estimation is used. Findings of the study indicate that the number of companies with no IWDs is reducing across the 5 years of study. This may be due to external pressure created by stakeholders. Also, the number of companies with one IWD is increasing over the period of the study, while the number of companies with two or three or more directors is more or less the same. The number of two or three IWD companies remaining the same could arguably be due to lack of availability of independent directors who are women.

中文翻译：

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董事会性别多元化与公司绩效：来自印度的证据

本研究在动态建模框架中研究了董事会性别差异对印度上市公司财务业绩的影响。使用企业年的分析单位，在五个财年（即2008-2009财年至2012-2013财年）内，研究了跨多个行业的148家上市公司的样本。通过面板数据分析，将女性董事的百分比作为自变量，并以资产回报率（ROA）和托宾Q为因变量来衡量公司绩效。使用普通最小二乘（OLS）和固定效应（FE）估计模型进行的研究的主要结果表明，独立女性董事（IWD）的比例与公司绩效之间存在积极且显着的关系。然而，当使用理论上优越的Arellano Bond估计时，结果将相反。研究结果表明，在过去的5年中，没有IWD的公司数量正在减少。这可能是由于利益相关者产生的外部压力。此外，在研究期间，拥有IWD的公司数量正在增加，而拥有两名或三名或更多董事的公司数量或多或少是相同的。可以说，有两到三家IWD公司保持不变的原因可能是由于缺乏女性独立董事。而拥有两个或三个或三个以上董事的公司数量大致相同。可以说，有两到三家IWD公司保持不变的原因可能是由于缺乏女性独立董事。而拥有两个或三个或三个以上董事的公司数量大致相同。可以说，有两到三家IWD公司保持不变的原因可能是由于缺乏女性独立董事。