ABSTRACT This paper considers the effects of female representation and the proportion of female representation on corporate boards and audit committees on financial performance in an African context where institutions are weak. Employing a panel of 77 firms, our results show that female board representation exerts a positive and significant influence on firm financial performance. The study also finds that the performance effect of gender diversity is stronger for firms with two or more female directors, suggesting that building a critical mass of female representation enhances firm financial performance. Further analysis indicates that the inclusion of females on the audit committee appears to have a positive impact on firm financial performance. Our results are robust after controlling for endogeneity and the use of alternative measures of board gender diversity.

中文翻译：

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董事会性别多元化，审计委员会和财务绩效：尼日利亚的证据

摘要本文考虑了在机构薄弱的非洲背景下，女性代表及其在公司董事会和审计委员会中所占比例对财务业绩的影响。我们的调查结果显示，由77个公司组成的专家小组对女性董事会的影响对公司的财务业绩产生了积极而重要的影响。该研究还发现，性别多样性对具有两名或更多女性董事的公司的绩效影响更强，这表明建立关键的女性代表人数可以提高公司的财务绩效。进一步的分析表明，将女性包括在审计委员会中似乎对公司的财务业绩产生了积极影响。