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Female presence in corporate governance, firm performance, and the moderating role of family ownership
Economic Research-Ekonomska Istraživanja Pub Date : 2021-07-22 , DOI: 10.1080/1331677x.2021.1952086
Ali Amin 1 , Rizwan Ali 1 , Ramiz ur Rehman 1, 2 , Muhammad Akram Naseem 1 , Muhammad Ishfaq Ahmad 1
Affiliation  

Abstract

Assessing the role of diversity in corporate governance has attracted growing interest. In addition, significant relationships are expected between diversity dimensions and firm performance. This research aims to analyze the relationships between female presence in corporate board-firm financial performance and the extent to which such influence is moderated by family ownership. The study’s sample, based on the listed firms on the Pakistan Stock Exchange (PSX), represents the nonfinancial sector from 2008 to 2019 with 2087 firm-year observations. Fixed-effect regression analysis was applied to examine the proposed hypothesis. The study’s findings indicate that the presence of women in corporate governance is positively associated with firm financial performance. Simultaneously, the mentioned relationship is less pronounced when family ownership is a moderator. The empirical findings of the study support the argument that the presence of women in corporate boards is positively associated with financial performance and supports the reforms made by codes of corporate governance (CCG) that make the presence of female directors’ mandatory on the corporate boards. Additionally, the study findings partially confirm that a higher proportion of women on the board increases firm performance. This study offers insights for policymakers to implement legislation for a diverse gender placement in the board of directors and exploit the potential benefits of the gender-balanced board, which generally improves firm performance.



中文翻译:

女性在公司治理、公司绩效和家族所有权中的调节作用

摘要

评估多元化在公司治理中的作用引起了越来越多的兴趣。此外,预计多样性维度与公司绩效之间存在显着关系。本研究旨在分析女性在公司董事会-公司财务业绩中的存在与家族所有权在多大程度上影响这种影响之间的关系。该研究的样本基于巴基斯坦证券交易所 (PSX) 的上市公司,代表了 2008 年至 2019 年的非金融部门,并观察了 2087 个公司年度。应用固定效应回归分析来检验提出的假设。研究结果表明,女性在公司治理中的存在与公司财务业绩呈正相关。同时,当家庭所有权起调节作用时,上述关系就不那么明显了。该研究的实证结果支持这样的论点,即女性在公司董事会中的存在与财务业绩呈正相关,并支持公司治理准则 (CCG) 进行的改革,即强制女性董事在公司董事会中的存在。此外,研究结果部分证实,董事会中较高比例的女性会提高公司绩效。本研究为决策者实施立法以在董事会中实现多元化的性别安置提供了见解,并利用性别平衡董事会的潜在好处,这通常会提高公司绩效。该研究的实证结果支持这样的论点,即女性在公司董事会中的存在与财务业绩呈正相关,并支持公司治理准则 (CCG) 进行的改革,即强制女性董事在公司董事会中的存在。此外,研究结果部分证实,董事会中较高比例的女性会提高公司绩效。本研究为决策者实施立法以在董事会中实现多元化的性别安置提供了见解,并利用性别平衡董事会的潜在好处,这通常会提高公司绩效。该研究的实证结果支持这样的论点,即女性在公司董事会中的存在与财务业绩呈正相关,并支持公司治理准则 (CCG) 进行的改革,即强制女性董事在公司董事会中的存在。此外,研究结果部分证实,董事会中较高比例的女性会提高公司绩效。本研究为决策者实施立法以在董事会中实现多元化的性别安置提供了见解,并利用性别平衡董事会的潜在好处,这通常会提高公司绩效。

更新日期:2021-07-22
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