This research paper aims to examine the association between product market competition and gender diversity on the corporate board. More specifically, this paper examines the likely corporate governance determinants of firms operating by female directors. This study included all the Australian listed companies in the primary list of samples from 2001 to 2015. This research explored that low competition increases the probability of existing female directors on the corporate board. Results also reveal that low product market competition is positively associated with firms’ female directors where female directors are the member of the audit committee and have long service experience. This research obtains evidence that low-competitive firms encourage board gender diversity even if their presence is insignificant (as a token). This study contributes to the literature by providing evidence that first, low competition drives managers to appoint female directors on board as few primarily large firms with low competition show fairness to comply with corporate governance regulations, especially on gender diversity. Moreover, low competition forces firms to search for unique competitive advantage, and gender diversity is one of them which can increase the visibility of female directors. Finally, a firm’s board gender diversity can ensure intense monitoring, rational decision, advising, calculative risk-taking comparing with a gender bias board and leading to a good firm image for the stakeholders.

本研究论文旨在研究产品市场竞争与公司董事会性别多元化之间的关联。更具体地说，本文研究了由女性董事运营的公司可能的公司治理决定因素。本研究将 2001 年至 2015 年的主要样本名单中的所有澳大利亚上市公司都包括在内。本研究探讨了低竞争增加了公司董事会现有女性董事的可能性。结果还表明，低产品市场竞争与公司女性董事呈正相关，女性董事是审计委员会的成员，并且具有长期的服务经验。这项研究获得的证据表明，低竞争力的公司鼓励董事会性别多元化，即使他们的存在微不足道（作为象征）。本研究提供的证据表明，首先，低竞争促使管理人员任命女性董事，因为很少有竞争激烈的大型公司表现出公平地遵守公司治理法规，特别是在性别多样性方面。此外，低竞争迫使公司寻求独特的竞争优势，性别多元化是其中之一，可以提高女性董事的知名度。最后，与具有性别偏见的董事会相比，公司董事会的性别多元化可以确保密切监控、理性决策、建议、计算风险承担，并为利益相关者带来良好的公司形象。低竞争促使管理人员任命女性董事担任董事会成员，因为很少有竞争激烈的大型公司表现出公平以遵守公司治理规定，特别是关于性别多样性的规定。此外，低竞争迫使公司寻求独特的竞争优势，性别多元化是其中之一，可以提高女性董事的知名度。最后，与具有性别偏见的董事会相比，公司董事会的性别多元化可以确保密切监控、理性决策、建议、计算风险承担，并为利益相关者带来良好的公司形象。低竞争促使管理人员任命女性董事担任董事会成员，因为很少有竞争激烈的大型公司表现出公平以遵守公司治理规定，特别是关于性别多样性的规定。此外，低竞争迫使公司寻求独特的竞争优势，性别多元化是其中之一，可以提高女性董事的知名度。最后，与具有性别偏见的董事会相比，公司董事会的性别多元化可以确保密切监控、理性决策、建议、计算风险承担，并为利益相关者带来良好的公司形象。