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Though recent waves of large-scale street protests have not directly targeted the business sector, they can still represent a major development in a company's external environment. Building on the literature on community embeddedness, this study extends activism-as-information theory to understand how and when companies respond to street protests that take place in their communities. We argue that for business leaders, the scale of protests serves as an information update regarding the changing relevance of the protested social issue in a community. Using data from 2017 to 2020 on Women's March protests in the United States, we show that the scale of street protests in local communities is associated with the likelihood of subsequent female director appointments for corporations headquartered in those communities: larger-scale protests are associated with a higher likelihood of such appointments. Further, we show that this response to proximal protests is heightened for protests that occur in local communities least aligned with the protest movement and for companies least internally aligned with the protest goals. Our theory and findings extend research on social movements in markets, showing how and why organizations respond to diffuse community protests, and they enrich corporate governance research on the roles of communities and stakeholders in shaping board composition. [ABSTRACT FROM AUTHOR]

Purpose: This study examines the role of board gender diversity in shaping corporate financial decisions, particularly in terms of debt structure and risk management. Focusing on the Tehran Stock Exchange, it explores how female representation on boards influences long-term and short-term leverage decisions, focusing on the moderating effect of board compensation. Design/Methodology: Utilising a quantitative ex post facto design, the study analyses data from 114 companies listed on the Tehran Stock Exchange between 2017 and 2021. Multivariate regression techniques, including year- and industry-fixed effects, are employed to investigate the relationship between board gender diversity, debt structure, and risk-taking behaviour. Findings: The results reveal a significant negative relationship between female board representation and long-term debt, suggesting that companies with more female directors tend to adopt more conservative debt structures, thereby reducing risk. Additionally, the findings demonstrate that board compensation moderates this relationship by curbing managerial risk-taking, further improving financial decision-making. Originality/Value: This research provides novel insights into the intersection of board gender diversity and risk management in financial decision-making, particularly in the context of a developing economy like Iran. It also offers practical implications for firms seeking to optimise their debt structures while maintaining sound risk management practices. [ABSTRACT FROM AUTHOR]

The aim of this review paper is to explore the literature on board gender diversity (BGD) as a corporate governance strategy and whether it brings a favourable impact on firm's performance. While referring to previous empirical studies, we found a mixed view of the impact of women on boards (WOB) on firm's performance (FP), but the majority of literature does present a business case for having women directors. To establish the quality and objectivity of this review paper, articles from several high-ranked journals which were published between 2001 and 2023 were selected, and a structured investigation was carried out to prepare a clear meta-analytic presentation of the theme. The findings from chosen research have been categorised, synthesised, and summarised to touch upon the role of gender in corporate boardrooms across four major continents and put forward its implications. Through our cross-continent analysis, we discover stronger positive WOB-FP relationships in developed nations (with higher gender parity scores) than in emerging economies. Our research underpinnings suggest scanty research in the African Subcontinent emanating from inadequacies of a conducive and progressive business environment, while still asserting a positive WOB-FP link. Critical mass and resource dependency theories have also influenced a large section of the literature. This study pulls out many important themes from empirical research on board gender diversity that has been undertaken for over two decades now which aids in identifying pitfalls in the global context and establishing a research agenda for the future. [ABSTRACT FROM AUTHOR]

In this study, we examine the moderating effect of debt financing on the relationship between board gender diversity (BGD) and sustainable investment. Using a quantitative approach with a sample of 10,840 firm-year observations from publicly listed European firms during 2012–2022, we employ ordinary least squares and instrumental variable regressions to test our hypotheses and assess the moderating effect of debt financing. Our results, based on a theoretical framework that draws insights from stakeholder theory and agency theory, show that BGD has a positive and significant impact on sustainable investment, while debt financing has a negative and significant effect. Additionally, we find that debt financing negatively and significantly moderates the relationship between BGD and sustainable investment, attenuating the positive impact of BGD on sustainable investment. Our findings suggest that firms need to focus not only on the importance of BGD but also on the optimal use of debt financing to ensure effective investment in sustainable development. Our results are robust to alternative variable specifications and endogeneity concerns and offer important implications for practitioners and policymakers. [ABSTRACT FROM AUTHOR]

We examine (i) the impacts of environmental, social, and governance (ESG) on firm efficiency and (ii) how board gender diversity (BGD) moderates these impacts in mining multinational enterprises (MNCs). We first employ a two‐stage network data envelopment analysis (DEA) approach to estimate eco‐efficiency (EE) and profitability efficiency (PE), and a network‐based ranking model to rank the mining MNCs. Second, we utilize multivariate regression analysis on 294 firm‐year observations of 49 global MNCs spanning from 2016 to 2021 to achieve our research objectives. Based on our findings, it appears that mining MNCs have a bigger room for improvement when it comes to their profitability efficiency than their eco‐efficiency. The DEA average efficiency scores for EE and PE stand at around 83% and 50%, respectively. Moreover, our regression results reveal that ESG significantly and positively influences EE but insignificantly affects PE. Environmental pillar score (EPS), social pillar score (SPS), and governance pillar score insignificantly influence EE, whereas EPS and SPS significantly affect PE. In addition, BGD significantly moderates the effect of ESG on EE. BGD significantly moderates only the impact of SPS on PE. Overall, this study emphasizes the significance of focusing on BGD when examining the relationship between ESG and firm efficiency, which thus provides crucial insights for stakeholders in the global mining industry, including investors, policymakers, and researchers. [ABSTRACT FROM AUTHOR]

The importance of board gender diversity (BGD) is well recognized due to its potential to enhance corporate governance and bring diverse perspectives to decision‐making processes. However, empirical evidence on its benefits, particularly for earnings management (EM), remains inconclusive, reflecting the complex dynamics within corporate boards. Given the inconsistent BGD–EM relationship, researchers are left to examine how, if at all, the two are associated, often encountering mixed results that complicate the narrative. Building on agency and stakeholder perspectives, this paper provides deeper insights into the BGD–EM relationship, emphasizing the mediating role of corporate social responsibility (CSR) as a catalyst that enables BGD to impact EM. We sample 10,252 firm‐year observations from publicly listed firms in 15 European countries from 2010 to 2020. The results show that BGD positively impacts CSR performance by indicating that diverse boards prioritize and implement socially responsible initiatives, leading to strategies that constrain EM practices through a culture of transparency and accountability. The results suggest that women directors are committed to enhancing CSR performance and restraining unethical activities such as financial manipulation and EM, reflecting their tendency to uphold higher ethical standards. Our findings alert firms to the need to focus not only on the importance of BGD but also on CSR activities to ensure higher earnings reporting quality and curb EM practices. By integrating BGD and CSR into their core strategies, firms can create a robust framework that mitigates the risks associated with EM. The results also have important implications for regulators, policymakers, and managers in understanding the drivers of higher EM practice quality. The results highlight the need for regulatory frameworks that encourage gender diversity and CSR, thereby promoting sustainable and ethical business practices. [ABSTRACT FROM AUTHOR]

This article aims to improve the understanding of corporate governance and environmental reporting literature by analyzing the impact of board gender diversity (BGD) on environmental performance, environmental disclosure, and greenwashing behavior. The panel regression estimation technique with fixed effects was applied to Chinese firm data. As a result, it was found that more women who served on corporate boards enhanced the company's environmental performance and disclosures while limiting greenwashing behavior. The result indicated that women in top management play a constructive role in establishing firms' active environmental initiatives. Furthermore, this relationship was nonlinear and exponentially increased when women's representation reached the threshold of 33.5% representation on board or higher. Based on the findings, no internal bias was found even after other governance and firm‐level control factors and probable endogenies were considered and variable biases were omitted. Notably, the results present important implications for regulators and policymakers by highlighting the influential role of BGD in promoting environmentally responsible practices and reducing greenwashing. [ABSTRACT FROM AUTHOR]

Purpose: This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD). Design/methodology/approach: We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses. Findings: BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderates this relationship. Our findings remain robust with different measures for BGD, FOD, and family business definition as well as with different econometric models. Originality/value: The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms. [ABSTRACT FROM AUTHOR]

This study investigates the impact of board characteristics on the relationship between political connections and cash holdings in Asian countries. The findings suggest that Asian firms with political connections, large boards, and gender diversity have lower cash holdings, while firms with CEO duality have higher cash holdings. Further, the study provides unique evidence that Asian firms with large boards and gender diversity have a moderating effect and strengthen the negative influence of political connections on cash holdings. We also find that CEO duality moderates the influence of political connections on cash holdings in Asian countries. The authors conclude that strong board monitoring and governance mechanisms are crucial for the effective use of cash, particularly in firms with political connections. This research contributes to the literature by presenting novel evidence that board characteristics critically influence the relationship between political connections and cash holdings in the Asian context. [ABSTRACT FROM AUTHOR]

The purpose of this research is to examine how factors such as board size, gender diversity, independence, and financial knowledge influence earnings management methods. This research investigates the influence of board characteristics, namely board size, board independence, board gender diversity, and board financial expertise, on earnings management practices in companies. In addition, this research also examines the moderating role of company size as well as the controlling effect of company age and company performance. This research applies panel regression analysis to determine the relationship between these variables. Case studies are carried out on companies. From 2018 to 2022, there are 450 different companies included in the sample, all of which are listed on the Indonesia Stock Exchange (BEI). We use panel data regression analysis to look at the data. The research results prove that earnings management cannot be influenced by the size of the board of directors. Earnings management cannot be influenced by the size of the independent board of directors. Earnings management can be negatively influenced by the size of the financial expert board. Earnings management can be positively influenced by the size of the female board of directors. Earnings management cannot be influenced by company size. Earnings management is not able to be influenced by the size of the board of directors and the size of the independent board which is moderated by company size, but earnings management is able to be influenced by gender diversity and board financial expertise which is moderated by company size. [ABSTRACT FROM AUTHOR]

This paper investigates how women on boards influence corporate governance of firms across 60 countries. Using instrumental variables that provide robust results, we find that the percentage of female directors on the board is positively associated with corporate governance mechanisms. In particular, a greater representation of women directors increases the governance and social disclosure in Japan, China, and the UK, and the social and environmental disclosure in 57 countries, the proportion of women employees, the total number of employees, the percentage of independent directors' board meeting attendance, and marginally increases the percentages of overall board and audit committee meeting attendance. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to determine the effect of board gender diversity on cyber security disclosure (CSD) in the banking sector of Indonesia as a developing country that adheres to a two-tier system. Design/methodology/approach: This study uses a panel data of 47 banks listed on the Indonesia Stock Exchange from 2014 to 2021. The board gender diversity is measured by three proxies, the proportion of women on the board, BLAU Index value and the critical mass of women. The authors used generalized method of moments estimation to eliminate the simultaneous equation bias. Findings: The results show that the women board of commissioners increases CSD, and the women of board of directors/top management team were significantly negative for CSD. Research limitations/implications: First, this research was only conducted in the banking sector. The results cannot be generalized to non-financial companies. Second, there is no measurement of the quality of the board from the level of education, experience, expertise and other characteristics of diversity such as age, nationality and religion. Practical implications: The study has revealed the need for the government's role in providing oversight of the presence of women on the board so that banks fully comply with Indonesia Financial Services Authority regulations. Banks should also actively launch policies regarding the presence of women on the board to give a positive effect to stakeholders that women play an important role in decision making. Banks must also adjust the composition of female commissioners with a threshold of two people to maximize their function as supervisors. Originality/value: This is the first research conducted on the banking sector in Indonesia as a developing country that adheres to a two-tier system. The results of this study provide evidence that patriarchal culture is still dominant in Indonesia. [ABSTRACT FROM AUTHOR]

This inquiry investigates the moderating role of board size (BS), board independence (BI), and board gender diversity (BGD) on the relationship between dividend policy (DP) and firm performance (FP) in Ghana. The study utilized financial data from 14 purposively selected listed firms in Ghana, spanning 2010–2018. A system-generalized method of moments (GMM) was espoused for the estimation. Results indicate that whilst dividend per share and dividend payout ratio demonstrated significantly positive relationship with FP, dividend yield exhibited significantly negative relationship with FP. Additionally, while BI moderated the relationship between DP and FP, BS and BGD had no moderating influence on FP. [ABSTRACT FROM AUTHOR]

Drawing on agency and gender socialisation theories, this study examines the effect of Chief Executive Officer (CEO) power on corporate modern slavery disclosures (MSD) and investigates whether board gender diversity might influence this relationship. Based on a sample comprising the Financial Times Stock Exchange (FTSE) 100 companies from 2016 to 2020, the findings indicate that, although there has been progress in corporate transparency concerning modern slavery, a significant gap persists in the reporting on the measurement and monitoring of the effectiveness of their policies. This may stem from powerful CEOs' desires to maintain a positive corporate image, leading to minimal disclosure of potentially damaging information. The fixed effects panel regression analysis reveals a negative relationship between CEO power (CEOP) and the extent of modern slavery disclosures (MSD), with a significant moderating effect observed when female board representation is substantial. This evidence suggests that female board members may challenge groupthink and introduce diverse perspectives that can alter the board's dynamics, potentially mitigating the negative impact of CEOP on issues like modern slavery disclosure by encouraging more ethical and collective decision‐making. This research underscores the need for greater transparency and accountability in addressing modern slavery and promoting more responsible business practices. [ABSTRACT FROM AUTHOR]

The main goal of this study is to explore the moderating role of board gender diversity on the relationship between CEO duality, board size, board meetings, and firm performance in sustainable companies. This study examines the 120 most sustainable European firms listed in the EuroNext Vigeo Europe 120 Index from 2012 to 2021, with the findings showing that board gender diversity negatively moderates the relationship between CEO duality and firm performance, while positively moderating board meetings' impact. Furthermore, in banking‐oriented countries, board gender diversity positively moderates the relationship between board meetings and firm performance, while these effects are not significant in market‐oriented countries. The paper highlights that despite progress in increasing representation, mechanisms to ensure effective female participation in board decision‐making are required. This study is the first to examine how board gender diversity moderates the impact of board characteristics and CEO duality on sustainable firm performance in different financial orientations. [ABSTRACT FROM AUTHOR]

This paper investigates whether female board participation improves a firm's efforts to manage its cash holdings in Korea. We find that firms with female directors quickly adjust their cash holdings towards the target, particularly when they have excess cash, suggesting that female directors are more likely to respond to anticipated problems related to excess cash relative to liquidity problems that may arise on account of a cash shortage. Furthermore, the relationship between female directors and cash holding adjustment is stronger for non‐chaebol affiliates, female‐friendly companies, and non‐controversial business environments. [ABSTRACT FROM AUTHOR]

The optimal contract theory posits that an effective compensation plan should be based on performance. Globally, legislators are concerned about the gender pay gap due to stereotypes against women in line with congruity theory. Despite the plethora of gender-related studies, empirical evidence on the gender pay gap at the upper-echelon management level is limited, especially in Africa. Hence, the study examines the effect of CEO gender on CEO compensation in the Nigerian deposit money banks using a longitudinal research design. The study employed the ordinary least square (OLS), fixed effect method, and random effect method to analyze the 144 firm-year observations collected from the Nigerian Exchange Group (NGX) factbooks and the financial reports of 12 banks during 2011–2022. The Hausman Test (chi sq = 3.623, P = 0.003) and Redundant Fixed Effect Test (chi sq = 8.159, P = 0.000) indicated that the appropriate method of reporting is the fixed effect method. The association between CEO gender and CEO compensation (coeff = –8.690 and t = –10.31) is statistically negatively related. The study concluded a gender pay gap in favor of men among Nigerian Nigerian deposit money banks’ CEOs. These findings align with the congruity theory. The study recommends a mandatory gender pay parity plan in line with the optimal contract theory to reduce gender pay inequality.

Abstract The study investigates the moderating effect of board gender diversity on the relationship between environmental performance indicators (emissions, innovations, and resources) and financial performance. The study adopts a robust research design, drawing on a diverse sample of 6,104 companies operating in various countries. It employs a sophisticated panel data analysis with a fixed-effect model. The findings indicate a significant effect of environmental performance on financial performance. The results also reveal that higher gender diversity on a board is linked to lower returns on assets (ROA). Moreover, there is a positive interaction between management teams, board gender diversity, and financial performance. This study explores the relationship between corporate governance, environmental performance, and financial outcomes, offering practical insights for businesses, policymakers, and stakeholders. It also provides actionable insights for companies to align sustainability practices with financial success, enhancing their environmental stewardship and potentially improving financial performance. Policymakers can use this knowledge to design regulations and guidelines, while stakeholders, including investors and environmental advocacy groups, can use it to make informed decisions. The study's originality lies in its exploration of the moderating impact of board diversity on the relationship between firms' environmental performance and financial performance, using a large sample from different countries. As there is still a lack of consensus on the effect of environmental performance on financial performance, this study contributes to the understanding of corporate governance, environmental responsibility, and financial performance.

Purpose: This paper aims to examine how the diversity of educational levels within bank boards influences the efficiency and stability of banks operating in the Middle East and North Africa (MENA) region. Unlike previous studies, this analysis also investigates the role of board gender diversity in moderating the relationship between board educational level diversity and bank efficiency and financial stability in MENA. Design/methodology/approach: In this study, a sample of 77 banks in the MENA region spanning the years 2011 to 2018 is used. The relationship between the presence of highly educated directors on the board, bank efficiency and stability is assessed using the ordinary least squares method. Additionally, the authors use the Generalized Method of Moments technique to correct endogeneity problem. Findings: This study establishes a positive association between the presence of directors with advanced educational backgrounds on bank boards and bank efficiency and stability. Furthermore, the inclusion of women on the board strengthens this relationship. Practical implications: These findings have important implications for policymakers and regulators in the MENA region, suggesting that promoting diversity policies that encourage the participation of highly educated directors on bank boards can contribute to enhanced efficiency and financial stability. Policymakers may also consider implementing quotas or guidelines to improve gender diversity in board appointments, thereby fostering bank performance in the region. Originality/value: This study stands out for its innovation and distinctiveness, as it delves into the connection between board educational level diversity and bank efficiency in the MENA region. Notably, it surpasses previous research by investigating the moderating role of board gender diversity, thus offering valuable insights into the complex interplay between these two facets of board diversity. This contribution enriches the existing literature by providing novel perspectives on board composition dynamics and its influence on bank efficiency and stability. [ABSTRACT FROM AUTHOR]

The ESG paradigm has exerted increasing pressure on firms to adopt environment‐friendly and socially responsible policies. Interestingly, less attention has been paid to the drivers of ESG performance. Therefore, we address this gap by analyzing a sample of Chinese non‐financial firms. First, we examine if CEO power dimensions influence ESG performance. Second, we investigate if board gender diversity (BGD) influences the association between CEO power and ESG performance. Third, we explore if board independence and board gender diversity complement each other by influencing the relationship between CEO power and ESG performance. The study has used a rigorous methodology comprising five statistical estimation techniques and several variable measurements. In addition, we extensively analyze the two‐way and three‐way interactions for moderation analysis. Our unique results indicate that CEO structural and duality powers diminish ESG performance while CEO expert and ownership powers enhance ESG performance. Further, we document that BGD has a positive influence on the association between CEO power and ESG performance. The results also reveal that BGD and BI favorably complement each other by influencing the relationship between CEO power and ESG performance. The further analysis results indicate that an adequate number (or critical mass) of female directors are required on the board along with CEO power to improve ESG performance. We also find that CEO tenure and ownership have an inverted U‐shaped relationship with ESG performance. [ABSTRACT FROM AUTHOR]

Research question: The primary focus of this meta‐analysis is to synthesize previously discordant findings on the relationship between board gender diversity (BGD) and different types of firm risk and to explore potential moderating and mediating mechanisms underlying these relationships. Research findings: We statistically combine the results from 193 studies and find a negative association between BGD and firm risk. Further investigation indicates that different measures of risk lead to systematically different effect sizes. Our meta‐analysis structural equation modeling (MASEM) analysis reveals that BGD's impact on risk operates primarily through the monitoring rather than advising function of the board. Regarding the moderating role of national institutions, we find that several aspects of the national institutional context (e.g., investor protection, gender equality, and national culture) influence the relationship between BGD and different types of risk. Theoretical implications: Overall, our results suggest that agency theory has more explanatory power than resource dependence theory for understanding the association between BGD and risk, and women's board representation is more likely to reduce downside risk than upside risk. Our moderating effect analysis also highlights interesting avenues for further research on the interplay of BGD and different risks in national environments with varying institutional attributes. Practitioner/policy implications: Our meta‐analysis offers important practical implications for corporate risk management, suggesting that BGD significantly mitigates downside risks associated with poor corporate transparency without stifling board support for corporate decisions shaping future growth potential. In an era of rising board vulnerability to litigation for insufficient transparency, this study contributes evidence supporting trends toward greater gender diversity. [ABSTRACT FROM AUTHOR]

The study investigates the moderating effect of board gender diversity on the relationship between environmental performance indicators (emissions, innovations, and resources) and financial performance. The study adopts a robust research design, drawing on a diverse sample of 6,104 companies operating in various countries. It employs a sophisticated panel data analysis with a fixed-effect model. The findings indicate a significant effect of environmental performance on financial performance. The results also reveal that higher gender diversity on a board is linked to lower returns on assets (ROA). Moreover, there is a positive interaction between management teams, board gender diversity, and financial performance. This study explores the relationship between corporate governance, environmental performance, and financial outcomes, offering practical insights for businesses, policymakers, and stakeholders. It also provides actionable insights for companies to align sustainability practices with financial success, enhancing their environmental stewardship and potentially improving financial performance. Policymakers can use this knowledge to design regulations and guidelines, while stakeholders, including investors and environmental advocacy groups, can use it to make informed decisions. The study's originality lies in its exploration of the moderating impact of board diversity on the relationship between firms' environmental performance and financial performance, using a large sample from different countries. As there is still a lack of consensus on the effect of environmental performance on financial performance, this study contributes to the understanding of corporate governance, environmental responsibility, and financial performance. [ABSTRACT FROM AUTHOR]

The essence of a family business captures the distinguishing factors differentiating them from non-family businesses. Among these factors, the constructs of family firms' managing and governance elements are perceived differently by non-family firms. This is especially important in a developing country such as South Africa (SA) with many governance challenges. The objectives of this study were, first, to identify relationships among financial performance, corporate governance, and ownership concentrations of listed family and non-family businesses in SA. Next, a comparison was made between the different ownership structures. Secondary data were collected using purposive sampling from 2015 to 2019. These data were analysed using panel data analysis and descriptive statistics. The results show that family firms place a greater emphasis on ownership concentration, board size, and board gender diversity, which have a significant relationship with financial performance. Only board size was significant to financial performance for non-family firms. The results indicate that family businesses should appoint female family members as directors on their boards, given the significance of gender-diverse boards for financial performance. Non-family businesses should also consider having smaller boards. Theoretically, this study expands on the literature regarding family businesses in SA. However, the findings cannot be generalised due to a single industry being selected. This study should be replicated in different industries to compare the results. [ABSTRACT FROM AUTHOR]