Beyond tokenism: The substantive impact of women directors on competitive dimensions

Ahmed M. Asfahani

Article ID: 9156
Vol 8, Issue 13, 2024

VIEWS - 1174 (Abstract)

Abstract


In this study, the author investigates the evolving role of women in corporate boardrooms historically dominated by men, aiming to discern whether their inclusion merely serves as symbolic representation or carries substantive impact. Using a narrative literature review methodology, the author meticulously examines the historical impediments women faced in leadership positions. The findings suggest that deep-seated societal biases, rather than a lack of capability, traditionally constrained women’s leadership trajectories. While some studies suggest that corporations with genuine gender diversity in leadership may outperform in financial outcomes and innovation, this advantage is not consistently observed across all contexts and industries, necessitating a cautious interpretation of these mixed and context-dependent findings. The study argues that women’s inclusion in boardrooms is a strategic imperative for modern corporations striving for resilience, adaptability, and sustained growth in an intricate global landscape, yet also recommends further research to fully understand the broader impacts of such diversity. Furthermore, the study offers practical strategies for enhancing gender diversity in corporate leadership.


Keywords


women directors; boardrooms; tokenism; corporate performance; SDG 5; gender equality

Full Text:

PDF


References

  1. Abdel-Azim, M. H., & Soliman, S. (2020). Board of directors’ characteristics and bank performance: Evidence from the egyptian banking sector. Journal of Governance and Regulation, 9(4), 116–125. https://doi.org/10.22495/JGRV9I4ART10
  2. Abdellatif, A., Aldossari, M., Boncori, I., Callahan, J., Na Ayudhya, U. C., Chaudhry, S., Kivinen, N., Sarah Liu, S.-J., Utoft, E. H., Vershinina, N., Yarrow, E., & Pullen, A. (2021). Breaking the mold: Working through our differences to vocalize the sound of change. Gender, Work and Organization, 28(5), 1956–1979. https://doi.org/10.1111/gwao.12722
  3. Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007
  4. Adams, R. J., Smart, P., & Huff, A. S. (2017). Shades of Grey: Guidelines for Working with the Grey Literature in Systematic Reviews for Management and Organizational Studies. International Journal of Management Reviews, 19(4), 432–454. https://doi.org/https://doi.org/10.1111/ijmr.12102
  5. Afeltra, G., Alerasoul, S. A., & Strozzi, F. (2023). The evolution of sustainable innovation: from the past to the future. European Journal of Innovation Management, 26(2), 386–421. https://doi.org/10.1108/EJIM-02-2021-0113
  6. Afriyie, S. O., Kong, Y., Lartey, P. Y., Kaodui, L., Bediako, I. A., Wu, W., & Kyeremateng, P. H. (2020). Financial performance of hospitals: A critical obligation of corporate governance dimensions. International Journal of Health Planning and Management, 35(6), 1468–1485. https://doi.org/10.1002/hpm.3049
  7. Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Quarterly Journal of Economics, 127(1), 137–197. https://doi.org/10.1093/qje/qjr049
  8. Al Shahri, G. M., & Shamsuddin, A. B. (2023). Female Board Representation and Firms Financial Performance: Evidence from Omani Non-Financial Firms. Quality - Access to Success, 24(195), 147–156. https://doi.org/10.47750/QAS/24.195.17
  9. Aldossari, M., Chaudhry, S., Tatli, A., & Seierstad, C. (2023). Catch-22: Token Women Trying to Reconcile Impossible Contradictions between Organisational and Societal Expectations. Work, Employment and Society, 37(1), 39–57. https://doi.org/10.1177/09500170211035940
  10. Alharbi, R., Elnahass, M., & McLaren, J. (2022). Women directors and market valuation: What are the “Wonder Woman” attributes in banking? Journal of International Financial Markets, Institutions and Money, 80, 101611. https://doi.org/https://doi.org/10.1016/j.intfin.2022.101611
  11. Alli, A., Lin, T., Thorndyke, L. E., Parekh, R., & Nunez, A. (2021). Advancing women to leadership positions through individual actions and institutional reform. Pediatrics, 148. https://doi.org/10.1542/peds.2021-051440D
  12. Almeida, T. A., Morais, C. R. F. de, & Coelho, A. C. (2020). Gender diversity, governance and dividend policy in Brazil. Revista de Gestão, 27(2), 189–205. https://doi.org/10.1108/REGE-03-2019-0041
  13. Amin, A., Ur Rehman, R., Ali, R., & Ntim, C. G. (2022). Does gender diversity on the board reduce agency cost? Evidence from Pakistan. Gender in Management, 37(2), 164–181. https://doi.org/10.1108/GM-10-2020-0303
  14. Amorelli, M.-F., & García-Sánchez, I.-M. (2020). Critical mass of female directors, human capital, and stakeholder engagement by corporate social reporting. Corporate Social Responsibility and Environmental Management, 27(1), 204–221. https://doi.org/10.1002/csr.1793
  15. Amorelli, M.-F., & García-Sánchez, I.-M. (2021). Trends in the dynamic evolution of board gender diversity and corporate social responsibility. Corporate Social Responsibility and Environmental Management, 28(2), 537–554. https://doi.org/10.1002/csr.2079
  16. Anderson, E. A. B., Nonterah, N. K., Tayviah, M. M., Agyeman, S. O., & Mahami, R. (2023). “It seems the women are taking over”: Stereotyping around women in top-level leadership positions in Ghana’s universities. Agenda. https://doi.org/10.1080/10130950.2023.2251814
  17. Arco-Castro, L., López-Pérez, M. V, Pérez-López, M. C., & Rodríguez-Ariza, L. (2020). Corporate philanthropy and employee engagement. Review of Managerial Science, 14(4), 705–725. https://doi.org/10.1007/s11846-018-0312-1
  18. Arfken, D. E., Bellar, S. L., & Helms, M. M. (2004). The Ultimate Glass Ceiling Revisited: The Presence of Women on Corporate Boards. Journal of Business Ethics, 50(2), 177–186. https://doi.org/10.1023/B:BUSI.0000022125.95758.98
  19. Arora, A. (2022). Gender diversity in boardroom and its impact on firm performance. Journal of Management and Governance, 26(3), 735–755. https://doi.org/10.1007/s10997-021-09573-x
  20. Arvanitis, S. E., Varouchas, E. G., & Agiomirgianakis, G. M. (2022). Does Board Gender Diversity Really Improve Firm Performance? Evidence from Greek Listed Firms. In Journal of Risk and Financial Management (Vol. 15, Issue 7). https://doi.org/10.3390/jrfm15070306
  21. Au, S.-Y., Tremblay, A., & You, L. (2023). Does board gender diversity reduce workplace sexual harassment? Corporate Governance: An International Review, 31(5), 718–736. https://doi.org/10.1111/corg.12496
  22. Bannò, M., D’allura, G. M., Traversi, M., & Varum, C. A. (2021). International business strategy: Does a female presence matter? In P. E.T., C. C., & B. Z. (Eds.), Proceedings of the International Conference on Gender Research (pp. 50–57). Academic Conferences and Publishing International Limited. https://doi.org/10.34190/IGR.21.030
  23. Barauskaite, G., & Streimikiene, D. (2021). Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods. Corporate Social Responsibility and Environmental Management, 28(1), 278–287. https://doi.org/https://doi.org/10.1002/csr.2048
  24. Barnes, C., Lewis, R., Yarker, J., & Arevshatian, L. (2019). Women directors on FTSE company boards: An exploration of the factors influencing their appointment. Cogent Psychology, 6(1). https://doi.org/10.1080/23311908.2019.1691848
  25. Berns, J. P., & Williams, J. L. (2022). Calling out the laggards: shareholder activism and board gender diversity. Gender in Management, 37(1), 39–57. https://doi.org/10.1108/GM-09-2020-0279
  26. Bogdan, V., Popa, D.-N., Beleneşi, M., Rus, L., & Scorțe, C.-M. (2023). Gender Diversity and Business Performance Nexus: A Synoptic Panorama Based on Bibliometric Network Analysis. Sustainability, 15(3). https://doi.org/10.3390/su15031801
  27. Bose, S., Hossain, S., Sobhan, A., & Handley, K. (2022). Does female participation in strategic decision-making roles matter for corporate social responsibility performance? Accounting and Finance, 62(3), 4109–4156. https://doi.org/10.1111/acfi.12918
  28. Bouteska, A., & Mili, M. (2022). Women’s leadership impact on risks and financial performance in banking: evidence from the Southeast Asian Countries. Journal of Management and Governance, 26(4), 1213–1244. https://doi.org/10.1007/s10997-021-09594-6
  29. Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704–5719. https://doi.org/https://doi.org/10.1002/ijfe.2089
  30. Campopiano, G., Gabaldón, P., & Gimenez-Jimenez, D. (2023). Women Directors and Corporate Social Performance: An Integrative Review of the Literature and a Future Research Agenda. Journal of Business Ethics, 182(3), 717–746. https://doi.org/10.1007/s10551-021-04999-7
  31. Carmo, C., Alves, S., & Quaresma, B. (2022). Women on Boards in Portuguese Listed Companies: Does Gender Diversity Influence Financial Performance? Sustainability, 14(10), 6186. https://doi.org/10.3390/su14106186
  32. Chatterjee, C., & Nag, T. (2023). Do women on boards enhance firm performance? Evidence from top Indian companies. International Journal of Disclosure and Governance, 20(2), 155–167. https://doi.org/10.1057/s41310-022-00153-5
  33. Chen, M.-Y., & Kao, C.-L. (2022). Women on boards of directors and firm performance: the mediation of employment downsizing. International Journal of Human Resource Management, 33(13), 2597–2629. https://doi.org/10.1080/09585192.2020.1867617
  34. Chijoke-Mgbame, A. M., Boateng, A., & Mgbame, C. O. (2020). Board gender diversity, audit committee and financial performance: evidence from Nigeria. Accounting Forum, 44(3), 262–286. https://doi.org/10.1080/01559982.2020.1766280
  35. Ciappei, C., Liberatore, G., & Manetti, G. (2023). A systematic literature review of studies on women at the top of firm hierarchies: critique, gap analysis and future research directions. Sustainability Accounting, Management and Policy Journal, 14(7), 202–231. https://doi.org/10.1108/SAMPJ-10-2022-0557
  36. Cook, A., & Glass, C. (2018). Women on corporate boards: Do they advance corporate social responsibility? Human Relations, 71(7), 897–924. https://doi.org/10.1177/0018726717729207
  37. Cosentino, A., Weese, W. J., & Wells, J. E. (2021). Strategies to Advance Women: Career Insights From Senior Leadership Women in Professional Sport in Canada. Frontiers in Sports and Active Living, 3, 716505. https://doi.org/10.3389/fspor.2021.716505
  38. Dashper, K. (2019). Challenging the gendered rhetoric of success? The limitations of women-only mentoring for tackling gender inequality in the workplace. Gender, Work & Organization, 26(4), 541–557. https://doi.org/https://doi.org/10.1111/gwao.12262
  39. Del Mar Fuentes-Fuentes, M., Quintana-García, C., Marchante-Lara, M., & Benavides-Chicón, C. G. (2023). Gender diversity, inclusive innovation and firm performance. Sustainable Development. https://doi.org/10.1002/sd.2615
  40. Díaz-Garcia, V., Montero-Navarro, A., Rodríguez-Sánchez, J.-L., & Gallego-Losada, R. (2023). Managing Digital Transformation: A Case Study in a Higher Education Institution. Electronics, 12(11). https://doi.org/10.3390/electronics12112522
  41. Elkhwesky, Z., Salem, I. E., & El Manzani, Y. (2023). Talented women for senior positions across multi-regions: challenges, strategies, and future research agenda. Management Review Quarterly. https://doi.org/10.1007/s11301-023-00383-z
  42. Ellili, N. O. D. (2024). Board gender diversity, investment efficiency and sustainable growth: evidence from Gulf Cooperation Council. Corporate Governance. https://doi.org/10.1108/CG-10-2023-0448
  43. Elstad, B., & Ladegard, G. (2012). Women on corporate boards: key influencers or tokens? Journal of Management & Governance, 16(4), 595–615. https://doi.org/10.1007/s10997-010-9165-y
  44. Fan, D., Breslin, D., Callahan, J. L., & Iszatt-White, M. (2022). Advancing literature review methodology through rigour, generativity, scope and transparency. International Journal of Management Reviews, 24(2), 171–180. https://doi.org/10.1111/IJMR.12291
  45. Ferrari, R. (2015). Writing narrative style literature reviews. Medical Writing, 24(4), 230–235. https://doi.org/10.1179/2047480615Z.000000000329
  46. Ferrary, M., & Déo, S. (2023). Gender diversity and firm performance: when diversity at middle management and staff levels matter. The International Journal of Human Resource Management, 34(14), 2797–2831. https://doi.org/10.1080/09585192.2022.2093121
  47. Gabaldon, P., de Anca, C., Mateos de Cabo, R., & Gimeno, R. (2016). Searching for Women on Boards: An Analysis from the Supply and Demand Perspective. Corporate Governance: An International Review, 24(3), 371–385. https://doi.org/https://doi.org/10.1111/corg.12141
  48. Gangi, F., Daniele, L. M., D’Angelo, E., Varrone, N., & Coscia, M. (2023). The impact of board gender diversity on banks’ environmental policy: The moderating role of gender inequality in national culture. Corporate Social Responsibility and Environmental Management, 30(3), 1273–1291. https://doi.org/10.1002/csr.2418
  49. García, C. J., & Herrero, B. (2022). Corporate entrepreneurship and governance: Mergers and acquisitions in Europe. Technological Forecasting and Social Change, 182. https://doi.org/10.1016/j.techfore.2022.121845
  50. García-Izquierdo, A. L., Fernández-Méndez, C., & Arrondo-García, R. (2018). Gender Diversity on Boards of Directors and Remuneration Committees: The Influence on Listed Companies in Spain. In Frontiers in Psychology (Vol. 9). https://www.frontiersin.org/articles/10.3389/fpsyg.2018.01351
  51. García-Sánchez, I.-M., Rodríguez-Ariza, L., & Granada-Abarzuza, M.-D.-C. (2021). The Influence of Female Directors and Institutional Pressures on Corporate Social Responsibility in Family Firms in Latin America. Journal of Risk and Financial Management, 14(1). https://doi.org/10.3390/jrfm14010028
  52. Geletkanycz, M. A. (2020). Social movement spillover: Barriers to board gender diversity posed by contemporary governance reform. Leadership Quarterly, 31(6), 101438. https://doi.org/10.1016/j.leaqua.2020.101438
  53. Gibbs, E. (2022). Foreign direct investment policy, multinationals, and subsidiary entrepreneurship success and failure in post-war Scotland. Business History, 1–23. https://doi.org/10.1080/00076791.2022.2052852
  54. Gibert, A., & Fedorets, A. (2024). Lifting Women Up: Gender Quotas and the Advancement of Women on Corporate Boards. Corporate Governance: An International Review. https://doi.org/10.1111/corg.12609
  55. Goyal, R., Kakabadse, N., Kakabadse, A., & Talbot, D. (2023). Female board directors’ resilience against gender discrimination. Gender, Work and Organization, 30(1), 197–222. https://doi.org/10.1111/gwao.12669
  56. Groutsis, D. (2024). The state of play of ethno-racial representation on boards: A comparative analysis. European Management Journal, 42(3), 281–287. https://doi.org/10.1016/j.emj.2023.09.001
  57. Haldar, A., Datta, S., & Shah, S. (2020). Tokenism or realism? Gender inclusion in corporate boards. Equality, Diversity and Inclusion: An International Journal, 39(6), 707–725. https://doi.org/10.1108/EDI-04-2019-0126
  58. Halliday, C. S., Paustian-Underdahl, S. C., & Fainshmidt, S. (2021). Women on Boards of Directors: A Meta-Analytic Examination of the Roles of Organizational Leadership and National Context for Gender Equality. Journal of Business and Psychology, 36(2), 173–191. https://doi.org/10.1007/s10869-019-09679-y
  59. Hamdan, R., Hamdan, A., Alareeni, B., Atayah, O. F., & Alhalwachi, L. F. (2022). Women on boards of directors: the moderation role of female labour force participation. Competitiveness Review: An International Business Journal, 32(6), 955–974. https://doi.org/10.1108/CR-01-2021-0001
  60. Hansen, C. W., Jensen, P. S., & Skovsgaard, C. V. (2015). Modern gender roles and agricultural history: the Neolithic inheritance. Journal of Economic Growth, 20(4), 365–404. https://doi.org/10.1007/s10887-015-9119-y
  61. Harris, D. A. (2022). Women, work, and opportunities: From neoliberal to feminist mentoring. Sociology Compass, 16(3), e12966. https://doi.org/10.1111/soc4.12966
  62. Hernández-Lara, A. B., Gonzales-Bustos, J. P., & Alarcón-Alarcón, A. (2021). Social Sustainability on Corporate Boards: The Effects of Female Family Members on R&D. In Sustainability (Vol. 13, Issue 4). https://doi.org/10.3390/su13041982
  63. Huang, J., Diehl, M.-R., & Paterlini, S. (2020). The Influence of Corporate Elites on Women on Supervisory Boards: Female Directors’ Inclusion in Germany. Journal of Business Ethics, 165(2), 347–364. https://doi.org/10.1007/s10551-019-04119-6
  64. Iman, A., Nazarov, Z., & Obydenkova, A. (2022). Female Leadership, Democratization, and Firm Innovation: Social Inequalities and Gender Issues in Post-Communist Economies. Eastern European Economics, 60(2), 149–170. https://doi.org/10.1080/00128775.2021.2024440
  65. Issa, A., Zaid, M. A. A., & Hanaysha, J. R. (2022). Exploring the relationship between female director’s profile and sustainability performance: Evidence from the Middle East. Managerial and Decision Economics, 43(6), 1980–2002. https://doi.org/https://doi.org/10.1002/mde.3503
  66. Jaiswal Jaishiv, A. (2022). The missing theory for regulation and law-making: women in corporate leadership. Journal of Corporate Law Studies, 22(2), 807–841. https://doi.org/10.1080/14735970.2022.2156203
  67. Jali, N., Suknunan, S., & Bhana, A. (2021). Challenges impeding women into leadership roles in a student-led organization at a South African higher education institution. Problems and Perspectives in Management, 19(4), 508–518. https://doi.org/10.21511/ppm.19(4).2021.41
  68. Jamjoom, L. A., & Mills, A. J. (2023). Narratives of workplace resistance: Reframing Saudi women in leadership. Human Relations, 76(7), 955–989. https://doi.org/10.1177/00187267221087593
  69. Joecks, J., Pull, K., & Scharfenkamp, K. (2023a). Women directors and firm innovation: The role of women directors’ representative function. Managerial and Decision Economics, 44(2), 1203–1214. https://doi.org/https://doi.org/10.1002/mde.3742
  70. Joecks, J., Pull, K., & Scharfenkamp, K. (2023b). Women directors, board attendance, and corporate financial performance. Corporate Governance: An International Review. https://doi.org/https://doi.org/10.1111/corg.12525
  71. Joo, M.-K., Lee, J.-Y., Kong, D. T., & Jolly, P. M. (2023). Gender diversity advantage at middle management: Implications for high performance work system improvement and organizational performance. Human Resource Management, 62(5), 765–785. https://doi.org/10.1002/hrm.22159
  72. Joshi, M. P., & Diekman, A. B. (2022). My Fair Lady? Inferring Organizational Trust From the Mere Presence of Women in Leadership Roles. Personality and Social Psychology Bulletin, 48(8), 1220–1237. https://doi.org/10.1177/01461672211035957
  73. Kalaitzi, S., Czabanowska, K., Fowler-Davis, S., & Brand, H. (2017). Women leadership barriers in healthcare, academia and business. Equality, Diversity and Inclusion, 36(5), 457–474. https://doi.org/10.1108/EDI-03-2017-0058
  74. Kang, W., Ashton, J. K., Orujov, A., & Wang, Y. (2023). Realizing Gender Diversity on Corporate Boards. International Journal of the Economics of Business, 30(1), 1–29. https://doi.org/10.1080/13571516.2022.2133337
  75. Karwowski, M., & Raulinajtys-Grzybek, M. (2021). The application of corporate social responsibility (CSR) actions for mitigation of environmental, social, corporate governance (ESG) and reputational risk in integrated reports. Corporate Social Responsibility and Environmental Management, 28(4), 1270–1284. https://doi.org/https://doi.org/10.1002/csr.2137
  76. Khushk, A., Zengtian, Z., & Hui, Y. (2023). Role of female leadership in corporate innovation: a systematic literature review. Gender in Management: An International Journal, 38(3), 287–304. https://doi.org/10.1108/GM-01-2022-0028
  77. Kirsch, A. (2022). Revolution From Above? Female Directors’ Equality-Related Actions in Organizations. Business and Society, 61(3), 572–605. https://doi.org/10.1177/00076503211001843
  78. Lafuente, E., & Vaillant, Y. (2019). Balance rather than critical mass or tokenism. International Journal of Manpower, 40(5), 894–916. https://doi.org/10.1108/IJM-10-2017-0268
  79. Lei, J., Lin, S., Khan, M. R., Xie, S., Sadiq, M., Ali, R., Bashir, M. F., Shahzad, L., Eldin, S. M., & Amin, A. H. (2022). Research Trends of Board Characteristics and Firms’ Environmental Performance: Research Directions and Agenda. In Sustainability (Vol. 14, Issue 21). https://doi.org/10.3390/su142114296
  80. Lekchiri, S., & Kamm, J. D. (2020). Navigating barriers faced by women in leadership positions in the US construction industry: a retrospective on women’s continued struggle in a male-dominated industry. European Journal of Training and Development, 44(6–7), 575–594. https://doi.org/10.1108/EJTD-11-2019-0186
  81. Liao, R. C., Loureiro, G., & Taboada, A. G. (2022). Gender quotas and bank risk. Journal of Financial Intermediation, 52. https://doi.org/10.1016/j.jfi.2022.100998
  82. Maglio, R., Rey, A., Agliata, F., & Lombardi, R. (2020). Connecting earnings management and corporate social responsibility: A renewed perspective. Corporate Social Responsibility and Environmental Management, 27(2), 1108–1116. https://doi.org/10.1002/csr.1868
  83. Marano, V., Sauerwald, S., & Van Essen, M. (2022). The influence of culture on the relationship between women directors and corporate social performance. Journal of International Business Studies, 53(7), 1315–1342. https://doi.org/10.1057/s41267-022-00503-z
  84. Markóczy, L., Sun, S. L., & Zhu, J. (2021). The Glass Pyramid: Informal Gender Status Hierarchy on Boards. Journal of Business Ethics, 168(4), 827–845. https://doi.org/10.1007/s10551-019-04247-z
  85. McBride, A. B. (2017). Serving on a hospital board: A case study. Nursing Outlook, 65(4), 372–379. https://doi.org/https://doi.org/10.1016/j.outlook.2016.12.006
  86. Memon, A., Akram, W., & Abbas, G. (2022). Women participation in achieving sustainability of microfinance institutions (MFIs). Journal of Sustainable Finance & Investment, 12(2), 593–611. https://doi.org/10.1080/20430795.2020.1790959
  87. Mensi-Klarbach, H., & Seierstad, C. (2020). Gender Quotas on Corporate Boards: Similarities and Differences in Quota Scenarios. European Management Review, 17(3), 615–631. https://doi.org/10.1111/emre.12374
  88. Merino, E., Manzaneque-Lizano, M., & Sanchez-Araque, J. (2020). Sustainability and corporate governance: Transparency and excessive directors’ remuneration in listed companies during the global financial crisis. Sustainability, 12(1). https://doi.org/10.3390/SU12010158
  89. Najaf, R., Chin, A., Chin, A., Najaf, K., & Thuraisingham, J. (2024). Women on board and business performance. Foresight. https://doi.org/10.1108/FS-10-2023-0217
  90. Nathan, A. S., & Chandrasekhar, S. S. (2023). Beyond the Glass Ceiling: Achieving Leadership Equity for Women in Otolaryngology. Current Otorhinolaryngology Reports, 11(2), 86–94. https://doi.org/10.1007/s40136-023-00454-5
  91. Navarro-García, J. C., Ramón-Llorens, M. C., & García-Meca, E. (2022). Female directors and corporate reputation. BRQ Business Research Quarterly, 25(4), 352–365. https://doi.org/10.1177/2340944420972717
  92. Naveed, K., Khalid, F., & Voinea, C. L. (2023). Board gender diversity and corporate green innovation: An industry-level institutional perspective. Corporate Social Responsibility and Environmental Management, 30(2), 755–772. https://doi.org/10.1002/csr.2386
  93. Nel, G., Scholtz, H., & Engelbrecht, W. (2022). Relationship between online corporate governance and transparency disclosures and board composition: evidence from JSE listed companies. Journal of African Business, 23(2), 304–325. https://doi.org/10.1080/15228916.2020.1838831
  94. Nguyen, T. H. H., Ntim, C. G., & Malagila, J. K. (2020). Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda. International Review of Financial Analysis, 71, 101554. https://doi.org/10.1016/j.irfa.2020.101554
  95. Nguyen, V. C., & Huynh, T. N. T. (2023). Characteristics of the Board of Directors and Corporate Financial Performance—Empirical Evidence. Economies, 11(2). https://doi.org/10.3390/economies11020053
  96. Orazalin, N. (2020). Board gender diversity, corporate governance, and earnings management. Gender in Management: An International Journal, 35(1), 37–60. https://doi.org/10.1108/GM-03-2018-0027
  97. Pae, C.-U. (2015). Why systematic review rather than narrative review? Psychiatry Investigation, 12(3), 417. https://doi.org/10.4306/pi.2015.12.3.417
  98. Pahuja, S., & Agrawal, A. (2023). Board Attributes and Corporate Social Responsibility: A Systematic Literature Review and Future Research Perspectives. Indian Journal of Corporate Governance, 16(1), 108–138. https://doi.org/10.1177/09746862231170429
  99. Pascual-Fuster, B., Federo, R., Crespí-Cladera, R., & Gabaldón, P. (2024). The second glass ceiling: The dark side of women recategorization in corporate boards. Gender, Work and Organization. https://doi.org/10.1111/gwao.13185
  100. Pearson, M. (2023). Combining Work and Care: The Failure of Work–Life Reconciliation Policies. In The Evolution of the Gender Pay Gap: a Comparative Perspective (pp. 55–70). Taylor and Francis. https://doi.org/10.4324/9781003333951-5
  101. Peens, N., & Taylor, D. (2017). Gender diversity and corporate performance in South African listed companies. In M. T. & N. Z. (Eds.), Proceedings of the 5th International Conference on Management Leadership and Governance, ICMLG 2017 (pp. 339–345). Academic Conferences and Publishing International Limited. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054289352&partnerID=40&md5=46caf4be8482010f497e8d110f5efa95
  102. Peng, X., Yang, Z., Shao, J., & Li, X. (2021). Board diversity and corporate social responsibility disclosure of multinational corporations. Applied Economics, 53(42), 4884–4898. https://doi.org/10.1080/00036846.2021.1910620
  103. Pham, A. D., & Hoang, A. T. P. (2019). Does Female Representation on Board Improve Firm Performance? A Case Study of Non-financial Corporations in Vietnam. In V. Kreinovich, N. N. Thach, N. D. Trung, & D. Van Thanh (Eds.), Beyond Traditional Probabilistic Methods in Economics (pp. 497–509). Springer International Publishing.
  104. Pierli, G., Murmura, F., & Palazzi, F. (2022). Women and Leadership: How Do Women Leaders Contribute to Companies’ Sustainable Choices? . In Frontiers in Sustainability (Vol. 3). https://www.frontiersin.org/articles/10.3389/frsus.2022.930116
  105. Pike, E., White, A., Matthews, J., Southon, S., & Piggott, L. (2018). Women and Sport Leadership: A Case Study of a Development Programme. In L. Mansfield, J. Caudwell, B. Wheaton, & B. Watson (Eds.), The Palgrave Handbook of Feminism and Sport, Leisure and Physical Education (pp. 809–823). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-137-53318-0_51
  106. Pletzer, J. L., Nikolova, R., Kedzior, K. K., & Voelpel, S. C. (2015). Does Gender Matter? Female Representation on Corporate Boards and Firm Financial Performance - A Meta-Analysis. PLOS ONE, 10(6), e0130005. https://doi.org/10.1371/journal.pone.0130005
  107. Pogrebna, G., Angelopoulos, S., Motsi-Omoijiade, I., Kharlamov, A., & Tkachenko, N. (2024). The impact of intersectional racial and gender biases on minority female leadership over two centuries. Scientific Reports, 14(1), 111. https://doi.org/10.1038/s41598-023-50392-x
  108. Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546–1571. https://doi.org/10.5465/amj.2013.0319
  109. Pucheta-Martínez, M. C., Bel-Oms, I., & Olcina-Sempere, G. (2017). Is board gender diversity a driver of CEO compensation?: Examining the leadership style of institutional women directors. Asian Women, 33(4), 55–80. https://doi.org/10.14431/aw.2017.12.33.4.55
  110. Rahman, H. U., Zahid, M., & Al-Faryan, M. A. S. (2023). Boardroom gender diversity and firm performance: from the lens of voluntary regulations, “tokenism” and “critical mass.” Total Quality Management and Business Excellence, 34(3–4), 345–363. https://doi.org/10.1080/14783363.2022.2056439
  111. Rejeb, W. B. (2021). Corporate Law and Governance: A Case of Tunisia After The Arab Spring. Corporate Law and Governance Review, 3(2), 20–29. https://doi.org/10.22495/clgrv3i2p2
  112. Rinaldi, A., & Tagliazucchi, G. (2022). Women directors in Italy: 1913–2017. Business History, 1–25. https://doi.org/10.1080/00076791.2021.2015332
  113. Rother, E. T. (2007). Systematic literature review X narrative review. ACTA Paulista de Enfermagem, 20(2), v–x. https://doi.org/10.1590/s0103-21002007000200001
  114. Saggese, S., Sarto, F., & Viganò, R. (2021). Do women directors contribute to R&D? The role of critical mass and expert power. Journal of Management and Governance, 25(2), 593–623. https://doi.org/10.1007/s10997-020-09513-1
  115. Saha, R. (2023). The impact of board-level female directors on firm performance: evidence from India. Equality, Diversity and Inclusion: An International Journal, ahead-of-p(ahead-of-print). https://doi.org/10.1108/EDI-07-2022-0172
  116. Salehi, M., & Zimon, G. (2021). The Effect of Intellectual Capital and Board Characteristics on Value Creation and Growth. In Sustainability (Vol. 13, Issue 13). https://doi.org/10.3390/su13137436
  117. Sander, G., Dellen, B. van, Hartmann, I., Burger-Kloser, D., & Keller, N. (2020). Inclusive Leadership: How to deal with unconscious biases in human resources decisions. In T. K. Tan, M. Gudic, & P. Flynn (Eds.), Struggles and Successes in the Pursuit of Sustainable Development. Routledge. https://doi.org/10.4324/9781351140560
  118. Schoonjans, E., Hottenrott, H., & Buchwald, A. (2024). Welcome on Board? Appointment Dynamics of Women as Directors. Journal of Business Ethics, 192(3), 561–589. https://doi.org/10.1007/s10551-023-05451-8
  119. Sheridan, A., Ross-Smith, A., & Lord, L. (2014). Institutional influences on women’s representation on corporate boards. Equality, Diversity and Inclusion: An International Journal, 33(2), 140–159. https://doi.org/10.1108/EDI-05-2013-0029
  120. Sidhu, J. S., Feng, Y., Volberda, H. W., & Van Den Bosch, F. A. J. (2021). In the Shadow of Social Stereotypes: Gender diversity on corporate boards, board chair’s gender and strategic change. Organization Studies, 42(11), 1677–1698. https://doi.org/10.1177/0170840620944560
  121. Simonella, Z., & Cuomo, S. (2023). Gender equality at stake: women’s strategies, symbolic violence and resistance in Italian boards of directors. Journal of Gender Studies. https://doi.org/10.1080/09589236.2023.2258098
  122. Singha, S., & Sivarethinamohan, R. (2022). Social Inclusion, Equality, Leadership, and Diversity to Attain Sustainable Development Goal 5 in the Indian Banking Industry. Journal of International Women’s Studies, 23(5), 135–141. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85130628333&partnerID=40&md5=424e0f956b992ddcdbaaeb4ae37e3c9a
  123. Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/https://doi.org/10.1016/j.jbusres.2019.07.039
  124. Stahl, G. K., Brewster, C. J., Collings, D. G., & Hajro, A. (2020). Enhancing the role of human resource management in corporate sustainability and social responsibility: A multi-stakeholder, multidimensional approach to HRM. Human Resource Management Review, 30(3), 100708. https://doi.org/https://doi.org/10.1016/j.hrmr.2019.100708
  125. Tashfeen, R., Saleem, I., Ashfaq, M., Noreen, U., & Shafiq, M. (2023). How Do Women on Board Reduce a Firm’s Risks to Ensure Sustainable Performance during a Crisis? Sustainability, 15(14). https://doi.org/10.3390/su151411145
  126. Torres, A. J. C., Barbosa-Silva, L., Oliveira-Silva, L. C., Miziara, O. P. P., Guahy, U. C. R., Fisher, A. N., & Ryan, M. K. (2024). The Impact of Motherhood on Women’s Career Progression: A Scoping Review of Evidence-Based Interventions. Behavioral Sciences, 14(4), 275. https://doi.org/10.3390/bs14040275
  127. Triana, M. D. C., Gu, P., Chapa, O., Richard, O., & Colella, A. (2021). Sixty years of discrimination and diversity research in human resource management: A review with suggestions for future research directions. Human Resource Management, 60(1), 145–204. https://doi.org/10.1002/hrm.22052
  128. Tumbe, C. (2022). Women directors in corporate India, c. 1920–2019. Business History, 1–14. https://doi.org/10.1080/00076791.2022.2038139
  129. Van Vugt, M., & Smith, J. E. (2019). A Dual Model of Leadership and Hierarchy: Evolutionary Synthesis. Trends in Cognitive Sciences, 23(11), 952–967. https://doi.org/10.1016/j.tics.2019.09.004
  130. Wane, N. N., Kinǵendo, M., & Kipusi, S. A. (2022). Women of power revisited: African women in leadership through the ages, space, time, and governance. In Decolonizing and Indigenizing Visions of Educational Leadership: Global Perspectives in Charting the Course (pp. 89–107). Emerald Group Publishing Ltd. https://doi.org/10.1108/978-1-83982-468-520221006
  131. Wang, Y., Ma, J., & Wang, T. (2021). Do all female directors have the same impact on corporate social responsibility? The role of their political connection. Asia Pacific Journal of Management. https://doi.org/10.1007/s10490-021-09754-0
  132. Wiersema, M. F., & Mors, M. L. (2023). Women Directors and Board Dynamics: Qualitative Insights from the Boardroom. Journal of Management, 01492063231173421. https://doi.org/10.1177/01492063231173421
  133. Wright, C. (2021). Good wives and corporate leaders: Duality in women’s access to Australia’s top company boards, 1910–2018. Business History. https://doi.org/10.1080/00076791.2021.1994948
  134. Wu, J., Richard, O. C., Triana, M. del C., & Zhang, X. (2022). The performance impact of gender diversity in the top management team and board of directors: A multiteam systems approach. Human Resource Management, 61(2), 157–180. https://doi.org/https://doi.org/10.1002/hrm.22086
  135. Xie, J., Nozawa, W., & Managi, S. (2020). The role of women on boards in corporate environmental strategy and financial performance: A global outlook. Corporate Social Responsibility and Environmental Management, 27(5), 2044–2059. https://doi.org/10.1002/csr.1945
  136. Yarram, S. R., & Adapa, S. (2021). Board gender diversity and corporate social responsibility: Is there a case for critical mass? Journal of Cleaner Production, 278, 123319. https://doi.org/https://doi.org/10.1016/j.jclepro.2020.123319


DOI: https://doi.org/10.24294/jipd9156

Refbacks



Copyright (c) 2024 Ahmed M. Asfahani

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.