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Gender diversity and firm value: Evidence from an emerging market

Author

Listed:
  • Quynh Trang Phan

    (Ho Chi Minh Open University)

  • Vu Gia Bao Nguyen

    (Ho Chi Minh City Open University)

Abstract

Women play a crucial role in society by contributing to economic growth, fostering social development, and promoting cultural diversity through their perspectives, skills, and leadership. Therefore, it is interesting to explore the role of females from different perspectives in various cultures and countries. This study examines the impact of female board representation on firm value in an emerging market. Utilizing a dataset of 722 listed firms and 6,765 observations over the 2010 – 2022 period, we apply multiple econometric approaches, including GLS, PSM, GMM, and DiD. The regression results indicate a significant positive association between firm value and both the presence and the increasing proportion of females on boards. These findings align with the argument that women, being more risk-averse than men, contribute to enhanced monitoring and corporate governance and leverage unique networks that benefit firm performance. The empirical evidence suggests that policymakers should consider implementing strategies to promote female participation on corporate boards and within firms to enhance firm value.

Suggested Citation

  • Quynh Trang Phan & Vu Gia Bao Nguyen, 2025. "Gender diversity and firm value: Evidence from an emerging market," Economics Bulletin, AccessEcon, vol. 45(1), pages 88-99.
    • Handle: RePEc:ebl:ecbull:eb-24-00273
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    File URL: http://www.accessecon.com/Pubs/EB/2025/Volume45/EB-25-V45-I1-P9.pdf
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    More about this item

    Keywords

    Board of Directors; firm value; gender diversity; emerging economy.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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