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Board gender diversity and bank performance during COVID-19: Did women save the day?

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  • Semenova, Maria
  • Loginova, Yuliana
  • Balsevich, Anna

Abstract

This paper examines the effect of board gender diversity on bank performance during the COVID-19 crisis. Using a panel dataset of 173 European banks spanning the period 2010–2022, we find that the presence of female directors on bank boards is positively associated with profitability and solvency during the pandemic period. The positive impact is more pronounced in countries with stronger COVID-19 morbidity rates and among banks with smaller boards, supporting the threshold effect. Female directors exert a notably larger impact on both profitability and resilience during the pandemic, when they possess broader external professional experience, while higher educational attainment at the board level further strengthens these outcomes. In particular, the presence of women on more qualified boards appears to contribute significantly to credit risk mitigation under the pandemic pressure.

Suggested Citation

  • Semenova, Maria & Loginova, Yuliana & Balsevich, Anna, 2026. "Board gender diversity and bank performance during COVID-19: Did women save the day?," Pacific-Basin Finance Journal, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:pacfin:v:97:y:2026:i:c:s0927538x26000648
    DOI: 10.1016/j.pacfin.2026.103118
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    Keywords

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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