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Board Diversity and Performance of Philippine Firms: Do Women Matter?


  • Angelo A. Unite

    (De La Salle University)

  • Michael J. Sullivan

    (University of Nevada, Las Vegas)

  • Ailyn A. Shi

    (De La Salle University)


The issue of gender diversity on corporate boards is attracting research interest because of purported contributions of women directors, including improved monitoring, ethical focus, and democratic leadership. This rationale forms part of the economic case for women’s participation on corporate boards, as opposed to alternative arguments based on social or equality considerations. In this study, we examined the effect of board diversity for Philippine firms during the period 2003 to 2014. Using an unbalanced panel of 2648 firm-years, we found that greater board diversity did not significantly affect either short-term firm performance or long-term firm value. Our findings show that female and male corporate leaders have comparable competency levels and that increasing women’s presence on corporate boards has no discernible effect on firm performance.

Suggested Citation

  • Angelo A. Unite & Michael J. Sullivan & Ailyn A. Shi, 2019. "Board Diversity and Performance of Philippine Firms: Do Women Matter?," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 25(1), pages 65-78, February.
  • Handle: RePEc:kap:iaecre:v:25:y:2019:i:1:d:10.1007_s11294-018-09718-z
    DOI: 10.1007/s11294-018-09718-z

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    References listed on IDEAS

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    2. Liliana Nicoleta Simionescu & Ştefan Cristian Gherghina & Hiba Tawil & Ziad Sheikha, 2021. "Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-45, December.
    3. Kofi Mintah Oware & T. Mallikarjunappa, 2023. "Financial Performance and Gender Diversity: The Moderating and Mediating Effect of CSR Disclosure and Expenditure of Listed Firms in India," Vision, , vol. 27(2), pages 243-255, April.
    4. Stavros E. Arvanitis & Evangelos G. Varouchas & George M. Agiomirgianakis, 2022. "Does Board Gender Diversity Really Improve Firm Performance? Evidence from Greek Listed Firms," JRFM, MDPI, vol. 15(7), pages 1-19, July.

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    More about this item


    Gender diversity; Boards of directors; Corporate governance; Firm performance; Emerging markets;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East


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