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Female Directors and Investment Efficiency: New Evidence from an Emerging Market

Author

Listed:
  • Thi Huong Dao
  • Quoc Trung Tran
  • Thi Bich Nga Vuong
  • Son Dai Le

Abstract

Prior studies show that the effect of female directors on corporate investment efficiency is mixed. This article investigates this relationship in a weak corporate governance setting. With a data of 4,653 firm-years from 582 firms listed in Vietnam during the period 2009–2020, we find that female directors decrease corporate investment efficiency through increasing underinvestment and they have no significant effect on overinvestment. Moreover, the negative relationship between female directors and investment efficiency is stronger in state-owned firms.

Suggested Citation

  • Thi Huong Dao & Quoc Trung Tran & Thi Bich Nga Vuong & Son Dai Le, 2023. "Female Directors and Investment Efficiency: New Evidence from an Emerging Market," Indian Journal of Corporate Governance, , vol. 16(2), pages 200-217, December.
    • Handle: RePEc:sae:ijcgvn:v:16:y:2023:i:2:p:200-217
    DOI: 10.1177/09746862231205649
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