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The Impact of Female Directors on Board, and Female CEO on Firm Performance: Empirical Evidence from Emerging Economy

Author

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  • Khan, Muhammad Tasnim
  • Sarfraz, Sania
  • Husnain, Muhammad

Abstract

Purpose: As per agency theory prospective, board gender diversity enhances the corporate leadership structure which mitigates agency conflicts among stakeholders. Therefore, this study investigates the impact of female directors on board, and female CEOs on firm performance. We also uses board size, and board independence as board level control, while leverage, firm size, capital expenditure tangibility as firm level control.Design/Methodology/Approach: The study uses a panel data starting from 2005 to 2020 on annual basis. To resolve endogeneity and unobserved heterogeneity problems in panel data analysis, study uses static (fixed effect, random effect) and dynamic (GMM) estimation techniques in Pakistan.Findings: Result shows the positive impact of female directors on board and female CEOs on firm performance. These findings are robust under alternative measures of firm performance.Implications/Originality/Value: The study suggests that female representation and female CEOs are the important attributes to enhance firm performance. Additionally, females are performing a significant role through monitor and control for excellent corporate leadership structure. Furthermore, this is the first study of its kind which analyzes this relationship in the emerging equity market of Pakistan.&

Suggested Citation

  • Khan, Muhammad Tasnim & Sarfraz, Sania & Husnain, Muhammad, 2021. "The Impact of Female Directors on Board, and Female CEO on Firm Performance: Empirical Evidence from Emerging Economy," Journal of Business and Social Review in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 7(3), pages 711-723, September.
    • Handle: RePEc:src:jbsree:v:7:y:2021:i:3:p:711-723
    DOI: http://doi.org/10.26710/jbsee.v7i3.1901
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    Cited by:

    1. Chengpeng Zhu & Muhammad Husnain & Saif Ullah & Muhammad Tasnim Khan & Waris Ali, 2022. "Gender Diversity and Firms’ Sustainable Performance: Moderating Role of CEO Duality in Emerging Equity Market," Sustainability, MDPI, vol. 14(12), pages 1-26, June.

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