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Revisiting gender board diversity and firm performance

Author

Listed:
  • Joanna Tyrowicz

    (Group for Research in Applied Economics (GRAPE)
    University of Warsaw
    Institute of Labor Economics (IZA))

  • Sebastian Zalas

    (University of Warsaw
    Group for Research in Applied Economics (GRAPE))

  • Katarzyna Bech - Wysocka

    (Group for Research in Applied Economics (GRAPE)
    Warsaw School of Economics)

Abstract

We study the effects of gender board diversity on firm performance. We use novel and rich firm-level data covering over seven million private and public firms spanning the years 1995- 2020 in Europe. We augment a standard TFP estimation with firm fixed effects to explore the role of gender board diversity. We construct a shift-share instrument for gender board diversity and find that increasing the share of women on boards is conducive to better economic performance. The results prove robust to a variety of sensitivity analysis. This outcome is driven primarily by firms from the service sector and by smaller firms. The impact was stronger during the early years of our sample.

Suggested Citation

  • Joanna Tyrowicz & Sebastian Zalas & Katarzyna Bech - Wysocka, 2024. "Revisiting gender board diversity and firm performance," GRAPE Working Papers 95, GRAPE Group for Research in Applied Economics.
    • Handle: RePEc:fme:wpaper:95
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    File URL: https://grape.org.pl/WP/95_Tyrowicz_website.pdf
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    More about this item

    Keywords

    firm performance; gender board diversity;

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J88 - Labor and Demographic Economics - - Labor Standards - - - Public Policy
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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