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Gender Diversity and Firm Performance: Evidence from Dutch and Danish Boardrooms


  • J.H. Marinova
  • J. Plantenga
  • C.L.H.S. Remery


Drawing on the business case for gender diversity, this article examines whether board gender diversity has a positive effect on firm performance, based on evidence from the Netherlands and Denmark. We use empirical data on 186 listed firms observed in 2007, of which 102 Dutch and 84 Danish. Of these firms, almost 40% have at least one woman in the boardroom. Within boards the average share of women is only 5.4%. In order to investigate the impact of board gender diversity on firm performance, two-stage least-squares estimation is applied, using Tobin’s Q as a measure of performance. Our findings indicate that there is no effect of board gender diversity on firm performance. This implies that the business case for board gender diversity is not supported for this particular sample. Our finding seems in line with most European research.

Suggested Citation

  • J.H. Marinova & J. Plantenga & C.L.H.S. Remery, 2010. "Gender Diversity and Firm Performance: Evidence from Dutch and Danish Boardrooms," Working Papers 10-03, Utrecht School of Economics.
  • Handle: RePEc:use:tkiwps:1003

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    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. Quotas for women?
      by chris dillow in Stumbling and Mumbling on 2010-06-07 18:38:06
    2. The machismo paradox
      by chris dillow in Stumbling and Mumbling on 2012-09-11 18:37:58
    3. Boardroom quotas: some issues
      by chris dillow in Stumbling and Mumbling on 2012-10-23 18:18:19


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Stark, Oded & Hyll, Walter, 2014. "Socially gainful gender quotas," Journal of Economic Behavior & Organization, Elsevier, vol. 105(C), pages 173-177.
    2. Kay, Rosemarie & Schlömer-Laufen, Nadine, 2016. "Gender diversity in top-management positions in large family and nonfamily businesses," Working Papers 02/16, Institut für Mittelstandsforschung (IfM) Bonn.
    3. repec:eee:iburev:v:26:y:2017:i:6:p:1100-1113 is not listed on IDEAS
    4. Simona, Comi & Mara, Grasseni & Federica, Origo & Laura, Pagani, 2017. "Where Women Make The Difference. The Effects of Corporate Board Gender Quotas on Firms’ Performance across Europe," Working Papers 367, University of Milano-Bicocca, Department of Economics, revised 12 Jul 2017.
    5. Saeed, Abubakr & Belghitar, Yacine & Yousaf, Amna, 2016. "Firm-level determinants of gender diversity in the boardrooms: Evidence from some emerging markets," International Business Review, Elsevier, vol. 25(5), pages 1076-1088.

    More about this item


    Corporate governance; firm performance; board diversity; female board representation;

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