Board Gender Diversity and Firm Performance: the moderating role of National Culture and Organizational Sector
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2021-12-13
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en
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A recent meta-analysis showed that the evidence on the business case for women’s representation on boards is inconclusive (Hoobler et al., 2018) or even misleading (Adams & Ferreira, 2009). To provide an additional perspective, the current thesis examines the national cultural dimension of masculinity and the organizational sector as moderating variables on the relationship between board gender diversity and firm performance. Additionally, the role of the critical mass theory is considered. In total, four hypotheses were tested using a panel data set of 4,029 firms in 31 European countries from 1999 to 2020. The random effects results find a positive association between board gender diversity and measures of financial performance, but no consistent evidence of a moderating effect. However, the results should be interpreted with caution due to autocorrelation, heteroskedasticity, and endogeneity concerns.
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Faculteit der Managementwetenschappen