Board gender diversity and firms' financial resilience during the Covid-19 pandemic

Naveed Azeem, Muhammad Ullah and Farid Ullah

Finance Research Letters, 2023, vol. 58, issue PA

Abstract: This paper examines the impact of boardroom gender diversity on firms' financial resilience during the COVID-19 pandemic. On the positive side, gender diversity may bring diverse perspectives to the boardroom, but on the negative side, it can also lead to conflicts and slower decision-making in crises. Using survival analysis on a sample of 5,179 global firms, we find that high gender diversity prolongs the recovery time of firms' share prices after the shock, indicating lower resilience. This effect is observed in countries with female directorship quotas, strong governance, and lower GDP per capita.

Keywords: Women on board; Gender diversity; COVID-19 crisis; Financial resilience; Survival analysis (search for similar items in EconPapers)
JEL-codes: G00 J16 L20 L25 M14 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:58:y:2023:i:pa:s1544612323007043

DOI: 10.1016/j.frl.2023.104332

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