Board gender diversity and liquidity in microfinance institutions

Hubert Tchakoute Tchuigoua and Jean-Pierre Gueyie

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: This study examines how gender diversity on boards influences the cash holdings of microfinance institutions. Specifically, it investigates whether regulatory status or international affiliation moderates or amplifies the relationship between gender diversity on the board and cash holdings. Using an international sample of 3416 microfinance institution-year observations from 2010 to 2018, we find that institutions with greater gender diversity on their boards exhibit lower cash holdings. This is particularly true among regulated and non-affiliated microfinance institutions. The policy implication is that board gender diversity moderates the agency costs resulting from holding high levels of free cash flows.

Date: 2026-09-01
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Published in: Finance research letters. (2026) v.100

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