Gender diversity and firm value: Evidence from an emerging market

Quynh Trang Phan () and Vu Gia Bao Nguyen ()
Additional contact information
Quynh Trang Phan: Ho Chi Minh Open University
Vu Gia Bao Nguyen: Ho Chi Minh City Open University

Economics Bulletin, 2025, vol. 45, issue 1, 88 - 99

Abstract: Women play a crucial role in society by contributing to economic growth, fostering social development, and promoting cultural diversity through their perspectives, skills, and leadership. Therefore, it is interesting to explore the role of females from different perspectives in various cultures and countries. This study examines the impact of female board representation on firm value in an emerging market. Utilizing a dataset of 722 listed firms and 6,765 observations over the 2010 – 2022 period, we apply multiple econometric approaches, including GLS, PSM, GMM, and DiD. The regression results indicate a significant positive association between firm value and both the presence and the increasing proportion of females on boards. These findings align with the argument that women, being more risk-averse than men, contribute to enhanced monitoring and corporate governance and leverage unique networks that benefit firm performance. The empirical evidence suggests that policymakers should consider implementing strategies to promote female participation on corporate boards and within firms to enhance firm value.

Keywords: Board of Directors; firm value; gender diversity; emerging economy. (search for similar items in EconPapers)
JEL-codes: G3 M2 (search for similar items in EconPapers)
Date: 2025-03-30
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.accessecon.com/Pubs/EB/2025/Volume45/EB-25-V45-I1-P9.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-24-00273

Access Statistics for this article

More articles in Economics Bulletin from AccessEcon
Bibliographic data for series maintained by John P. Conley ().