Board Gender Diversity and Banks Profitability for Business Viability: Evidence from Serbia

Stefan Milojević, Marko Milašinović, Aleksandra Mitrović (), Jasmina Ognjanović, Jelena Raičević, Nebojša Zdravković, Snežana Knežević and Malči Grivec
Additional contact information
Stefan Milojević: Audit, Accounting, Financial and Consulting Service Company “Moodys Standards” Ltd., 11000 Belgrade, Serbia
Marko Milašinović: Faculty of Hotel Management and Tourism in Vrnjačka Banja, University of Kragujevac, 36210 Vrnjačka Banja, Serbia
Aleksandra Mitrović: Faculty of Hotel Management and Tourism in Vrnjačka Banja, University of Kragujevac, 36210 Vrnjačka Banja, Serbia
Jasmina Ognjanović: Faculty of Hotel Management and Tourism in Vrnjačka Banja, University of Kragujevac, 36210 Vrnjačka Banja, Serbia
Jelena Raičević: Toplica Academy Professional Studies—Department of Business Studies Blace, 18420 Blace, Serbia
Nebojša Zdravković: Faculty of Medical Science, University of Kragujevac, 34000 Kragujevac, Serbia
Snežana Knežević: Faculty of Organizational Sciences, University of Belgrade, 11000 Belgrade, Serbia
Malči Grivec: Faculty of Economics and Informatics, University of Novo Mesto, 8000 Novo Mesto, Slovenia

Sustainability, 2023, vol. 15, issue 13, 1-16

Abstract: As an important topic in the field of corporate governance, the influence of the board of directors’ characteristics on the profitability of corporations is examined here. This paper examines the influence of the board of directors’ and chief executive officers’ (CEO) characteristics on the profitability of banks in Serbia. In this study, the characteristics of boards of directors were examined in terms of size and the participation of women, and the characteristics of CEOs were examined similarly in terms of women’s participation. The research was conducted on a sample of 23 commercial banks from Serbia in the period from 2017 to 2021. Profitability was measured by the rate of return on operating assets (ROA) and the rate of return on equity (ROE). The results of the panel regression analysis indicate that the size of the board of directors had a positive impact on bank profitability during the COVID-19 pandemic period, while this impact was not statistically significant before the pandemic. The participation of women on the board of directors did not have a statistically significant impact on bank profitability before or during the COVID-19 pandemic. It has been found that the participation of women as CEOs had a negative impact on bank profitability before and during the COVID-19 pandemic.

Keywords: board of directors; size of the board of directors; women’s participation on boards of directors; chief executive officer (CEO); women’s participation as CEOs; banks; profitability; business viability; COVID-19; Serbia (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:15:y:2023:i:13:p:10501-:d:1186224

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