Cultural conditionality of board gender diversity and firm performance: evidence from Pakistan

Aisha Yusuf Mesiya, Nawaz Ahmad, Helena Nobre and Abdur Rahman Aleemi

International Journal of Business Excellence, 2026, vol. 39, issue 1, 25-52

Abstract: Despite having almost 50% share of the total population, women have not gained equivalent representation in the senior-level workforce in Pakistan. This study attempts to look at the impact of female inclusion in the corporate boards on the performance of firms through accounting and marketing-based measurements while shedding light on the moderating effect of national culture on this relationship. The sample comprises data from 50 firms in Pakistan. A dynamic model of the generalised method of moments (two-step system) supported the data analysis. Findings indicate that firm performance is positively affected by board gender diversity. The power distance dimension of national culture interacting with the female director ratio seems to affect firm performance positively. However, this dimension, in combination with the critical mass (three women directors) variable, negatively affects performance. The other dimension of culture, masculinity-femininity interacting with the female director ratio, influences positively firm performance.

Keywords: corporate governance; female directors; critical mass theory; firm performance; board gender diversity; national culture; Pakistan. (search for similar items in EconPapers)
Date: 2026
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