Board gender diversity and donations in the microfinance industry: evidence from emerging economies

Md Aslam Mia, Sunil Sangwan and Md Imran Hossain

Journal of Sustainable Finance & Investment, 2025, vol. 15, issue 4, 896-926

Abstract: The study examines the under-researched topic of the impact of board gender diversity on donation receipts in the microfinance sector. A global dataset of 1,177 unique MFIs from 83 countries between 2010 and 2018 was collected from the World Bank data catalog. Data were then analyzed using the Probit regressions alongside several robustness tests, including those correcting for endogeneity. Overall, the findings revealed that the presence of female directors increases the probability of MFIs receiving donations. The outcome highlights the significance of board gender diversity in fostering donor-valued organizational characteristics, such as transparency, accountability and trust. Moreover, we assessed the ‘critical mass theory’ and found that the probability of receiving donations is more pronounced among MFIs with a minimum of three female board directors. Furthermore, incorporating several financial performance indicators in the analysis exhibited that donors prioritize social objectives over the financial performance of MFIs.

Date: 2025
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DOI: 10.1080/20430795.2024.2393237

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