The connection between gender diversity and firm performance: Evidence from Taiwan |
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| Affiliation: | 1. Tunghai University, Taichung, Taiwan;2. University of South Florida, Tampa, FL 33620, United States of America;3. California State University - Dominguez Hills, Carson, CA 90747, United States of America;4. Loyola University Maryland, Baltimore, MD 21210, United States of America;2. School of Economics, Hainan University, Haikou, China;3. School of Tourism, Hainan University, Haikou, China;1. School of Mathematics, Southwest Jiaotong University, Chengdu, China;2. School of Finance, Renmin University of China, Beijing, China;3. School of Finance, Nanjing University of Finance and Economics, Nanjing, China;1. Université de Montréal, Canada;2. HEC Montréal, Canada;1. University of Manouba-Tunis Higher School of Commerce, Tunisia;2. Audencia Business School, France;3. Paris School of Business, Paris, France;4. Faculty of Economics and Management of Tunis, Tunisia |
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| Abstract: | This paper examines the factors influencing female board membership in Taiwan over the period from 1996 through 2017 and the potential impact of female board representation on firm performance. With 16,477 firm-year observations, our findings show that Taiwanese firms with higher board independence and institutional ownership tend to have lower female board representation. In examining performance implications, the results suggest that board gender diversity is positively associated with firm performance overall. This positive relationship is even stronger in small firms, where female directors may have more influence. In subsample analysis based on lowest and highest ultimate control ownership, we document that the positive impact of board gender diversity is mainly driven by firms that have high ultimate control ownership. Our findings suggest that, in environments with weak corporate governance, female board members may act as effective monitors, especially in smaller firms. Regulators and firms in developing economies with weak corporate governance environment should encourage gender diversity on boards. |
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