title: Does Gender Matter? Female Representation on Corporate Boards and Firm Financial Performance--A Meta-Analysis.
abstract: In recent years, there has been an ongoing, worldwide debate about the representation of females in companies. Our study aimed to meta-analytically investigate the controversial relationship between female representation on corporate boards and firm financial performance. Following a systematic literature search, data from 20 studies on 3097 companies published in peer-reviewed academic journals were included in the meta-analysis. On average, the boards consisted of eight members and female participation was low (mean 14%) in all studies. Half of the 20 studies were based on data from developing countries and 62% from higher income countries. According to the random-effects model, the overall mean weighted correlation between percentage of females on corporate boards and firm performance was small and non-significant (r = .01, 95% confidence interval: -.04, .07). Similar small effect sizes were observed when comparing studies based on developing vs. developed countries and higher vs. lower income countries. The mean board size was not related to the effect sizes in studies. These results indicate that the mere representation of females on corporate boards is not related to firm financial performance if other factors are not considered. We conclude our study with a discussion of its implications and limitations.
authors.affiliation: Focus Area Diversity, Jacobs University, Bremen, Germany; Social and Organizational Psychology, VU University Amsterdam, Amsterdam, The Netherlands.
authors.forename: Jan Luca
authors.initials: JL
authors.lastname: Pletzer
authors.affiliation: KU Leuven, Leuven, Belgium; Bremen International Graduate School of Social Sciences (BIGSSS), Jacobs University Bremen, Bremen, Germany.
authors.forename: Romina
authors.initials: R
authors.lastname: Nikolova
authors.affiliation: Bremen International Graduate School of Social Sciences (BIGSSS), Jacobs University Bremen, Bremen, Germany; Institute of Psychology and Transfer, University of Bremen, Bremen, Germany.
authors.forename: Karina Karolina
authors.initials: KK
authors.lastname: Kedzior
authors.affiliation: Focus Area Diversity, Jacobs University, Bremen, Germany; Bremen International Graduate School of Social Sciences (BIGSSS), Jacobs University Bremen, Bremen, Germany.
authors.forename: Sven Constantin
authors.initials: SC
authors.lastname: Voelpel
mesh_terms: D003132:Commerce / Q000191:economics* / Q000458:organization & administration; D005260:Female; D006801:Humans; D008297:Male; D015279:Organizational Culture; D063507:Sexism; D000066477:Work Performance