Women on corporate boards and corporate performance: Systematic literature review and global empirical evidence

Abstract

This thesis seeks to improve existing knowledge of the determinants and role of women on corporate boards (WOCBs) around the world. This is done by conducting the following three separate, but closely related studies: (i) a major systematic review of the existing theoretical and empirical literature on the determinants and role of women on corporate boards; (ii) analysis of the factors that influence the presence of WOCBs; and (iii) an investigation of the effect that WOCBs have on environmental performance.

The first study provides a comprehensive systematic literature review (SLR) of the existing research on WOCBs and corporate outcomes. The sample includes 634 mixed, qualitative, quantitative and theoretical studies conducted in over 100 countries from more than 10 disciplines (e.g., accounting, business and economics) from 1981 to 2019 and published in 270 top-ranked journals. The study shows that a large number of existing studies are descriptive and/or they draw on single rather than multi-theoretical perspectives. This study also finds that existing studies have focused on firm-level rather than country-level antecedents of WOCBs and lacked qualitative, mixed-methods and crosscultural/country studies. It also outlines opportunities for future WOCBs research.

The second study examines how national culture (NC) and national governance quality (NGQ) affects the appointment of women on corporate boards and the moderating role of NGQ on the relationship between NC and the presence of female directors based on institutional and social role theories. Using data relating to 647 companies located in 78 countries from 2010 to 2017, the findings of this study suggest that the impact of NC on the appointment of WOCBs depends on each national cultural dimension and the extent to which female directors are present on the board. Furthermore, it shows that NGQ has a strong positive influence on the appointment of WOCBs, and although NGQ has a moderating effect on the NC–WOCBs nexus, this relationship depends on each national cultural dimension and the extent to which women directors are present on the board. Following similar analysis, and based on neo-institutional theory, the third study tests how women directors affect environmental performance (ENVIP) and moderate the trade-off between ENVIP and financial performance, as well as whether NGQ and NC can explain the differences in the relationship between WOCBs and ENVIP among countries. Using data relating to 2,179 companies located in 48 countries from 2010 to 2017, this study finds that WOCBs have significant and positive impact on ENVIP, but they do not affect the trade-off between ENVIP and financial performance. It shows that the level of the moderating role of NC and NGQ in the link between WOCBs and ENVIP depends on each national cultural dimension and the extent to which female directors are present on the board.

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Identifiers

ORCID for Thi Hong Hanh Nguyen: orcid.org/0000-0002-0738-1606

ORCID for Collins Ntim: orcid.org/0000-0002-1042-4056

ORCID for John Malagila: orcid.org/0000-0001-5327-2286

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