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| Quynh Trang Phan and Vu Gia Bao Nguyen |
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| ''Gender diversity and firm value: Evidence from an emerging market'' |
| ( 2025, Vol. 45 No.1 ) |
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| Women play a crucial role in society by contributing to economic growth, fostering social development, and promoting cultural diversity through their perspectives, skills, and leadership. Therefore, it is interesting to explore the role of females from different perspectives in various cultures and countries. This study examines the impact of female board representation on firm value in an emerging market. Utilizing a dataset of 722 listed firms and 6,765 observations over the 2010 – 2022 period, we apply multiple econometric approaches, including GLS, PSM, GMM, and DiD. The regression results indicate a significant positive association between firm value and both the presence and the increasing proportion of females on boards. These findings align with the argument that women, being more risk-averse than men, contribute to enhanced monitoring and corporate governance and leverage unique networks that benefit firm performance. The empirical evidence suggests that policymakers should consider implementing strategies to promote female participation on corporate boards and within firms to enhance firm value. |
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| Keywords: Board of Directors, firm value, gender diversity, emerging economy. |
JEL: G3 - Corporate Finance and Governance: General
M2 - Business Economics: General |
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| Manuscript Received : Jun 28 2024 | | Manuscript Accepted : Mar 30 2025 |
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