Board gender diversity and firm performance: the UK evidence

Sanjukta Brahma*, Chioma Nwafor, Agyenim Boateng

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

123 Citations (Scopus)
828 Downloads (Pure)


This article examines the relationship between gender diversity, selected female attributes, and financial performance of FTSE 100 firms in the UK. Drawing on critical mass theory by measuring gender diversity as levels of female representation in the boardroom, this study finds a positive and significant relationship between gender diversity and firm performance. However, the results become highly significant and unequivocal when three or more females are appointed to the board compared to the appointment of two or less females. Further analysis reveals that post-appointment financial performance is positively related to female age, level of education and where female board members also hold executive director positions. The results remain unchanged after accounting for endogeneity concerns and employing alternative measures of firm performance, namely, return on assets and Tobin's Q.
Original languageEnglish
Pages (from-to)5704-5719
Number of pages16
JournalInternational Journal of Finance and Economics
Issue number4
Early online date19 Jul 2020
Publication statusPublished - Oct 2021


  • gender diversity
  • firm performance
  • corporate governance
  • female directors
  • director attributes

ASJC Scopus subject areas

  • Economics and Econometrics
  • Accounting
  • Finance


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