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Women directors and corporate performance: firm size and board monitoring as the least focused factors

Haseeb Ur Rahman (Institute of Management Sciences, University of Science and Technology Bannu, Bannu, Pakistan)
Muhammad Zahid (Department of Management Sciences, City University of Science and Information Technology, Peshawar, Pakistan)

Gender in Management

ISSN: 1754-2413

Article publication date: 21 May 2021

Issue publication date: 21 June 2021




This paper aims to examine the impact of women directors on corporate performance (CP) and the mediating role of board monitoring in their relationship.


The ordinary least squares with panel corrected standard errors are used as a primary estimator along with three other estimators to check the robustness of the estimations and address the potential endogeneity in a stratified random sample of 320 non-financial Malaysian companies listed on Bursa Malaysia (Stock Exchange) between 2010 and 2014.


It is found that women directors on the board not only improve firms’ return on assets but also reduce the volatility of their stocks. However, these findings are more applicable in small firms as compared to large firms. Besides, it is also noted the board monitoring significantly mediates the relationship between women directors and CP.

Practical implications

As the monitoring role of women directors improves CP, substantial efforts may be put in to increase their meritorious representation on the boards. The regulators could pay equal attention to the small firms. Additionally, the number of board meetings may also be increased for strengthening the monitoring abilities of the board to improve CP.


The study contributes to the existing literature, as little attention has been paid to the mediation of board monitoring in the nexus of women directors and CP in the past.



Rahman, H.U. and Zahid, M. (2021), "Women directors and corporate performance: firm size and board monitoring as the least focused factors", Gender in Management, Vol. 36 No. 5, pp. 605-621.



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