Corporate governance and women's participation in the financial performance of enterprises: a systematic review

Abstract

In corporate boards, there is great concern about women's participation in executive positions and how this may impact the financial performance of organizations, particularly to shareholders. This study aims to analyze the relationship between corporate governance and women's participation in corporate financial performance from 2015 to 2019. The methodology used was based on the application of the Methodi Ordinatio, with the Scopus and Web of Science databases, resulting in the complete analysis of 28 articles. Among the results, the aspect of the representation of female participation is emphasized, both for the company's financial performance and for the disclosure of social activities to shareholders. Results were found that highlight the participation of women positively influences the company's decision making, provided that in addition to female executive positions, positive financial performance indicators are presented. From the analyzed articles 78.6% bring results that present a direct or indirect relationship between the presence of women on the board and the financial performance. It is concluded that most research shows that gender diversity among board members influences the company's financial performance and reduces risk through disclosure of corporate social responsibility activities. However, women's representation on boards is under development, as some articles have shown that there was no significant relationship between the variables presented in this study.