Abstract
The implementation of new gender diversity requirements has sparked significant research interest in assessing how such a commitment influences value-creation indicators (Chebri & Bahoussa, 2020). This study aims to examine the impact of gender diversity in the board of directors on the investment efficiency of listed firms in Morocco, using panel data from a sample of 36 non-financial firms listed on the Casablanca Stock Exchange for the period 2014 to 2019. To accurately identify the board dimensions that determine firms’ investment efficiency, we conduct a fixed-effects regression analysis, in which a firm’s investment efficiency variables are regressed, directly and indirectly (i.e., the moderating effect of board diversity), on board attributes. This study draws on the complementary propositions of agency theory and social feminist theory. The empirical results of this study indicate that diversity not only has a positive and significant direct impact on the level of investment effectiveness but also moderates the relationship between board characteristics and investment effectiveness. This study provides empirical evidence of the moderating role of gender diversity on the effect of board structure and investment effectiveness.
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