ABSTRACT This study aimed to explore the relationship between gender diversity on corporate boards and tax avoidance in the context of economic policy uncertainty. For this purpose, financial statements, and governance information from publicly traded companies in 21 countries over the period from 2010 to 2022 were utilized. Linear and nonlinear regression models were employed for analysis, considering four variables of tax evasion and the economic policy uncertainty index. Gender diversity on boards was measured by the percentage of women on the boards of directors. The results showed that an increase in female representation on boards of directors helps reduce corporate tax aggressiveness, regardless of economic policy uncertainty. Additionally, a higher number of women on boards of directors suggests that companies have a greater commitment to their fiscal obligations to the public sector. It was also evident that in periods of greater economic policy uncertainty, corporate tax aggressiveness increases.

In many countries,Corporate Governance is adopted as a means for ensuring shareholders interest are protected. Corporate Governance Code is a blue print to achieve the objective of corporate governance.The Nigeria Corporate governance code emphasized the implementation of gender board diversity among firms. However, the World Economic Forum report on Global Gender Gap in 2024 showed that Nigeria is 125th out of 140 countries on the Global Gender Gap Index. This index showed that Nigeria is still way behind other countries in terms of gender equality and inclusion. Hence, it is essential to evaluate the implementation of the Nigerian corporate governance code in order to determine the extent of its implementation around board gender diversity. The study adopted comparative survey design. The population involved twenty-six listed firms in Nigeria. Five listed banks and five list food and beverage firms were selected using Purposive sampling technique. Data were collected from their annual financial reports (2021-2024) and data were analysed using frequency, percentage and graphs. Results showed that the Nigerian Corporate Governance Code promoted gender board diversity more in the banking industry when compared to the food and beverage industries due to the mandatory CBN 30% threshold. It means that 2022 Corporate Governance policy by the Central Bank of Nigeria (CBN) promoted gender board diversity better in the finance industry than Nigerian Corporate Governance code 2018 by security and exchange commission (SEC) in the food and beverage industry. Comparing firms in both sectors, the companies in banking sector were better than their counterpart in food and beverage industries in term of the trend of compliance among the firms. Drawing from the conclusion, regulatory agencies like Security and exchange commission (SEC) should introduce a regulatory threshold in the Nigerian Corporate Governance code 2018 in order to promote board gender diversity in the food and beverage industry.

Board gender diversity, innovation ambidexterity, and firm performance

The study aims to investigate the impact of tax avoidance (TA) on earnings management practices (EM). The current research also investigates the moderating role of board governance characteristics on this relationship in the Egyptian context. The sample incorporates all the non-financial companies included in the Egyptian Stock Exchange between 2017 and 2021. The final sample comprises 120 enterprises from 12 industries, with 600 observations. Statistical analysis employs fixed effects regression, pooled OLS, and GMM estimations to test the proposed hypotheses. We found a significant positive impact of TA on the level of EM. Further, board gender diversity (BGD) and board independence (BIND) were found to have a negative moderating impact as they alleviate the effect of TA on the level of EM. Finally, CEO duality (CEOD) was found to have no moderating impact. To the authors’ knowledge, this is the first study examining how board governance characteristics moderate and influence the level of EM in emerging markets. This adds new insights to the TA and EM literature, as previous research mainly focused on the direct effects of BGD, BIND, and CEOD on EM levels. The current study provides fresh evidence from an emerging market context.

The dynamism of today’s business environment has placed an increasing significance on corporate governance in firms around the globe. Owning to inconclusive results of prior studies on the relationship between board structure and financial performance in the context of Nigeria listed manufacturing firms, It is this gap that this study aimed to achieve by investigating the effect of board structure on financial performance in listed manufacturing firms in Nigeria. The study adopted an ex-post facto research design using panel data from the annual financial reports of 6 listed manufacturing firms over a period of 6 years. Eviews version 12 was utilized to analyze the data collected for descriptive statistics and Panel least square regression analysis was employed to test hypotheses for this study. The findings from the analysis revealed a coefficient and P-value of 0.008 and 0.53 respectively (Board size) and -0.086 and 0.0008 (board gender diversity) based on the fixed effect model and significance level of 5% (0.05). Hence, it indicates that the impact of board size on financial performance (ROA) is direct, insignificant while the impact of board gender diversity on financial performance (ROA) is negative, significant. It is, therefore, recommended that future researches should consider the impact of other controlling factor that could influence the relationship between board structure and financial performance, for the possibility of enhancing corporate performance.

This study investigates the relationship between board gender diversity and corporate risk-taking within the unique socio-cultural context of Saudi Arabia. Situated against the backdrop of Vision 2030, a national reform agenda aimed at economic diversification and social modernization, the mandated inclusion of women on corporate boards represents a profound cultural and institutional shift. We analyze how this gendered transformation of corporate leadership influences strategic decision-making. Drawing on a sample of 155 publicly listed firms from 2018 to 2024, our findings indicate that gender-diverse boards are associated with more cautious and balanced risk profiles. This suggests that the integration of women into high-level governance acts as a moderating force on corporate risk-taking. This research contributes to cultural analyses of economic change by demonstrating how targeted social policies can reconfigure power dynamics and decision-making norms within traditionally conservative institutional settings. The findings offer critical insights for policymakers and scholars of social change, highlighting the role of gender inclusivity in fostering sustainable and resilient economic practices in transforming societies.

Purpose This study aims to examine the role of female executives in mitigating Environmental, Social and Governance (ESG) controversies and the moderating effect of the World Governance Indicators (WGI) on this relationship. Design/methodology/approach Using a large international sample of 54,327 firm-year observations from 44 countries over the period 2007–2023, the study uses panel data analysis to explore the association between female executives and ESG controversies. Findings The results indicate that firms with more female executives engage in fewer ESG controversies. The impact is more pronounced in countries with high WGI scores, emphasizing the importance of robust governance frameworks. Additional analysis reveals that female executives are associated with both a lower likelihood of engaging in ESG controversies and a reduction in their severity when they occur. Practical implications This study highlights the need for regulatory frameworks to promote gender diversity on corporate boards and emphasizes the role of strong governance structures in enhancing ethical corporate behavior. Originality/value This research contributes to the literature by shifting the focus from board gender diversity to executive gender diversity, providing new insights into how female leadership can reduce ESG controversies, particularly in well-governed environments.

Type of the article: Research ArticleAbstractGender diversity fosters robust and effective corporate governance mechanisms by introducing diverse perspectives and signaling progressive organizational values. Recognizing the growing significance of inclusive leadership structures, this study examines the characteristics of corporate boards of companies listed on the Bombay Stock Exchange (BSE) and analyzes the impact of women on corporate boards on their financial performance. Drawing on panel data from 379 non-financial firms indexed in 500 BSE-listed companies between 2010 and 2020 the paper employs instrumental variable (IV) regression analysis to explore the relationship between gender diversity and key performance indicators, namely return on equity (ROE), return on sales (ROS), and return on assets (ROA). The empirical evidence indicates a continued predominance of men on Indian corporate boards; however, greater gender representation is associated with significant improvements in firm performance. Gender-diverse boards enhance organizational efficiency and profitability, underscoring the economic value of inclusion. These results suggest that strengthening board diversity constitutes a strategic mechanism for improving financial outcomes. The study supports the theoretical framework of resource dependency and agency theory, which asserts that gender balance improves business success. The study’s emphasis on Indian firms within a specific timeframe limits the generalizability of its findings across other emerging economies. The results underscore the strategic significance of gender diversity, offering valuable evidence for policymakers, regulators, and corporate leaders to promote greater female board participation. The research contributes to the limited literature on board diversity in emerging economies, emphasizing its economic and organizational value.

This study examines how ownership structure influences firm performance in Malaysia’s manufacturing sector, focusing on the mediating role of board gender diversity and the moderating effect of board independence. Using panel data from 2015–2023 for public-listed manufacturing companies, the study investigate institutional, family, and managerial ownership impacts on performance (measured by ROA, ROE, and Tobin’s Q). The Malaysian context of concentrated family ownership and evolving corporate governance norms provides a rich setting. The study employs panel regression analyses and a moderated mediation framework. The results indicate that institutional ownership is positively associated with firm performance, whereas family and managerial ownership show negative effects. Board gender diversity emerges as a positive predictor of performance, mediating part of the ownership–performance relationship. Notably, board independence strengthens the performance impact of board diversity – firms with more independent boards derive greater performance gains from diverse boards. This suggests a moderated mediation: ownership influences performance through diversity, conditional on independent board oversight. The findings underscore the business case for improving board diversity and maintaining strong independent director presence. The study contributes to corporate governance literature by integrating ownership structure, diversity, and independence in a single framework, and the study offer practical recommendations for regulators and firms to enhance governance structures for better performance.

ABSTRACT This study examines the relationship between environmental, social, and governance (ESG) initiatives and firm efficiency, which is assessed through two dimensions: innovation efficiency and eco‐efficiency. ESG performance is decomposed into its three pillars; namely, ESG, and board gender diversity is introduced as a moderating variable. Using social network analysis and panel data from pharmaceutical and biotechnology firms across America, Europe, and Asia from 2017 to 2023, this study explores interfirm linkages and governance dynamics within four subindustries. Findings reveal that the social pillar positively influences eco‐efficiency, indicating that firms emphasizing employee welfare, community engagement, and customer responsibility achieve a stronger economic‐environmental balance. Conversely, the governance pillar is negatively associated with eco‐efficiency, suggesting that higher compliance and monitoring costs may constrain operational sustainability. Although female directors play a vital role in shaping organizational outcomes, their moderating effect is significant only in the ESG‐innovation efficiency relationship, where they help mitigate the negative effects of ESG initiatives on innovation efficiency. However, board gender diversity does not moderate the relationship between ESG pillars and eco‐efficiency, implying its greater influence on strategic innovation than on operational outcomes. Overall, ESG initiatives and gender‐diverse boards are essential for fostering innovation, eco‐efficiency, and sustainable growth in the P&B sectors.

Purpose This study examines the extent of cybersecurity disclosure (CSD) and whether board attributes influence the degree of CSD among UK firms. It further investigates through the lens of critical mass theory whether the impact of board gender diversity varies with the level of representation. Design/methodology/approach The sample comprises FTSE 100 companies listed in the UK from 2015 to 2021. A CSD index is developed using automated content analysis of cybersecurity- and data security-related terms in annual reports reflecting firms’ exposure to cyber safeguards. We test hypotheses and conduct a battery of robustness tests to validate our findings. Findings The results show that board size is positively associated with CSD. Firms with a dedicated cybersecurity committee provide more forward-looking information on cyber risks and mitigation measures. While gender diversity overall does not significantly influence CSD, boards with three or more female directors show a strong positive influence, supporting the critical mass effect of their representation. Robustness tests affirm the reliability of these results. Research limitations/implications This study contributes to the growing cybersecurity literature by applying the resource-based view to show how board structure and specialized committees reduce cyber-related information asymmetry. In the absence of specific regulatory guidelines, institutional pressures appear to motivate boards to enhance CSD for integrated reporting purposes. The findings also emphasize that at least three female directors are necessary to achieve meaningful influence on CSD. Originality/value As CSD remains voluntary in the UK, this study is among the first to empirically investigate the impact of board attributes on such disclosures within FTSE 100 firms. It uniquely identifies the positive role of directors with expertise in cybersecurity and artificial intelligence in enhancing disclosure levels. It also offers insights into gender diversity by revealing that low female representation may reflect tokenism, as it does not significantly influence CSD.

Regulatory mandates by various governments on women representation on company boards play an important role in fulfilling the Sustainable Development Goal 5 (SDG-5 on gender equality) adopted by the members of the United Nations. In this article, we explore the heterogeneity in firm responses to such a regulatory mandate introduced by the Indian government in 2014. We propose that, driven by the need to build legitimacy among stakeholders, family firms are more likely to comply with the mandate when compared to non-family firms. However, driven by considerations to leverage women family members and minimise board independence, family firms are more likely to appoint a woman executive director. Within a sample of family firms, this behaviour is more likely among standalone firms when compared to family business group firms. We find supportive evidence in a sample of 1,507 publicly listed Indian firms over a five-year period, comprising pre- and post-regulation years.

Purpose The aim of this study is to investigate the role of sustainability governance on sustainability assurance quality. The authors examine both firm-level and country-level variables. Design/methodology/approach The samples are 1,168 firm-years from 19 emerging countries with periods from 2017 to 2023. Sustainability assurance quality was assessed through content analysis of assurance statements. Firm-level variables include sustainability performance, board characteristics and assurance providers’ characteristics. The authors include SDG score, environmental performance index and world governance indicators for country-level variables. Findings The authors found that board size, board attendance and board independence are positively associated with sustainability assurance quality. The authors found positive associations between all country-level variables and sustainability assurance quality. The authors found little evidence of the positive effect of board gender diversity. However, the authors failed to document a significant positive effect of the presence of the sustainability committee and assurance providers’ characteristics. Originality/value The authors have not found extant studies examining sustainability governance, encompassing both firm-level and country-level factors, in the context of emerging countries. Given the relatively weak legal enforcement in those countries compared with developed countries, assessing sustainability assurance quality within this setting provides critical insights and addresses a gap in the existing literature.

Abstract This study aims to explore the economic importance of board gender diversity for the likelihood of firm failure among state-owned enterprises (SOEs) in South Africa between 2011 and 2022. This study employs a binary logistic regression technique as the primary estimation technique. To corroborate the outcomes from the logistic model, the study also utilises panel regression approaches such as probit and feasible generalised least squares to control for nonlinearity, heteroscedasticity, autocorrelation and heterogeneity. The key finding from the study reveals that female board representation significantly reduces the odds of corporate failure. A further outcome from the study reveals that women directors must constitute a critical mass of at least 50% of the boardroom to significantly mitigate business failure among the selected SOEs. The outcome provides solid support for board gender diversity, inclusivity and equity as effective governance mechanisms to promote the financial health of SOEs. The study thus offers proof in favour of achieving Sustainable Development Goal 5, which aims to attain gender equality, particularly in positions of leadership and decision-making in the public and private sectors, and the King IV Code of corporate governance for firms in South Africa on board gender diversity.

ABSTRACT Growing social, economic, and environmental issues have heightened interest in green bonds. Despite their increasing importance, the factors that drive their issuance remain underexplored. This study examined the relationship between board gender diversity and green bond issuance among Chinese listed companies. Additionally, it investigated the mediation of environmental, social, and governance performance as well as the moderating effects of institutional ownership and local government ownership. A binary choice model was used to examine green and conventional corporate bond issuances by Chinese listed companies between 2016 and 2023. The results demonstrated a positive relationship between board gender diversity and green bond issuance, with environmental, social, and governance performance mediating this association. Institutional ownership strengthened the positive relationship between board gender diversity and green bond issuance, whereas local government ownership weakened the relationship. Our results withstood a battery of robustness and endogeneity tests. They provide a robust knowledge base for encouraging green bond issuance.

Moderating effects of board gender diversity and size on bank profitablity: panel evidence from Ethiopia

Corporate liquidity plays a crucial role in determining a firm’s ability to distribute dividends. Board gender diversity, as a key corporate governance mechanism, has the potential to enhance decision-making, reduce agency conflicts, and promote shareholder interests, which may in turn strengthen the relationship between liquidity and dividend payouts .This study investigates the moderating role of board gender diversity on the relationship between corporate liquidity and dividend policy in BRICS countries.. Drawing on agency theory, the research examines how internal corporate governance mechanisms, particularly gender diversity on boards, influence financial decisions in non-financial manufacturing firms. Using panel data from 2012 to 2023 for BRICS region, regression analysis is applied to test the proposed hypotheses. The findings reveal that corporate liquidity significantly affects dividend policy in some BRICS nations (positively in Russia and India, negatively in South Africa, China and Brazil), while board gender diversity exerts varying influences. Gender-diverse boards significantly moderate the relationship between liquidity and dividends in BRICS countries, either by enhancing or mitigating liquidity's effect. These results suggest that corporate liquidity and board composition interact differently across national contexts due to varying institutional, economic, and cultural settings. The study provides valuable insights for policymakers, corporate leaders, and investors by highlighting the importance of board structure and internal governance in shaping dividend decisions in emerging economies.

Abstract Purpose This paper examines the effect of corporate governance (CG) mechanisms, namely the board of directors (BOD) and audit committee’s (AC) on audit quality (AQ) in the Egyptian context. Design/methodology/approach We used a sample of 57 non-financial Egyptian listed firms from 2016 to 2022 to analyze the effect of BOD and AC attributes on AQ using a two-step generalized method of moments (2SYS-GMM) estimator. Findings Grounded in agency theory and resource dependence theory, the findings reveal both complementary and competing explanations for the observed relationships. A significant positive relationship between "audit fees" (AF), used as a proxy for audit quality (AQ), and attributes such as board size, board independence, audit committee size, and audit committee gender diversity. In contrast, a significant negative relationship is found between “auditor industry specialization” (AS)- the second proxy for AQ- and both the percentage of non-executive independent directors and the percentage of non-executive directors on the AC. Furthermore, the frequency of AC meetings negatively and significantly associated with the auditor’s industry specialization. Research limitations The study has some caveats; it excluded listed firms that were audited by more than one auditor, public sector audit services, and other CG attributes like CEO duality and the financial knowledge of the AC. Research implications Our work adds to the body of knowledge in the fields of CG and audit. We apply agency and resource dependence theories to the Egyptian context. The study offers practical suggestions for governments, legislators, auditors, and audit service customers to enhance regulatory frameworks by promoting audit committee independence and board gender diversity. Originality/value Our study is the first to provide empirical evidence regarding the combined effect of BOD and AC on different aspects of AQ (demand and supply) in an emerging market.

Purpose Employee well-being has become an increasingly prominent focus for business professionals and policymakers in the United States. This study aims to use signaling theory to analyze the effect of employee health and safety policy on firm performance with a moderating role of board gender diversity. Design/methodology/approach This study’s sample consists of 3,358 listed firms in the US over a 12-year period from 2011 to 2022. The panel data comprising 20,634 firm-year observations were analyzed using regression analyses. Findings The results reveal a positive relationship between employee health and safety policy and firm performance, indicating its beneficial effect over time. In addition, gender diversity in board members moderates the health and safety policy and firm performance relationship; when boards are gender diverse, they are more likely to adopt employee health and safety policy, ultimately fostering firm performance. Originality/value To the best of the author’s/authors’ knowledge, this is the first study to empirically examine the impact of firm level employee health and safety policy on firm performance with the moderating role of gender board diversity. Methodologically, panel data offers several advantages over cross-sectional data.

As a popular mechanism, corporate governance is broadly recognized to align individual interests with organizational objectives, thus improving organizational performance. Nevertheless, the specific pathways through which corporate governance influences performance remain underexplored in the context of Ghanaian banks. With the data of seven listed Ghanaian banks over the period 2012 to 2022, this study examines the effect of corporate governance on bank performance, with bank size and ownership serving as moderating variables. Return on assets (ROA) is employed as a proxy for performance, while board size, board gender diversity, and the proportion of non-executive directors represent corporate governance indicators. Bank growth, interest coverage, asset tangibility, and bank size are included as control variables. Using panel data, the study applies a fixed-effects model to test the hypotheses. The findings reveal that board gender diversity exerts a significant positive effect on ROA, while board size and the proportion of non-executive directors show no significant impact at the 5% level. Moreover, neither bank size nor ownership significantly moderate the relationship between corporate governance variables and bank performance. The study suggests that banks should increase female representation on boards, while regulators such as the Bank of Ghana may place less emphasis on bank size when enforcing corporate governance practices.