<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2024-28-5-212-222</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-3190</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>КОРПОРАТИВНЫЕ ФИНАНСЫ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>CORPORATE FINANCE</subject></subj-group></article-categories><title-group><article-title>Гендерное разнообразие в советах директоров и финансовые показатели в развивающихся странах: данные банковского сектора Эфиопии</article-title><trans-title-group xml:lang="en"><trans-title>Board Gender Diversity and Financial Performance in Developing Countries: Evidence from the Ethiopian Banking Sector</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-8602-561X</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Вольдеамануэль</surname><given-names>А. Г.</given-names></name><name name-style="western" xml:lang="en"><surname>Woldeamanuel</surname><given-names>A. G.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Асегид Г. Вольдеамануэль,  PhD, доцент</p><p>кафедра бухгалтерского учета и финансов</p><p>Хавасса</p></bio><bio xml:lang="en"><p>Asegid G. Woldeamanuel, PhD, Assist. Prof.</p><p>Department of Accounting and Finance</p><p>Hawassa</p></bio><email xlink:type="simple">asewoldeam@gmail.com</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Университет Хавасса</institution><country>Эфиопия</country></aff><aff xml:lang="en"><institution>Hawassa University</institution><country>Ethiopia</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2024</year></pub-date><pub-date pub-type="epub"><day>31</day><month>10</month><year>2024</year></pub-date><volume>28</volume><issue>5</issue><fpage>212</fpage><lpage>222</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Вольдеамануэль А.Г., 2024</copyright-statement><copyright-year>2024</copyright-year><copyright-holder xml:lang="ru">Вольдеамануэль А.Г.</copyright-holder><copyright-holder xml:lang="en">Woldeamanuel A.G.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/3190">https://financetp.fa.ru/jour/article/view/3190</self-uri><abstract><p>   Тема гендерного разнообразия в советах директоров привлекает внимание как ученых, так и организаций, и регулирующих органов. Такое повышенное внимание к этой теме создало благоприятную атмосферу для постепенного роста участия женщин в советах директоров по всему миру. Страны даже выступили с инициативой узаконить квоты на участие в советах директоров, чтобы увеличить долю женщин на руководящих должностях в организации. В данном исследовании изучалось влияние присутствия женщин в советах директоров на финансовое благополучиебанков. В качестве выборки в исследовании рассматривались 14 коммерческих банков Эфиопии. Период исследования — с 2013 по 2020 г. Для анализа использовался метод наименьших квадратов OLS и регрессия с фиксированным эффектом. Установлено, что присутствие женщин в совете директоров банков приносит свои положительные плоды. Результат устойчив к альтернативным показателям финансовой эффективности и имеет далеко идущие последствия для политиков и руководителей финансовых учреждений. Финансовым регуляторам Эфиопии следует настаивать на введении законодательных квот для советов директоров, чтобы повысить присутствие женщин в советах директоров банков. Кроме того, банки должны уделять первоочередное внимание назначению дополнительных членов совета директоров из числа женщин. Данное исследование также вносит новый вклад в уже имеющиеся знания по данной теме.</p></abstract><trans-abstract xml:lang="en"><p>   The topic of board gender diversity has drawn the attention of academics, organizations, and regulators alike. Such heightened awareness of the subject has produced a favorable atmosphere for gradual growth in women’s participation in boardrooms worldwide. Countries have even taken the initiative to legalize boardroom quotas to increase the proportion of females in the boardroom of organizations. The current study investigated the effect of women’s boardroom representation on the financial well-being of banks. The study considered fourteen commercial banks in Ethiopia as a sample. The study period ran from 2013 to 2020. The study employed OLS and fixed effect regression for analysis and found out that the representation of women in the boardroom of banks pays off. The result is robust for alternative measures of financial performance. The outcome of the study has far-reaching implications for policymakers and managers of financial institutions. Ethiopia’s financial regulators should push for legislated boardroom quotas to enhance the representation of women in the boards of banks. Additionally, banks should make the appointment of additional female board members a priority. The study also contributes new insights to the body of knowledge already available on the subject.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>гендерное разнообразие</kwd><kwd>советы директоров</kwd><kwd>представительство женщин в совете директоров</kwd><kwd>финансовые показатели</kwd></kwd-group><kwd-group xml:lang="en"><kwd>gender diversity</kwd><kwd>boards</kwd><kwd>women board room representations</kwd><kwd>financial performance</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Wang Y.-H. Does board gender diversity bring better financial and governance performances? An empirical investigation of cases in Taiwan. Sustainability. 2020;12(8):3205. DOI: 10.3390/su12083205</mixed-citation><mixed-citation xml:lang="en">Wang Y.-H. Does board gender diversity bring better financial and governance performances? An empirical investigation of cases in Taiwan. Sustainability. 2020;12(8):3205. DOI: 10.3390/su12083205</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Duppati G., Rao N. V., Matlani N., Scrimgeour F., Patnaik D. Gender diversity and firm performance: Evidence from India and Singapore. Applied Economics. 2020;52(14):1553–1565. DOI: 10.1080/00036846.2019.1676872</mixed-citation><mixed-citation xml:lang="en">Duppati G., Rao N. V., Matlani N., Scrimgeour F., Patnaik D. Gender diversity and firm performance: Evidence from India and Singapore. Applied Economics. 2020;52(14):1553–1565. DOI: 10.1080/00036846.2019.1676872</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Chapple L., Humphrey J. E. Does board gender diversity have a financial impact? Evidence using stock portfolio performance. Journal of Business Ethics. 2014;122(4):709–723. DOI: 10.1007/s10551–013–1785–0</mixed-citation><mixed-citation xml:lang="en">Chapple L., Humphrey J. E. Does board gender diversity have a financial impact? Evidence using stock portfolio performance. Journal of Business Ethics. 2014;122(4):709–723. DOI: 10.1007/s10551–013–1785–0</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Liu Y., Wei Z., Xie F. Do women directors improve firm performance in China? Journal of Corporate Finance. 2014;28:169–184. DOI: 10.1016/j.jcorpfin.2013.11.016</mixed-citation><mixed-citation xml:lang="en">Liu Y., Wei Z., Xie F. Do women directors improve firm performance in China? Journal of Corporate Finance. 2014;28:169–184. DOI: 10.1016/j.jcorpfin.2013.11.016</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Kılıç M, Kuzey C. The effect of board gender diversity on firm performance: Evidence from Turkey. Gender in Management. 2016;31(7):434–455. DOI: 10.1108/GM-10–2015–0088</mixed-citation><mixed-citation xml:lang="en">Kılıç M, Kuzey C. The effect of board gender diversity on firm performance: Evidence from Turkey. Gender in Management. 2016;31(7):434–455. DOI: 10.1108/GM-10–2015–0088</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Adusei M., Obeng E. Y. T. Board gender diversity and the capital structure of microfinance institutions: A global analysis. The Quarterly Review of Economics and Finance. 2019;71:258–269. DOI: 10.1016/j.qref.2018.09.006</mixed-citation><mixed-citation xml:lang="en">Adusei M., Obeng E. Y. T. Board gender diversity and the capital structure of microfinance institutions: A global analysis. The Quarterly Review of Economics and Finance. 2019;71:258–269. DOI: 10.1016/j.qref.2018.09.006</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Adusei M. Board gender diversity and the technical efficiency of microfinance institutions: Does size matter? International Review of Economics &amp; Finance. 2019;64:393–411. DOI: 10.1016/j.iref.2019.07.008</mixed-citation><mixed-citation xml:lang="en">Adusei M. Board gender diversity and the technical efficiency of microfinance institutions: Does size matter? International Review of Economics &amp; Finance. 2019;64:393–411. DOI: 10.1016/j.iref.2019.07.008</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Triana M. del C., Miller T. L., Trzebiatowski T. M. The double-edged nature of board gender diversity: Diversity, firm performance, and the power of women directors as predictors of strategic change. Organization Science. 2014;25(2):609–632. DOI: 10.1287/orsc.2013.0842</mixed-citation><mixed-citation xml:lang="en">Triana M. del C., Miller T. L., Trzebiatowski T. M. The double-edged nature of board gender diversity: Diversity, firm performance, and the power of women directors as predictors of strategic change. Organization Science. 2014;25(2):609–632. DOI: 10.1287/orsc.2013.0842</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Ward A.-M., Forker J. Financial management effectiveness and board gender diversity in member-governed, community financial institutions. Journal of Business Ethics. 2017;141(2):351–366. DOI: 10.1007/s10551–015–2699–9</mixed-citation><mixed-citation xml:lang="en">Ward A.-M., Forker J. Financial management effectiveness and board gender diversity in member-governed, community financial institutions. Journal of Business Ethics. 2017;141(2):351–366. DOI: 10.1007/s10551–015–2699–9</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Lenard M. J., Yu B., York E. A., Wu S. Impact of board gender diversity on firm risk. Managerial Finance. 2014;40(8):787–803. DOI: 10.1108/MF-06–2013–0164</mixed-citation><mixed-citation xml:lang="en">Lenard M. J., Yu B., York E. A., Wu S. Impact of board gender diversity on firm risk. Managerial Finance. 2014;40(8):787–803. DOI: 10.1108/MF-06–2013–0164</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Othmani H. Does board gender diversity matter in the banking sector? Evidence from Tunisia. African Development Review. 2021;33(1):14–24. DOI: 10.1111/1467–8268.12487</mixed-citation><mixed-citation xml:lang="en">Othmani H. Does board gender diversity matter in the banking sector? Evidence from Tunisia. African Development Review. 2021;33(1):14–24. DOI: 10.1111/1467–8268.12487</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">Zhang L. An institutional approach to gender diversity and firm performance. Organization Science. 2020;31(2):381–401. DOI: 10.1287/orsc.2019.1297</mixed-citation><mixed-citation xml:lang="en">Zhang L. An institutional approach to gender diversity and firm performance. Organization Science. 2020;31(2):381–401. DOI: 10.1287/orsc.2019.1297</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Low D. C.M., Roberts H., Whiting R. H. Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal. 2015;35A:381–401. DOI: 10.1016/j.pacfin.2015.02.008</mixed-citation><mixed-citation xml:lang="en">Low D. C.M., Roberts H., Whiting R. H. Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal. 2015;35A:381–401. DOI: 10.1016/j.pacfin.2015.02.008</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">Tadesse W. M. Women in management: Challenges and gaps in public institutions in Ethiopia. Journal of International Women’s Studies. 2017;18(2):105–117. URL: https://vc.bridgew.edu/cgi/viewcontent.cgi?article=1932&amp;context=jiws</mixed-citation><mixed-citation xml:lang="en">Tadesse W. M. Women in management: Challenges and gaps in public institutions in Ethiopia. Journal of International Women’s Studies. 2017;18(2):105–117. URL: https://vc.bridgew.edu/cgi/viewcontent.cgi?article=1932&amp;context=jiws</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Terefe Y., Ketema M., Girma B. Women’s underrepresentation in management positions: Evidence from Ethiopia. European Journal of Business and Management. 2019;11(13):14–26. DOI: 10.7176/EJBM</mixed-citation><mixed-citation xml:lang="en">Terefe Y., Ketema M., Girma B. Women’s underrepresentation in management positions: Evidence from Ethiopia. European Journal of Business and Management. 2019;11(13):14–26. DOI: 10.7176/EJBM</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Jensen M. C., Meckling W. H. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. 1976;3(4):305–360. DOI: 10.1016/0304–405X(76)90026-X</mixed-citation><mixed-citation xml:lang="en">Jensen M. C., Meckling W. H. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. 1976;3(4):305–360. DOI: 10.1016/0304–405X(76)90026-X</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Fama E. F., Jensen M. C. Separation of ownership and control. The Journal of Law &amp; Economics. 1983;26(2):301–325. DOI: 10.1086/467037</mixed-citation><mixed-citation xml:lang="en">Fama E. F., Jensen M. C. Separation of ownership and control. The Journal of Law &amp; Economics. 1983;26(2):301–325. DOI: 10.1086/467037</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Rose C. Does female board representation influence firm performance? The Danish evidence. Corporate Governance. 2007;15(2):404–413. DOI: 10.1111/j.1467–8683.2007.00570.x</mixed-citation><mixed-citation xml:lang="en">Rose C. Does female board representation influence firm performance? The Danish evidence. Corporate Governance. 2007;15(2):404–413. DOI: 10.1111/j.1467–8683.2007.00570.x</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Nielsen S., Huse M. Women directors’ contribution to board decision-making and strategic involvement: The role of equality perception. European Management Review. 2010;7(1):16–29. DOI: 10.1057/emr.2009.27</mixed-citation><mixed-citation xml:lang="en">Nielsen S., Huse M. Women directors’ contribution to board decision-making and strategic involvement: The role of equality perception. European Management Review. 2010;7(1):16–29. DOI: 10.1057/emr.2009.27</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Wiley C., Monllor-Tormos M. Board gender diversity in the STEM&amp;F sectors: The critical mass required to drive firm performance. Journal of Leadership &amp; Organizational Studies. 2018;25(3):290–308. DOI: 10.1177/1548051817750535</mixed-citation><mixed-citation xml:lang="en">Wiley C., Monllor-Tormos M. Board gender diversity in the STEM&amp;F sectors: The critical mass required to drive firm performance. Journal of Leadership &amp; Organizational Studies. 2018;25(3):290–308. DOI: 10.1177/1548051817750535</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Yi A. Mind the gap: A risky position for governance and growth. 2011.</mixed-citation><mixed-citation xml:lang="en">Yi A. Mind the gap: A risky position for governance and growth. 2011.</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Adams R. B., Ferreira D. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics. 2009;94(2):291–309. DOI: 10.1016/j.jfineco.2008.10.007</mixed-citation><mixed-citation xml:lang="en">Adams R. B., Ferreira D. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics. 2009;94(2):291–309. DOI: 10.1016/j.jfineco.2008.10.007</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Duppati G., Rao N. V., Matlani N., Scrimgeour F., Patnaik D. Gender diversity and firm performance: Evidence from India and Singapore. Applied Economics. 2020;52(14):1553–1565. DOI: 10.1080/00036846.2019.1676872</mixed-citation><mixed-citation xml:lang="en">Duppati G., Rao N. V., Matlani N., Scrimgeour F., Patnaik D. Gender diversity and firm performance: Evidence from India and Singapore. Applied Economics. 2020;52(14):1553–1565. DOI: 10.1080/00036846.2019.1676872</mixed-citation></citation-alternatives></ref><ref id="cit24"><label>24</label><citation-alternatives><mixed-citation xml:lang="ru">Reguera-Alvarado N., de Fuentes P., Laffarga J. Does board gender diversity influence financial performance? Evidence from Spain. Journal of Business Ethics. 2017;141(2):337–350. DOI: 10.1007/s10551–015–2735–9</mixed-citation><mixed-citation xml:lang="en">Reguera-Alvarado N., de Fuentes P., Laffarga J. Does board gender diversity influence financial performance? Evidence from Spain. Journal of Business Ethics. 2017;141(2):337–350. DOI: 10.1007/s10551–015–2735–9</mixed-citation></citation-alternatives></ref><ref id="cit25"><label>25</label><citation-alternatives><mixed-citation xml:lang="ru">Taljaard C. C., Ward M. J., Muller C. J. Board diversity and financial performance: A graphical time-series approach. South African Journal of Economic and Management Sciences. 2015;18(3):425–447. DOI: 10.17159/2222–3436/2015/V18N 3A10</mixed-citation><mixed-citation xml:lang="en">Taljaard C. C., Ward M. J., Muller C. J. Board diversity and financial performance: A graphical time-series approach. South African Journal of Economic and Management Sciences. 2015;18(3):425–447. DOI: 10.17159/2222–3436/2015/V18N 3A10</mixed-citation></citation-alternatives></ref><ref id="cit26"><label>26</label><citation-alternatives><mixed-citation xml:lang="ru">Hillman A. J., Withers M. C., Collins B. J. Resource dependence theory : A review. Journal of Management. 2009;35(6):1404–1427. DOI: 10.1177/0149206309343469</mixed-citation><mixed-citation xml:lang="en">Hillman A. J., Withers M. C., Collins B. J. Resource dependence theory : A review. Journal of Management. 2009;35(6):1404–1427. DOI: 10.1177/0149206309343469</mixed-citation></citation-alternatives></ref><ref id="cit27"><label>27</label><citation-alternatives><mixed-citation xml:lang="ru">Pfeffer J., Salancik G. R. The external control of organizations: A resource dependence approach. New York, NY: Harper &amp; Row Publishers; 1978. 300 p.</mixed-citation><mixed-citation xml:lang="en">Pfeffer J., Salancik G. R. The external control of organizations: A resource dependence approach. New York, NY: Harper &amp; Row Publishers; 1978. 300 p.</mixed-citation></citation-alternatives></ref><ref id="cit28"><label>28</label><citation-alternatives><mixed-citation xml:lang="ru">Jubilee R. V.W., Khong R. W.L., Hung W. T. Would diversified corporate boards add value? The case of banking institutions in Malaysia. Asia-Pacific Journal of Business Administration. 2018;10(2–3):218–228. DOI: 10.1108/APJBA-05–2018–0089</mixed-citation><mixed-citation xml:lang="en">Jubilee R. V.W., Khong R. W.L., Hung W. T. Would diversified corporate boards add value? The case of banking institutions in Malaysia. Asia-Pacific Journal of Business Administration. 2018;10(2–3):218–228. DOI: 10.1108/APJBA-05–2018–0089</mixed-citation></citation-alternatives></ref><ref id="cit29"><label>29</label><citation-alternatives><mixed-citation xml:lang="ru">Maiso Fontecha L. Women on boards. ERA Forum. 2013;14(3):315–318. DOI: 10.1007/s12027–013–0318–8</mixed-citation><mixed-citation xml:lang="en">Maiso Fontecha L. Women on boards. ERA Forum. 2013;14(3):315–318. DOI: 10.1007/s12027–013–0318–8</mixed-citation></citation-alternatives></ref><ref id="cit30"><label>30</label><citation-alternatives><mixed-citation xml:lang="ru">Kanter R. M. Some effects of proportions on group life: Skewed sex ratios and responses to token women. American Journal of Sociology. 1977;82(5):965–990. DOI: 10.1086/226425</mixed-citation><mixed-citation xml:lang="en">Kanter R. M. Some effects of proportions on group life: Skewed sex ratios and responses to token women. American Journal of Sociology. 1977;82(5):965–990. DOI: 10.1086/226425</mixed-citation></citation-alternatives></ref><ref id="cit31"><label>31</label><citation-alternatives><mixed-citation xml:lang="ru">Dobija D., Hryckiewicz A., Zaman M., Puławska K. Critical mass and voice: Board gender diversity and financial reporting quality. European Management Journal. 2022;40(1):29–44. DOI: 10.1016/j.emj.2021.02.005</mixed-citation><mixed-citation xml:lang="en">Dobija D., Hryckiewicz A., Zaman M., Puławska K. Critical mass and voice: Board gender diversity and financial reporting quality. European Management Journal. 2022;40(1):29–44. DOI: 10.1016/j.emj.2021.02.005</mixed-citation></citation-alternatives></ref><ref id="cit32"><label>32</label><citation-alternatives><mixed-citation xml:lang="ru">Konrad A. M., Kramer V. W. How many women do boards need? Harvard Business Review. 2006;84(12):22–24.</mixed-citation><mixed-citation xml:lang="en">Konrad A. M., Kramer V. W. How many women do boards need? Harvard Business Review. 2006;84(12):22–24.</mixed-citation></citation-alternatives></ref><ref id="cit33"><label>33</label><citation-alternatives><mixed-citation xml:lang="ru">Konrad A. M., Kramer V., Erkut S. Critical mass: The impact of three or more women on corporate boards. Organizational Dynamics. 2008;37(2):145–164. DOI: 10.1016/j.orgdyn.2008.02.005</mixed-citation><mixed-citation xml:lang="en">Konrad A. M., Kramer V., Erkut S. Critical mass: The impact of three or more women on corporate boards. Organizational Dynamics. 2008;37(2):145–164. DOI: 10.1016/j.orgdyn.2008.02.005</mixed-citation></citation-alternatives></ref><ref id="cit34"><label>34</label><citation-alternatives><mixed-citation xml:lang="ru">Adusei M., Akomea S. Y., Poku K. Board and management gender diversity and financial performance of microfinance institutions. Cogent Business &amp; Management. 2017;4:1360030. DOI:10.1080/23311975.2017.1360030</mixed-citation><mixed-citation xml:lang="en">Adusei M., Akomea S. Y., Poku K. Board and management gender diversity and financial performance of microfinance institutions. Cogent Business &amp; Management. 2017;4:1360030. DOI:10.1080/23311975.2017.1360030</mixed-citation></citation-alternatives></ref><ref id="cit35"><label>35</label><citation-alternatives><mixed-citation xml:lang="ru">Chijoke-Mgbame A.M., Boateng A., Mgbame C. O. Board gender diversity, audit committee and financial performance: Evidence from Nigeria. Accounting Forum. 2020;44(3):262–286. DOI: 10.1080/01559982.2020.1766280</mixed-citation><mixed-citation xml:lang="en">Chijoke-Mgbame A.M., Boateng A., Mgbame C. O. Board gender diversity, audit committee and financial performance: Evidence from Nigeria. Accounting Forum. 2020;44(3):262–286. DOI: 10.1080/01559982.2020.1766280</mixed-citation></citation-alternatives></ref><ref id="cit36"><label>36</label><citation-alternatives><mixed-citation xml:lang="ru">Hutchinson M., Mack J., Plastow K. Who selects the “right” directors? An examination of the association between board selection, gender diversity and outcomes. Accounting &amp; Finance. 2015;55(4):1071–1103. DOI: 10.1111/acfi.12082</mixed-citation><mixed-citation xml:lang="en">Hutchinson M., Mack J., Plastow K. Who selects the “right” directors? An examination of the association between board selection, gender diversity and outcomes. Accounting &amp; Finance. 2015;55(4):1071–1103. DOI: 10.1111/acfi.12082</mixed-citation></citation-alternatives></ref><ref id="cit37"><label>37</label><citation-alternatives><mixed-citation xml:lang="ru">Dwaikat N., Qubbaj I. S., Queiri A. Gender diversity on the board of directors and its impact on the Palestinian financial performance of the firm. Cogent Economics &amp; Finance. 2021;9(1):1948659. DOI: 10.1080/23322039.2021.1948659</mixed-citation><mixed-citation xml:lang="en">Dwaikat N., Qubbaj I. S., Queiri A. Gender diversity on the board of directors and its impact on the Palestinian financial performance of the firm. Cogent Economics &amp; Finance. 2021;9(1):1948659. DOI: 10.1080/23322039.2021.1948659</mixed-citation></citation-alternatives></ref><ref id="cit38"><label>38</label><citation-alternatives><mixed-citation xml:lang="ru">Valls Martínez M. del C., Cruz Rambaud S. Women on corporate boards and firm’s financial performance. Women’s Studies International Forum. 2019;76:102251. DOI: 10.1016/j.wsif.2019.102251</mixed-citation><mixed-citation xml:lang="en">Valls Martínez M. del C., Cruz Rambaud S. Women on corporate boards and firm’s financial performance. Women’s Studies International Forum. 2019;76:102251. DOI: 10.1016/j.wsif.2019.102251</mixed-citation></citation-alternatives></ref><ref id="cit39"><label>39</label><citation-alternatives><mixed-citation xml:lang="ru">Wicker P., Feiler S., Breuer C. Board gender diversity, critical masses, and organizational problems of non-profit sport clubs. European Sport Management Quarterly. 2022;22(2):251–271. DOI: 10.1080/16184742.2020.1777453</mixed-citation><mixed-citation xml:lang="en">Wicker P., Feiler S., Breuer C. Board gender diversity, critical masses, and organizational problems of non-profit sport clubs. European Sport Management Quarterly. 2022;22(2):251–271. DOI: 10.1080/16184742.2020.1777453</mixed-citation></citation-alternatives></ref><ref id="cit40"><label>40</label><citation-alternatives><mixed-citation xml:lang="ru">Khatib S. F.A., Abdullah D. F., Elamer A. A., Abueid R. Nudging toward diversity in the boardroom : A systematic literature review of board diversity of financial institutions. Business Strategy and the Environment. 2021;30(2):985–1002. DOI: 10.1002/bse.2665</mixed-citation><mixed-citation xml:lang="en">Khatib S. F.A., Abdullah D. F., Elamer A. A., Abueid R. Nudging toward diversity in the boardroom : A systematic literature review of board diversity of financial institutions. Business Strategy and the Environment. 2021;30(2):985–1002. DOI: 10.1002/bse.2665</mixed-citation></citation-alternatives></ref><ref id="cit41"><label>41</label><citation-alternatives><mixed-citation xml:lang="ru">Boubaker S., Dang R., Nguyen D. K. Does board gender diversity improve the performance of French listed firms? Varia: Management &amp; Prospective. 2014;31(1):259–269. DOI: 10.3917/g2000.311.0259</mixed-citation><mixed-citation xml:lang="en">Boubaker S., Dang R., Nguyen D. K. Does board gender diversity improve the performance of French listed firms? Varia: Management &amp; Prospective. 2014;31(1):259–269. DOI: 10.3917/g2000.311.0259</mixed-citation></citation-alternatives></ref><ref id="cit42"><label>42</label><citation-alternatives><mixed-citation xml:lang="ru">Erhardt N. L., Werbel J. D., Shrader C. B. Board of director diversity and firm financial performance. Corporate Governance. 2003;11(2):102–111. DOI: 10.1111/1467–8683.00011</mixed-citation><mixed-citation xml:lang="en">Erhardt N. L., Werbel J. D., Shrader C. B. Board of director diversity and firm financial performance. Corporate Governance. 2003;11(2):102–111. DOI: 10.1111/1467–8683.00011</mixed-citation></citation-alternatives></ref><ref id="cit43"><label>43</label><citation-alternatives><mixed-citation xml:lang="ru">Shungu P., Ngirande H., Ndlovu G. Impact of corporate governance on the performance of commercial banks in Zimbabwe. Mediterranean Journal of Social Sciences. 2014;5(15):93–105. DOI: 10.5901/mjss.2014.v5n15p93</mixed-citation><mixed-citation xml:lang="en">Shungu P., Ngirande H., Ndlovu G. Impact of corporate governance on the performance of commercial banks in Zimbabwe. Mediterranean Journal of Social Sciences. 2014;5(15):93–105. DOI: 10.5901/mjss.2014.v5n15p93</mixed-citation></citation-alternatives></ref><ref id="cit44"><label>44</label><citation-alternatives><mixed-citation xml:lang="ru">Kiliç M., Kuzey C., Uyar A. The impact of ownership and board structure on corporate social responsibility (CSR) reporting in the Turkish banking industry. Corporate Governance. 2015;15(3):357–374. DOI: 10.1108/CG-02–2014–0022</mixed-citation><mixed-citation xml:lang="en">Kiliç M., Kuzey C., Uyar A. The impact of ownership and board structure on corporate social responsibility (CSR) reporting in the Turkish banking industry. Corporate Governance. 2015;15(3):357–374. DOI: 10.1108/CG-02–2014–0022</mixed-citation></citation-alternatives></ref><ref id="cit45"><label>45</label><citation-alternatives><mixed-citation xml:lang="ru">Ekadah J. W., Mboya J. K. Effect of board gender diversity on the performance of commercial banks in Kenya. European Scientific Journal. 2016;8(7):128–148. URL: https://su-plus.strathmore.edu/server/api/core/bitstreams/6c9df44a-bb79–4cfa-8e7b-8213ffe25c86/content</mixed-citation><mixed-citation xml:lang="en">Ekadah J. W., Mboya J. K. Effect of board gender diversity on the performance of commercial banks in Kenya. European Scientific Journal. 2016;8(7):128–148. URL: https://su-plus.strathmore.edu/server/api/core/bitstreams/6c9df44a-bb79–4cfa-8e7b-8213ffe25c86/content</mixed-citation></citation-alternatives></ref><ref id="cit46"><label>46</label><citation-alternatives><mixed-citation xml:lang="ru">de Cabo R. M., Gimeno R., Nieto M. J. Gender diversity on European banks’ boards of directors. Journal of Business Ethics. 2012;109(2):145–162. DOI: 10.1007/s10551–011–1112–6</mixed-citation><mixed-citation xml:lang="en">de Cabo R. M., Gimeno R., Nieto M. J. Gender diversity on European banks’ boards of directors. Journal of Business Ethics. 2012;109(2):145–162. DOI: 10.1007/s10551–011–1112–6</mixed-citation></citation-alternatives></ref><ref id="cit47"><label>47</label><citation-alternatives><mixed-citation xml:lang="ru">Simionescu L. N., Gherghina Ş. C., Tawil H., Sheikha Z. Does board gender diversity affect firm performance? Empirical evidence from Standard &amp; Poor’s 500 information technology sector. Financial Innovation. 2021;7(1):52. DOI: 10.1186/s40854–021–00265-x</mixed-citation><mixed-citation xml:lang="en">Simionescu L. N., Gherghina Ş. C., Tawil H., Sheikha Z. Does board gender diversity affect firm performance? Empirical evidence from Standard &amp; Poor’s 500 information technology sector. Financial Innovation. 2021;7(1):52. DOI: 10.1186/s40854–021–00265-x</mixed-citation></citation-alternatives></ref><ref id="cit48"><label>48</label><citation-alternatives><mixed-citation xml:lang="ru">Vafaei A., Ahmed K., Mather P. Board diversity and financial performance in the Top 500 Australian firms. Australian Accounting Review. 2015;25(4):413–427. DOI: 10.1111/auar.12068</mixed-citation><mixed-citation xml:lang="en">Vafaei A., Ahmed K., Mather P. Board diversity and financial performance in the Top 500 Australian firms. Australian Accounting Review. 2015;25(4):413–427. DOI: 10.1111/auar.12068</mixed-citation></citation-alternatives></ref><ref id="cit49"><label>49</label><citation-alternatives><mixed-citation xml:lang="ru">Bin Khidmat W., Ayub Khan M., Ullah H. The effect of board diversity on firm performance: Evidence from Chinese listed companies. Indian Journal of Corporate Governance. 2020;13(1):9–33. DOI: 10.1177/0974686220923793</mixed-citation><mixed-citation xml:lang="en">Bin Khidmat W., Ayub Khan M., Ullah H. The effect of board diversity on firm performance: Evidence from Chinese listed companies. Indian Journal of Corporate Governance. 2020;13(1):9–33. DOI: 10.1177/0974686220923793</mixed-citation></citation-alternatives></ref><ref id="cit50"><label>50</label><citation-alternatives><mixed-citation xml:lang="ru">Ciavarella A. Board diversity and firm performance across Europe. SSRN Electronic Journal. 2017. DOI: 10.2139/ssrn.3084114</mixed-citation><mixed-citation xml:lang="en">Ciavarella A. Board diversity and firm performance across Europe. SSRN Electronic Journal. 2017. DOI: 10.2139/ssrn.3084114</mixed-citation></citation-alternatives></ref><ref id="cit51"><label>51</label><citation-alternatives><mixed-citation xml:lang="ru">Hassan R., Marimuthu M. Corporate governance, board diversity, and firm value: Examining large companies using panel data approach. Economics Bulletin. 2016;36(3):1737–1750. URL: https://www.researchgate.net/publication/311843894_Corporate_Governance_Board_Diversity_and_Firm_Value_Examining_Large_Companies_Using_Panel_Data_Approach</mixed-citation><mixed-citation xml:lang="en">Hassan R., Marimuthu M. Corporate governance, board diversity, and firm value: Examining large companies using panel data approach. Economics Bulletin. 2016;36(3):1737–1750. URL: https://www.researchgate.net/publication/311843894_Corporate_Governance_Board_Diversity_and_Firm_Value_Examining_Large_Companies_Using_Panel_Data_Approach</mixed-citation></citation-alternatives></ref><ref id="cit52"><label>52</label><citation-alternatives><mixed-citation xml:lang="ru">Julizaerma M. K., Sori Z. M. Gender diversity in the boardroom and firm performance of Malaysian public listed companies. Procedia — Social and Behavioral Sciences. 2012;65:1077–1085. DOI: 10.1016/j.sbspro.2012.11.374</mixed-citation><mixed-citation xml:lang="en">Julizaerma M. K., Sori Z. M. Gender diversity in the boardroom and firm performance of Malaysian public listed companies. Procedia — Social and Behavioral Sciences. 2012;65:1077–1085. DOI: 10.1016/j.sbspro.2012.11.374</mixed-citation></citation-alternatives></ref><ref id="cit53"><label>53</label><citation-alternatives><mixed-citation xml:lang="ru">Post C., Byron K. Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal. 2015;58(5):1546–1571. DOI: 10.5465/amj.2013.0319</mixed-citation><mixed-citation xml:lang="en">Post C., Byron K. Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal. 2015;58(5):1546–1571. DOI: 10.5465/amj.2013.0319</mixed-citation></citation-alternatives></ref><ref id="cit54"><label>54</label><citation-alternatives><mixed-citation xml:lang="ru">Carter D. A., Simkins B. J., Simpson W. G. Corporate governance, board diversity, and firm value. The Financial Review. 2003;38(1):33–53. DOI: 10.1111/1540–6288.00034</mixed-citation><mixed-citation xml:lang="en">Carter D. A., Simkins B. J., Simpson W. G. Corporate governance, board diversity, and firm value. The Financial Review. 2003;38(1):33–53. DOI: 10.1111/1540–6288.00034</mixed-citation></citation-alternatives></ref><ref id="cit55"><label>55</label><citation-alternatives><mixed-citation xml:lang="ru">Nguyen H., Faff R. Impact of board size and board diversity on firm value: Australian evidence. Corporate Ownership and Control. 2006;4(2):24–32. DOI: 10.22495/cocv4i2p2</mixed-citation><mixed-citation xml:lang="en">Nguyen H., Faff R. Impact of board size and board diversity on firm value: Australian evidence. Corporate Ownership and Control. 2006;4(2):24–32. DOI: 10.22495/cocv4i2p2</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
