Board Gender Diversity In Corporate Governance Of Public Listed Companies: A Literature Review

Abstract

This literature review synthesizes research from 2010 to 2025 on board gender diversity (BGD) in the corporate governance of public listed companies, exploring its impact on firm performance, corporate social responsibility (CSR), environmental, social, and governance (ESG) outcomes, and risk management. Drawing on theoretical frameworks such as Agency Theory, Resource Dependence Theory, Institutional Theory, and Social Identity Theory, the review examines how gender-diverse boards enhance governance quality, decision-making, and stakeholder engagement. Empirical findings indicate a generally positive association between BGD and firm value, CSR performance, and risk reduction, though results vary by context, including cultural, regulatory, and industry factors. Studies highlight the importance of critical mass (e.g., at least 30% female representation) to avoid tokenism and maximize benefits. However, contradictory findings underscore the need for nuanced approaches, considering firm size, board independence, and regional differences. Policy interventions like quotas and comply-or-explain models show mixed effectiveness, suggesting a need for complementary measures like leadership pipelines. This review identifies gaps in longitudinal studies, non-Western contexts, and integrated theoretical models, proposing directions for future research and policy to leverage BGD effectively.