Status of Women in Corporate Governance in the Private Sector Companies in India

Abstract

We investigated the status of women in corporate governance in Indian private sector enterprises. A quantitative empirical study was conducted on a convenient sample of 22 women who are members of the supervisory board or the board of directors of BSE 100 companies in India. An in-depth interview was used as a research tool. A 5-point Likert scale questionnaire was prepared to address a few objectives. The study documents that, despite the numerous misconceptions encountered in their job, women generally believe they are appreciated equally by their male co-workers. Achieving work–life balance is a significant problem because of the complex nature of women’s roles in their home and professional lives. The study also documents that women’s development in corporate governance bodies is based on the assistance they get from the more extensive system and society. Research identifies the antecedents of corporate governance and work environment. This research contributes to the study of corporate governance in the workplace. It offers insights into how women handle social bias and work–life balance to succeed professionally. The study’s outcome is helpful for all the stakeholders to understand the various factors which significantly influence women’s position in the work environment to make corporate governance more effective.

Keywords

Women career corporate governance work environment private sector

Introduction

Gender diversity at the board stage is encouraged in corporate governance. Women’s presence has been evolving in corporate governance, but their presence remains low. There are many barriers and demanding situations in their profession. In this paper, we examine the status and positioning of women (Carmo et al., 2022) in corporate governance in private sector companies in India and challenges in their work environment. Gender diversity means the fair representation of individuals of different genders within the organisation. Gender diversity (Safiullah, 2022) on boards and the firm performance has been of interest to researchers globally (El Khoury et al., 2022; Liu et al., 2014; Nerantzidis et al., 2022; Sarkar, 2022; Shamsabadi, 2021; Singh & Pillai, 2022; Tumbe, 2022). Gender diversity is an essential factor in many ways. New employees can determine whether they want to work for the organisation. Firms may get several tangible and intangible benefits if they prioritise gender diversity in the workplace. Yasser observed that gender diversity is a ‘strong value-driver in the organizational strategy and corporate governance’. Many institutes across the globe proposed guidelines aiming to attain the same representation of males and females in corporate governance bodies. As a result, female presence has increased in corporate governance during the last decade.

Boards with gender diversity make a more significant contribution to corporate governance performance (Darmadi, 2013; Singh & Pillai, 2022). Still, males tend to dominate decision-making procedures as compared to women. Darmadi (2013) states that women occupy approximately 20% of board seats on a global stage and stay excluded from top positions in the hierarchy of an organisation (Nae, 2022). India is no longer an exception. According to data, female presence on boards of directors is 17.3% in India. Moreover, studies suggest that female gender discrimination in the workplace still challenges India. This paper aims to examine the role of women in corporate governance bodies in private limited companies in India. This research emphasises the private sector companies and the specifics of management and works in such companies. Additionally, the research aims at women’s problems and challenges women face on the corporate boards of private sector companies and the most common obstacles they encounter in developing their careers.

After the introduction, the paper is classified into five different components. In the literature review, the importance of board diversity and gender diversity is explored. This is followed by the presentation of the empirical research framework and main research results done using a qualitative study on a sample of women holding a position in a supervisory board or board of directors in private sector companies in India. The following section is dedicated to the results and discussion. The last section concludes the whole gamut of discussion.

Review of Literature

Corporate governance guides all activities of the governing bodies, internal and external members and stakeholders, auditors and regulators for effectiveness and optimised performance. According to Khoury et al. (2022), corporate governance ensures that the firms are managed on the principles of transparency and responsibility towards their stakeholders. An organisation’s performance and effectiveness are essentially a function of the board’s composition; hence, the creation and composition of these boards play a significant role (Chao & Wang, 2022; Erhardtet, 2003; Gordini & Rancati, 2017).

According to Tricker and Tricker (2015) and Mallin (2016), there is an upsurge in activities aimed at public policy Tricker (2016)—and corporate governance throughout the world to boost gender diversity on company boards. Konadu et al. (2022) documented that gender diversity in corporate governance boards improves efficiency.

Spain has been a pioneer among the European countries by introducing the ‘Gender equality act’. Safiullah et al. (2022) explored the context of Spanish law to study the relationship between women directors and firm performance in Spain. The results indicated that firms with women on boards indicated better accounting performance but lower market performance. The study also documents that women as directors took higher risks (Tumbe, 2022), thus, shattering the myths that women directors tend to play safe in terms of risk-taking. Corporate governance includes the functions of governing bodies, such as the board of directors, and ‘their connection with the shareholders or members, with those in charge of running the business, with external auditors, with regulators and with other lawful stakeholders’ (Tricker & Tricker, 2015). In this regard, corporate boards are considered essential for developing the framework for corporate governance (Chao & Wang, 2022). Since the board’s composition impacts its performance and effectiveness, which is partially reflected in the organisational performance majorly related to the financial aspect (Choi, 2011), their makeup and configuration are frequently the focus of research (Cabrera-Fernández et al., 2016; Gordini & Rancati, 2017). Board diversity is seen as one of the most crucial characteristics of a board, and it is thought that member heterogeneity can have synergistic effects, improve the board’s ability to make decisions and foster creativity and innovation (Erhardt et al., 2003).

Recently, there has been a focus on board gender diversity (BGD) since, according to Acker (1990), there are differences between men and women in every organisational process and structure. This is why it is thought to provide value to corporate governance (Darmadi, 2013). Men and women have different values and working methods. Research shows that their values, temperaments, personalities and interests differ from their managerial competence and ability (Xie & Whyte, 1997). Different perspectives on problems connected to organisational structure, workplace conflicts, problem resolution, communication and leadership style are frequently the result of this (Merchant, 2012). Valentine and Godkin (2000) attribute women’s success to their superior analytical and problem-solving skills, their valuing of professional relationships and good communication, as well as the fact that they frequently lead in a more democratic and transformational manner than males do. Women appreciate intrinsic, altruistic and social benefits more than men do, while males value extrinsic rewards, authority or leadership and autonomy (Marini et al., 1996).

It is crucial to emphasise that women enjoy workplace policies and features that give them more freedom and a chance to achieve a better work–life balance (Chow & Ngo, 2002). Within gender-diverse boards, all these distinctions between men and women can be pretty advantageous for various board outputs and business performance. For instance, gender-diverse boards demonstrate enhanced innovation and originality (Darmadi, 2013), decreased instances of fraud (Nekhili & Gatfaoui, 2013) and improved decision-making quality and brand perception (Daunfeldt & Rudholm, 2012).

Women still seem to face more career challenges than men, suggesting that there is still significant vertical and horizontal segregation in the workplace (Cabrera-Fernández et al., 2016). In this sense, the term ‘glass ceiling’ may not be accurate; instead, Eagly and Carli (2007) argue that the metaphor of a labyrinth is more appropriate for the difficulties women face as they advance in managerial positions. Instead of just one barrier, there are now several, some more covert than others. These obstacles prevent women from advancing in their careers, and they are widespread in settings where men dominate and are the evaluators.

Carmo et al. (2022) studied BGD and firm performance in Portuguese-listed firms. He observed that firms with a minimum of 20% of representation of women on board showed higher performance. Thus, a threshold value of 20% for women’s representation on board is established for optimum firm performance.

Liu et al. (2014) document a significant positive relationship between BGD and firm performance in China especially when there are more than three women directors on the board. Further, they observed that the firm performance in privately owned firms was more significant than in state-controlled firms, offering exciting insights into the issue.

The entry of women into the boardroom in India was chiefly attributed to family ties within the specific castes and communities (Tumbe, 2022). Incidentally, the presence of women directors on boards in India shows a significant rise from less than 1% before the 1990s to 2% by 2,000, going up to 5% in 2010. The representation of women on boards significantly crossed 16% in 2019, owing to the provisions of the Companies Act 2013.

Sarkar and Selarka (2020) noted a positive association between the presence of women directors on the board and the higher performance of family firms. This holds for independent women directors in family firms during the pre- and post-gender quota regime with evidence from India. Surprisingly, this performance is reduced and diluted with the presence of family members in critical positions.

On the contrary, Singh et al. (2022) observed that there is an insignificant relationship between gender diversity and a firm’s performance and conclude that the Indian IT sector has been unsuccessful in leveraging the power of women on board as stipulated in the provisions of Companies Act 2013.

Nerantzidis et al. (2022) applied the generalised method of moments to explore the association between corporate social performance (CSP) and BGD. They observe that the BGD positively impacts the overall CSP, especially on employees and the community.

Researchers recognise the values and working styles of men and women due to their dissimilarity in personality, temperament and personal values (Xie & Whyte, 1997). Further, this is also reflected in how they handle issues related to workplace conflicts, problem-solving (Hahn & Litwin, 1995) and leadership styles (Merchant, 2012). Valentine and Godkin (2000) view women’s leadership style as more transformational and democratic than men’s, primarily impacting communication, problem-solving, analytical thinking and professional rapport.

Women tend to face more challenges in the workplace than men. Mooney et al. (1996) document that men consider extrinsic rewards more critical than women, who consider social and intrinsic rewards more important. Also, women emphasise job features, working conditions, flexibility and good work–life balance (Cabrera-Fernández et al., 2016; Chow & Ngo, 2002; Eagly & Carli, 2007). The varied qualities, perceptions and performance of women in the workforce, especially on boards, can be immensely beneficial to company performance.

Pae and Choi (2011) and Demise (2005) strongly propose that companies with firm business ethics Pae and Choi (2011) have effective corporate governance procedures. Studies indicate that gender-diverse boards attribute to fewer malpractices (Nekhili & Gatfaoui, 2013). Empirical evidence points towards an association between board diversity and corporate performance (Al-Jaifi, 2020; Amin et al., 2021; Dang & Nguyen, 2021; Gordini & Rancati, 2017; Martinez & Rambaudm, 2019). The organisation’s performance is also affected by its characteristics of the organisation (Abdullah et al., 2016).

Summarising the literature, most studies on corporate governance have not found much of their way to the private sector companies in India. However, its presence is much more prevalent in the international scenario. Also, in most corporate governance studies, parameters such as the scope of corporate governance in the workplace, social bias and work–life balance still need to be explored. This paper attempts to study these areas with the following objectives.

Objectives

To study corporate governance and work environment in the organisations.

To study this objective following hypothesis is established.

H₁: Corporate governance significantly impacts the work environment in organisations.

To study work–life balance in the professional and personal spheres.

To study this objective following hypothesis is established.

H₂: Female employees can manage the work–life balance in the professional and personal spheres.

To study corporate governance from the aspect of gender and the position of women in organisations.

To study this objective following hypothesis is established.

H₃: Employers perceive females equally as their male colleagues.

To study the challenges in career post motherhood.

Research Framework

To investigate the role and position of women in corporate governance bodies in private sector companies in India. We have considered the data of BSE 100 companies as a universe. A quantitative empirical study was done on a convenient sample of 22 women that are members of the board of directors (MBD) or supervisory boards (SB) of private sector companies in India (refer to Table 1). Considering the universe of data, the sample size is approximately 18%, which the authors felt would suffice for this study. An in-depth interview was used as a research tool. Also, a questionnaire is prepared to address a few objectives. All items are assessed on a Likert scale (5-point), where 1 stands for ‘strongly disagree’ and 5 stands for ‘strongly agree’. The interview was comprised of various questions related to professional as well as personal aspects of life. The questions include their opinions on corporate governance and work environment, a professional and personal sphere of work–life balance, corporate governance from the gender and position of women in organisations, and career and motherhood.

Table 1 summarises the information of the respondents.

Table 1.

Profile of Respondents.

Respondent	Position	Experience	Age	Education	No. of Children
1	MBD	4	45–50	Graduate	3
2	MBD	4	45–50	Postgraduate	3
3	MBD	4	40–45	Postgraduate	1
4	MBD	1	40–45	Postgraduate	2
5	MBD	6	35–40	Postgraduate	2
6	MBD	4	35–40	Post-doctorate	2
7	MBD	8	45–50	Post-doctorate	1
8	MBD	6	45–50	Graduate	2
9	MBD	6	40–45	Postgraduate	2
10	MBD	7	45–50	Postgraduate	2
11	SB	1	40–45	Graduate	2
12	SB	2	40–45	Postgraduate	2
13	SB	3	35–40	Postgraduate	1
14	SB	3	35–40	Graduate	1
15	SB	4	45–50	Postgraduate	2
16	SB	6	45–50	Postgraduate	2
17	SB	7	40–45	Postgraduate	1
18	SB	4	40–45	Graduate	1
19	SB	5	40–45	Graduate	1
20	SB	4	35–40	Postgraduate	2
21	SB	3	35–40	Postgraduate	2
22	SB	3	35–40	Postgraduate	3

Results

The analysis results, and in-depth interviews are presented in four parts: (i) Corporate governance and work environment in organisations. (ii) Corporate governance from the gender and position of women in organisations. (iii) Work–life balance in the professional and personal spheres. (iv) Challenges in career post motherhood.

Corporate Governance and Work Environment in Organisations

To understand the relationship, corporate governance is considered an independent variable, and work environment is a dependent variable. To validate the relationship between corporate governance and work environment regression equation is used. Refer to Tables 2 and 3 for results.

Table 2.

Regression Results of Corporate Governance (CG) and Work Environment.

Model	R	R Square	Adjusted R Square	Std. Error of the Estimates
1	0.872^a	0.788	0.734	0.342

Note:

^aPredictors CG.

Table 3.

F Statistics Results.

Model		Sum of Squares	Df	Mean Square	F	Sig.
1	Regression	68.78	1	9.95	192.67	0.000^a
	Residual	20.63	20	0.08
	Total	89.41	21

Note:

^aPredictors CG.

To assess hypothesis 1, the work environment is regressed to corporate governance. F statistics is used to validate the significance of the model. As the P-value is 0.000, H₁ is accepted, meaning corporate governance significantly impacts the work environment. The R square value indicates that CG has a 78.8% impact on the work environment. Interestingly one of the respondents equated corporate governance with the total quality management concept of the Toyota Production System. The respondent said that ‘good and effective corporate governance contributes to the development of an integrity-driven work environment, which leads to improved performance and long-term viability. This means employees are getting what they deserve, and therefore there is continuous improvement in the efficiency of the company. As a result, excellent quality of product will be manufactured and delivered to customers. Naturally, this will lead to an increase in sales, profit and brand equity of the company.’ Therefore, organisations must be careful while planning and executing any governance activity.

Work–Life Balance in the Professional and Personal Spheres

For all the women questioned, maintaining a healthy balance between their work and responsibilities seems to be one of the major obstacles. One of the respondents says that ‘At my job, juggling work and personal obligations is quite challenging, therefore, I’m curious how others manage it’. One of the respondents stated that ‘for women work–life balance is a distant dream, I am not in a position to manage it at all’.

All the responders have the same viewpoint. They claimed that, in general, they did not have time for their families or leisure pursuits. However, they believed that careful planning, efficient household logistics, their spouses’ support, and the engagement of the entire family would undoubtedly aid them in managing a healthy work–life balance. In general, all the respondents try to avoid bringing office work home and want to spend as much time as possible with their families after work. In their homes, half of the respondents provided additional care for elderly relatives, which needed time and additional labour.

From the above observations, there is enough evidence to reject hypothesis 2, which means that female employees cannot manage the work–life balance in the professional and personal spheres.

Corporate Governance from the Aspect of Gender and Position of Women in Organisations

When responding to inquiries on corporate governance from a gender perspective, most respondents (14 out of 22) think that their employer treats them similarly to their male co-workers. Most say that their boss highly appreciates them and consults with them when making business decisions. Respondents think they can do jobs as allocated and work without restrictions. Respondents further claim that they receive the same treatment as males from the other corporate governance board members.

Most respondents can contribute to the job equally with their male co-workers, and their opinions are asked when important corporate planning and strategy are adopted. In the same position and given equal tasks, the incomes of the women questioned do not seem to differ from those of their male co-workers. Fifteen of the 22 respondents think there have been no challenges in their professional growth or in accepting a position as a board of directors or supervisory board member. Respondent 1 stated, ‘ I had no difficulties developing my career, and my company always valued hard work, dedication and effort. Accordingly, the desire for development and self-realisation drives most respondents’ development and self-realisation. They are prepared to perform their tasks as efficiently as possible to achieve the pre-determined goals that will result in success. Most successfully overcame the so-called ‘social prejudice’ in their activities within the company. Male co-workers admire and respect responders who represent minorities on their boards. Interestingly, 6 out of 22 respondents said that sometimes they had been the victims of both sexes had mobbed them been mobbed by both sexes.

Respondent 4 stated: ‘Women are good at managing people because they are more sociable and have a better overall outlook on life’. Interestingly, a significant portion of respondents (16 out of 22) oppose implementing gender quotas for executive positions within the organisation since they think the quota system alone will not address the fundamental issues women confront. According to respondent 5, ‘I oppose enacting gender quotas for executive roles in the organisation because I think that women should primarily be given the same opportunities as men based on merit only. Women should be treated with respect and encouraged at the most challenging phases of their careers’.

Women in managerial positions are encouraged to network more and take a variety of initiatives through various groups, which are considered instruments to assist them in combating societal discrimination and advancing in their careers. From the above observations, there is enough evidence to accept hypothesis 3; we can conclude that employers perceive females equally as their male colleagues.

Challenges in Career Post Motherhood

Respondents (17 out of 22) think there was no pressure or issue when they were on maternity leave from the workplace or the company. Most of them (17 out of 22) took full use of Mostleave. Most respondents claimed that going back to work after maternity leave was unpleasant. The primary issues they ran across were deterioration, exclusion from new initiatives, lack of concern for the work environment, and other issues of a similar nature.

Most respondents did not experience any issues with their employers when they needed to take a sick day because their child was ill. However, this is not ideal since the respondents are powerful women whose jobs do not allow extended absences. Respondent 2 stated: ‘Whether I seek a sick day or do not request one when my child is ill, I frequently experience regret. If I do not ask for sick leave, I question my ability as a mother since I am not with my child. If I remain home with a sick child, I worry about the situation at work and how people will perceive that I am not there. Challenging position for me’. When responders return to work after the required sick leave has passed, most of the time, work still must be done. Therefore, companies need to have some planning regarding this issue.

Discussion

The importance of BGD has been highlighted in corporate governance studies, particularly considering the worldwide push towards more female board presence and quota procedures intended to assure equal representation of men and women. This study revealed that corporate governance significantly impacts the work environment. The study also observed that women participate in corporate governance work and are treated equally to males. Women confront difficulties and challenges head-on, assuming there is always a solution. However, they still come against biases and preconceptions at work. Those are prejudices from a part of their male and female colleagues, which is why they want to prove themselves. So, they spend money on their education and continuously search for new knowledge and experience. The study also documents that women are against the reservation and want to secure leadership roles based on merit.

In addition, the respondents’ challenge is balancing their professional and personal life as women must carry out many roles like mother, wife, etc. Therefore, there are situations when the conflict of the role emerges. The respondents felt that raising awareness of women’s needs and supporting them from the government, society and employers would be a better solution. The respondents also highlighted the importance of the support of partners and family.

Gender diversity awareness is considerably higher now than previously, but further advancements are required with new strategies and activities to advance the status of women. Adopting state-level policies that would compel companies to make it simpler for women to combine their home and professional lives is also a desirable goal. Some potential solutions include more flexible work schedules, more frequent use of the work-from-home option, more vacation days, higher salaries to pay for additional household and childcare help, more financial incentives for having the first and subsequent children and creating facilities for childcare at workplaces. These kinds of initiatives will bring a revolution in corporate offices in India.

Conclusion

Over time, women’s roles in society, families and even workplaces have evolved. Women have always been seen as the inferior sex (Marini, 1989). Furthermore, they are expected to do domestic duties. The market was developed and modernised due to the internationalisation and globalisation processes, which also changed the status of women in many facets of society. The underrepresentation of women in managerial roles continues, and BGD has emerged as one of the major issues in corporate governance. Women are underrepresented in the highest positions inside organisations, according to the literature and data currently available.

The conventional conception of the roles of men and women and the challenges women face in advancing their careers contribute to this underrepresentation. The ‘social prejudice’ issue is the main challenge that women encounter. The results from the study reported in this paper point in the direction that businesses should work to lessen the gender disparity in senior positions within the firm and that women should be assisted in the most challenging years of their careers. Many experts stress the need for a gender-balanced management structure since excellent company performance may be anticipated with a sufficient ratio of women and men in management roles. The emphasis here is on the ideal proportion of both sexes in senior roles, not on the idea that exclusively women should hold the top positions within the organisation, as is suggested by the literature and research that is currently accessible. The road to achieving gender parity is long and complicated. However, if highly qualified women’s abilities are fully used, talent is recovered and potential economic growth advantages might be recovered.

Limitations and Future Research Directions

A deeper investigation of the comparison of the situation of women in private and state-owned enterprises can be scope for future research. In addition to a bigger sample size to better understand the function and position of women and determine both systems’ benefits and drawbacks. The generalisability of the research’s findings may be impacted by various constraints, which should be considered. Also, future research can examine the status of women at different intersectionality like gender and educational background, class, marital status, etc. This could help examine if there are any unique opportunities or challenges for women in this area. Future research can also carry out a comparative study of the status of women in similar economies which can be used to make policy recommendations about the representation requirement for women on boards. Thus, there is great potential for researchers to make meaningful contributions in this area.

Footnotes

Declaration of Conflicting Interests

The authors declared no potential conflicts of interest with respect to the research, authorship and/or publication of this article.

Funding

The authors received no financial support for the research, authorship and/or publication of this article.

ORCID iDs

Rajesh Raut

Amruta Deshpande

References

Abdullah

S. N.

, Ismail

K. N. I. K.

, & Nachum

(2016). Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets. Strategic Management Journal , 37(3), 466–476.

Acker

(1990). Hierarchies, jobs, bodies: A theory of gendered organizations. Gender & Society , 4(2), 139–158.

Al-Jaifi

H. A.

(2020). Board gender diversity and environmental, social and corporate governance performance: E vidence from ASEAN banks. Asia-Pacific Journal of Business Administration , 12(3/4), 269–281.

Amin

H. M.

, Mohamed

E. K.

, & Hussain

M. M.

(2021). Corporate governance practices and firm performance: A configurational analysis across corporate life cycles. International Journal of Accounting & Information Management , 29(5), 669–697.

Cabrera-Fernández

A. I.

, Martínez-Jiménez

, & Hernández-Ortiz

M. J.

(2016). Women’s participation on boards of directors: A review of the literature. International Journal of Gender and Entrepreneurship , 8(1), 69–89.

Carmo

, Alves

, & Quaresma

(2022). Women on b oards in Portuguese -listed companies: Does g ender d iversity i nfluence f inancial p erfo r mance? Sustainability , 14(10), 6186.

Chao

C. C.

, & Wang

L. F.

(2022). Corporate governance, firm dynamics, and wage inequality. The Manchester School , 90(3), 341–353.

Choi

(2011). Towards an operational model of corporate governance. International Journal of Technology Management and Sustainable Development , 10(2), 165–179. https://doi.org/10.1386/tmsd.10.2.165_1

Chow

I. H. S.

, & Ngo

H. Y.

(2002). Gender differences in job attribute preferences and job choice of university students in China. Journal of Applied Business Research , 18(2). https://doi.org/10.19030/jabr.v18i2.2111

10.

Dang

V. C.

, & Nguyen

Q. K.

(2021). Internal corporate governance and stock price crash risk: E vidence from Vietnam. Journal of Sustainable Finance & Investment , 1–18.

11.

Darmadi

(2013). Corporate governance disclosure in the annual report: An exploratory study on Indonesian Islamic banks. Humanomics , 29(1), 4–23.

12.

Daunfeldt

S. O.

, & Rudholm

(2012). Does gender diversity in the boardroom improve firm performance. Departamento de Economía de la Universidad de Dalarna , 781, 88.

13.

Demise

(2005). Business ethics and corporate governance in Japan. Business & Society , 44(2), 211–217.

14.

Eagly

A. H.

, & Carli

L. L.

(2007). Through the labyrinth: The truth about how women become leaders . Harvard Business Press.

15.

El Khoury

, Nasrallah

, Harb

, & Hussainey

(2022). Exploring the performance of responsible companies in G20 during the COVID-19 outbreak. Journal of Cleaner Production , 354, 131693.

16.

Erhardt

N. L.

, Werbel

J. D.

, & Shrader

C. B.

(2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review , 11(2), 102–111.

17.

Gordini

, & Rancati

(2017). Gender diversity in the Italian boardroom and firm financial performance. Management Research Review , 40(1), 75–94.

18.

Hahn

, & Litwin

(1995). Women and men: Understanding and respecting gender differences in the workplace. In

Ritvo

R. A.

, Litwin

A. H.

, & Butler

(Eds.), Managing in the age of change – Essential skills to manage today’s diverse workforce , Irwin.

19.

Konadu

, Ahinful

G. S.

, Boakye

D. J.

, & Elbardan

(2022). Board gender diversity, environmental innovation and corporate carbon emissions. Technological Forecasting and Social Change , 174, 121279.

20.

Liu

, Hua

, Wang

, & Hu

(2022). Insight into the performance and mechanism of persimmon tannin functionalized wastepaper for U (VI) and Cr (VI) removal. Chemosphere , 287, 132199.

21.

Liu

, Abetz

, & Müller

A. H.

(2003). Janus cylinders. Macromolecules , 36(21), 7894–7898.

22.

Liu

, Wei

, & Xie

(2014). Do women directors improve firm performance in China? Journal of Corporate Finance , 28, 169–184.

23.

Mallin

(2016). Corporate governance . Oxford University Press.

24.

Marini

M. M.

(1989). Sex differences in earnings in the United States. Annual Review of Sociology , 15(1), 343–380. https://doi.org/10.1146/annurev.so.15.080189.002015

25.

Marini

M. M.

, Fan

P. L.

, Finley

, & Beutel

A. M.

(1996). Gender and job values. Sociology of Education , 69(1), 49–65. https://doi.org/10.2307/2112723

26.

Merchant

(2012). How men and women differ: Gender differences in communication styles, influence tactics, and leadership styles.

27.

Minimol

M. C.

, & Khong

P. L.

(2021). Gender diversity and firm performance: Evidences from emerging markets. Economic Research Guardian , 11(1), 156–169.

28.

Mooney

J. G.

, Gurbaxani

, & Kraemer

K. L.

(1996). A process-oriented framework for assessing the business value of information technology. ACM SIGMIS Database: The Database for Advances in Information Systems , 27(2), 68–81.

29.

Nae

(2022). Gender diversity on corporate boards: Is still a distant dream. Cogito , 14(1), 53–69.

30.

Nasrallah

, & El Khoury

(2022). Is corporate governance a good predictor of SMEs’ financial performance? Evidence from developing countries (the case of Lebanon). Journal of Sustainable Finance & Investment , 12(1), 13–43.

31.

Nekhili

, & Gatfaoui

(2013). Are demographic attributes and firm characteristics drivers of gender diversity? Investigating women’s positions on French boards of directors. Journal of Business Ethics , 118(2), 227–249.

32.

Nerantzidis

, Tzeremes

, Koutoupis

, & Pourgias

(2022). Exploring the black box: Board gender diversity and corporate social performance. Finance Research Letters , 48, 102987.

33.

Pae

, & Choi

T. H.

(2011). Corporate governance, commitment to business ethics, and firm valuation: Evidence from the Korean stock market. Journal of Business Ethics , 100, 323–348.

34.

Press Trust of India. (2021, September 28). Topics. At 17.3%, India Inc badly lags presence of women board members: Report. The Business Standard .

35.

Safiullah

, Akhter

, Saona

, & Azad

M. A. K.

(2022). Gender diversity on corporate boards, firm performance, and risk-taking: New evidence from Spain. Journal of Behavioral and Experimental Finance , 35, 100721.

36.

Sarkar

, & Selarka

(2021). Women on board and performance of family firms: Evidence from India. Emerging Markets Review , 46, 100770.

37.

Sarkar

, & Selarka

Women on corporate boards in India. https://dx-doi-org.web.bisu.edu.cn/10.2139/ssrn.2730551

38.

Sarkar

S. H.

(2022). Influence of corporate governance on sustainability disclosure in Bangladesh. Journal of Management and Research , 9(1). https://doi.org/10.29145/jmr/91/05

39.

Shamsabadi

H. A.

, Tebourbi

, Nourani

, & Min

B. S.

(2021). Corporate governance and dividend reinvestment plans: Insights from imputation tax in Australia. Finance Research Letters , 41, 101810. https://doi.org/10.1016/j.frl.2020.101810

40.

Singh

, Singhania

, & Aggrawal

(2022). Does board gender diversity impact financial performance? Evidence from the Indian IT sector. Society and Business Review . https://doi.org/10.1108/SBR-09-2021-0164

41.

Singh

, & Pillai

(2022). Corporate governance in small and medium enterprises: A review. Corporate Governance: The International Journal of Business in Society , 22(1), 23–41.

42.

Tricker

, & Tricker

R. I.

(2015). Corporate governance: Principles, policies, and practices . Oxford University Press.

43.

Tricker

(2016). ISO 9001: 2015 for small businesses . Routledge.

44.

Tumbe

(2022). Women directors in corporate India, c. 1920–2019. Business History , pp. 1–14.

45.

Valentine

, & Godkin

(2000). Supervisor gender, leadership style, and perceived job design. Women in Management Review , 15(3), 117–129. https://doi.org/10.1108/09649420010325744

46.

Xie

J. L.

, & Whyte

(1997). Gender differences among managers and nonmanagers: An analysis of assessment data. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l’Administration , 14(3), 340–353.

47.

Yasser

Q. R.

(2012). Effects of female directors on firms’ performance in Pakistan. Modern Economy , 3, 817–825.