Title: Women on boards and firm performance in Turkey: a case study of the Istanbul Stock Exchange

Authors: Özlem Atay; Fatih Çetin; Elif Savaşkan

Addresses: Department of Business Administration, Ankara University, Turkey ' Department of Business Administration, Niğde Ömer Halisdemir University, Turkey ' Department of Business Administration, Ankara University, Turkey

Abstract: The aim of this study is to examine the relationship of women on boards and firm performance. The research is based on the BIST-100 Index that consists of the 100 largest and most traded stocks from various sectors in Turkey. Data were collected from annual reports and company disclosures covering the 12-year period of 2010-2021. Using STATA software, we used a dynamic panel regression to test the effect of women on boards via two different company performance indicators as return of assets (ROA) and return of equity (ROE). The results have indicated that there is not any significant relationship between board gender diversity and measured firm performance indicators. Also, the significant role of board diversity on the firm performance in terms of education and learning is examined. As a conclusion, possible theoretical and implicational explanations are provided.

Keywords: gender diversity; gender inequality; innovation and learning; women on board; Istanbul Stock Exchange; Turkey.

DOI: 10.1504/IJIL.2023.132033

International Journal of Innovation and Learning, 2023 Vol.34 No.1, pp.19 - 35

Received: 22 Apr 2022
Accepted: 08 Jul 2022
Published online: 07 Jul 2023 *