Board gender diversity and financial stability: Evidence from microfinance institutions

References

• Abou-El-Sood, H. (2021). Board gender diversity, power, and bank risk taking. International Review of Financial Analysis, 75, 101733. https://doi.org/10.1016/j.irfa.2021.101733
   Web of Science ®Google Scholar
• Abrar, A., Hasan, I., & Kabir, R. (2021). Finance-growth nexus and banking efficiency: The impact of microfinance institutions. Journal of Economics and Business, 114, 105975. https://doi.org/10.1016/j.jeconbus.2020.105975
   Web of Science ®Google Scholar
• Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–21. https://doi.org/10.1016/j.jfineco.2008.10.007
   Web of Science ®Google Scholar
• Adams, R. B., & Funk, P. (2011). Beyond the glass ceiling: Does gender matter? Management Science, 58(2), 219–235. https://doi.org/10.1287/mnsc.1110.1452
   Web of Science ®Google Scholar
• Adams, R. B., & Ragunathan, V. (2017). Lehman sisters. Available at SSRN 3046451.
   Google Scholar
• Adusei, M., Akomea, S. Y., Poku, K., & McMillan, D. (2017). Board and management gender diversity and financial performance of microfinance institutions. Cogent Business & Management, 4(1), 1360030. https://doi.org/10.1080/23311975.2017.1360030
   Web of Science ®Google Scholar
• Adusei, M., & Obeng, E. Y. T. (2019). Board gender diversity and the capital structure of microfinance institutions: A global analysis. The Quarterly Review of Economics & Finance, 71, 258–269. https://doi.org/10.1016/j.qref.2018.09.006
   Web of Science ®Google Scholar
• Anginer, D., Demirguc-Kunt, A., & Zhu, M. (2014). How does competition affect bank systemic risk? Journal of Financial Intermediation, 23(1), 1–26. https://doi.org/10.1016/j.jfi.2013.11.001
   Web of Science ®Google Scholar
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
   Web of Science ®Google Scholar
• Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173. https://doi.org/10.1037/0022-3514.51.6.1173
   PubMed Web of Science ®Google Scholar
• Beck, T., De Jonghe, O., & Schepens, G. (2013). Bank competition and stability: Cross-country heterogeneity. Journal of Financial Intermediation, 22(2), 218–244. https://doi.org/10.1016/j.jfi.2012.07.001
   Web of Science ®Google Scholar
• Beisland, L. A., Djan, K. O., Mersland, R., & Randøy, T. (2021). Measuring social performance in social enterprises: A global study of microfinance institutions. Journal of Business Ethics, 171(1), 51–71. https://doi.org/10.1007/s10551-019-04417-z
   Web of Science ®Google Scholar
• Berger, A. N., Kick, T., & Schaeck, K. (2014). Executive board composition and bank risk taking. Journal of Corporate Finance, 28, 48–65. https://doi.org/10.1016/j.jcorpfin.2013.11.006
   Web of Science ®Google Scholar
• Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588–612. https://doi.org/10.1016/j.jfineco.2017.12.009
   Web of Science ®Google Scholar
• Bibi, U., Balli, H. O., Matthews, C. D., & Tripe, D. W. L. (2018). New approaches to measure the social performance of microfinance institutions (MFIs). International Review of Economics & Finance, 53, 88–97. https://doi.org/10.1016/j.iref.2017.10.010
   Web of Science ®Google Scholar
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
   Web of Science ®Google Scholar
• Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender differences in risk taking: A meta-analysis. Psychological Bulletin, 125(3), 367. https://doi.org/10.1037/0033-2909.125.3.367
   Web of Science ®Google Scholar
• Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. https://doi.org/10.1007/s10551-007-9630-y
   Web of Science ®Google Scholar
• Canh, N. P., Schinckus, C., Su, T. D., & Chong, F. H. L. (2021). Institutional quality and risk in the banking system. Journal of Economics, Finance and Administrative Science, 26(51), 22–40. https://doi.org/10.1108/JEFAS-01-2020-0012
   Google Scholar
• Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034
   Google Scholar
• Chakrabarty, S., & Bass, A. E. (2014). Corporate governance in microfinance institutions: Board composition and the ability to face institutional voids. Corporate Governance an International Review, 22(5), 367–386. https://doi.org/10.1111/corg.12071
   Web of Science ®Google Scholar
• Chen, C., Chen, Y., Hsu, P.-H., & Podolski, E. J. (2016). Be nice to your innovators: Employee treatment and corporate innovation performance. Journal of Corporate Finance, 39, 78–98. https://doi.org/10.1016/j.jcorpfin.2016.06.001
   Web of Science ®Google Scholar
• Chen, L. H., Gramlich, J., & Houser, K. A. (2019). The effects of board gender diversity on a firm’s risk strategies. Accounting & Finance, 59(2), 991–1031. https://doi.org/10.1111/acfi.12283
   Web of Science ®Google Scholar
• Chen, J., Leung, W. S., & Evans, K. P. (2018). Female board representation, corporate innovation and firm performance. Journal of Empirical Finance, 48, 236–254. https://doi.org/10.1016/j.jempfin.2018.07.003
   Web of Science ®Google Scholar
• Chen, J., Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86–105. https://doi.org/10.1016/j.jcorpfin.2017.01.001
   Web of Science ®Google Scholar
• Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. https://doi.org/10.1257/jel.47.2.448
   Web of Science ®Google Scholar
• Distinguin, I., Roulet, C., & Tarazi, A. (2013). Bank regulatory capital and liquidity: Evidence from US and European publicly traded banks. Journal of Banking and Finance, 37(9), 3295–3317. https://doi.org/10.1016/j.jbankfin.2013.04.027
   Web of Science ®Google Scholar
• Duho, K. C. T., Duho, D. M., & Forson, J. A. (2023). Impact of income diversification strategy on credit risk and market risk among microfinance institutions. Journal of Economic and Administrative Sciences, 39(2), 523–546. https://doi.org/10.1108/JEAS-09-2020-0166
   Web of Science ®Google Scholar
• Durango-Gutiérrez, M. P., Lara-Rubio, J., & Navarro-Galera, A. (2023). Analysis of default risk in microfinance institutions under the Basel III framework. International Journal of Finance & Economics, 28(2), 1261–1278. https://doi.org/10.1002/ijfe.2475
   Web of Science ®Google Scholar
• Fall, F., Akim, A.-M., & Wassongma, H. (2018). DEA and SFA research on the efficiency of microfinance institutions: A meta-analysis. World Development, 107, 176–188. https://doi.org/10.1016/j.worlddev.2018.02.032
   Web of Science ®Google Scholar
• Fall, F. S., Tchakoute Tchuigoua, H., Vanhems, A., & Simar, L. (2021). Gender effect on microfinance social efficiency: A robust nonparametric approach. European Journal of Operational Research, 295(2), 744–757. https://doi.org/10.1016/j.ejor.2021.03.020
   Google Scholar
• Fan, Y., Jiang, Y., Zhang, X., & Zhou, Y. (2019). Women on boards and bank earnings management: From zero to hero. Journal of Banking and Finance, 107, 105607. https://doi.org/10.1016/j.jbankfin.2019.105607
   Web of Science ®Google Scholar
• Farag, H., & Mallin, C. (2017). Board diversity and financial fragility: Evidence from European banks. International Review of Financial Analysis, 49, 98–112. https://doi.org/10.1016/j.irfa.2016.12.002
   Web of Science ®Google Scholar
• Fehr-Duda, H., de Gennaro, M., & Schubert, R. (2006). Gender, financial risk, and probability weights. Theory and Decision, 60(2), 283–313. https://doi.org/10.1007/s11238-005-4590-0
   Web of Science ®Google Scholar
• Flannery, M. J., & Hankins, K. W. (2013). Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19, 1–19. https://doi.org/10.1016/j.jcorpfin.2012.09.004
   Web of Science ®Google Scholar
• García-Meca, E., García-Sánchez, I.-M., & Martínez-Ferrero, J. (2015). Board diversity and its effects on bank performance: An international analysis. Journal of Banking and Finance, 53, 202–214. https://doi.org/10.1016/j.jbankfin.2014.12.002
   Web of Science ®Google Scholar
• González, F. (2005). Bank regulation and risk-taking incentives: An international comparison of bank risk. Journal of Banking and Finance, 29(5), 1153–1184. https://doi.org/10.1016/j.jbankfin.2004.05.029
   Web of Science ®Google Scholar
• Greene, W. H. (2003). Econometric analysis. Pearson Education India.
   Google Scholar
• Griffin, D., Li, K., & Xu, T. (2021). Board gender diversity and corporate innovation: International evidence. Journal of Financial and Quantitative Analysis, 56(1), 123–154. https://doi.org/10.1017/S002210901900098X
   Web of Science ®Google Scholar
• Gulamhussen, M. A., & Santa, S. F. (2015). Female directors in bank boardrooms and their influence on performance and risk-taking. Global Finance Journal, 28, 10–23. https://doi.org/10.1016/j.gfj.2015.11.002
   Google Scholar
• Hermalin, B., & Weisbach, M. S. (2001). Boards of directors as an endogenously determined institution: A survey of the economic literature. National Bureau of Economic Research Working Paper Series, (8161). https://doi.org/10.3386/w8161
   Google Scholar
• Hermes, N., & Hudon, M. (2018). Determinants of the performance of microfinance institutions: A systematic review. Journal of Economic Surveys, 32(5), 1483–1513. https://doi.org/10.1111/joes.12290
   Web of Science ®Google Scholar
• Hossain, M. I., Mia, M. A., & Hooy, C.-W. (2023). Employee turnover and the credit risk of microfinance institutions (MFIs): International evidence. Borsa Istanbul Review, 23(4), 936–952. https://doi.org/10.1016/j.bir.2023.04.001
   Web of Science ®Google Scholar
• Houston, J. F., Lin, C., Lin, P., & Ma, Y. (2010). Creditor rights, information sharing, and bank risk taking. Journal of Financial Economics, 96(3), 485–512. https://doi.org/10.1016/j.jfineco.2010.02.008
   Web of Science ®Google Scholar
• Illiashenko, P., & Laidroo, L. (2020). National culture and bank risk-taking: Contradictory case of individualism. Research in International Business and Finance, 51, 101069. https://doi.org/10.1016/j.ribaf.2019.101069
   Web of Science ®Google Scholar
• Jane Lenard, M., Yu, B., Anne York, E., & Wu, S. (2014). Impact of board gender diversity on firm risk. Managerial Finance, 40(8), 787–803. https://doi.org/10.1108/MF-06-2013-0164
   Web of Science ®Google Scholar
• Joecks, J., Pull, K., & Vetter, K. (2013). Gender diversity in the boardroom and firm performance: What exactly constitutes a “critical mass?”. Journal of Business Ethics, 118(1), 61–72. https://doi.org/10.1007/s10551-012-1553-6
   Web of Science ®Google Scholar
• Kamarudin, K. A., Ariff, A. M., & Wan Ismail, W. A. (2022). Product market competition, board gender diversity and corporate sustainability performance: International evidence. Journal of Financial Reporting and Accounting, 20(2), 233–260. https://doi.org/10.1108/JFRA-01-2021-0020
   Web of Science ®Google Scholar
• Kanter, R. M. (1984). Some effects of proportions on group life. In P. P. Rieker & E. Carmen (Eds.), The gender gap in psychotherapy: social realities and psychological processes (pp. 53–78). Springer US. https://doi.org/10.1007/978-1-4684-4754-5_5
   Google Scholar
• Kinateder, H., Choudhury, T., Zaman, R., Scagnelli, S. D., & Sohel, N. (2021). Does boardroom gender diversity decrease credit risk in the financial sector? Worldwide evidence. Journal of International Financial Markets, Institutions and Money, 73, 101347. https://doi.org/10.1016/j.intfin.2021.101347
   Web of Science ®Google Scholar
• Kohler, U., & Kreuter, F. (2005). Data analysis using Stata. Stata Press.
   Google Scholar
• Konrad, A. M., Kramer, V., & Erkut, S. (2008). Critical mass: The impact of three or more women on corporate boards. Organizational Dynamics, 37(2), 145–164. https://doi.org/10.1016/j.orgdyn.2008.02.005
   Web of Science ®Google Scholar
• Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003
   Web of Science ®Google Scholar
• Lassoued, N. (2017). What drives credit risk of microfinance institutions? International evidence. International Journal of Managerial Finance, 13(5), 541–559. https://doi.org/10.1108/IJMF-03-2017-0042
   Google Scholar
• Liang, W.-L., Nguyen, D. N., Tran, Q.-N., & Truong, Q.-T. (2023). Employee welfare and firm financial performance revisited. Managerial Finance, 49(2), 248–269. https://doi.org/10.1108/MF-02-2022-0095
   Web of Science ®Google Scholar
• Liu, J. J., Daly, K., & Mishra, A. V. (2022). Board gender diversity and bank risks: Evidence from Australia. Economic Analysis & Policy, 76, 1040–1052. https://doi.org/10.1016/j.eap.2022.10.010
   Web of Science ®Google Scholar
• Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169–184. https://doi.org/10.1016/j.jcorpfin.2013.11.016
   Web of Science ®Google Scholar
• Marquez-Cardenas, V., Gonzalez-Ruiz, J. D., & Duque-Grisales, E. (2022). Board gender diversity and firm performance: Evidence from Latin America. Journal of Sustainable Finance & Investment, 12(3), 785–808. https://doi.org/10.1080/20430795.2021.2017256
   Web of Science ®Google Scholar
• Mateos de Cabo, R., Gimeno, R., & Nieto, M. J. (2012). Gender Diversity on European Banks’ Boards of Directors. Journal of Business Ethics, 109(2), 145–162. https://doi.org/10.1007/s10551-011-1112-6
   Web of Science ®Google Scholar
• Mohsni, S., Otchere, I., & Shahriar, S. (2021). Board gender diversity, firm performance and risk-taking in developing countries: The moderating effect of culture. Journal of International Financial Markets, Institutions and Money, 73, 101360. https://doi.org/10.1016/j.intfin.2021.101360
   Web of Science ®Google Scholar
• Naveed, K., Khalid, F., & Voinea, C. L. (2023). Board gender diversity and corporate green innovation: An industry-level institutional perspective. Corporate Social Responsibility & Environmental Management, 30(2), 755–772. https://doi.org/10.1002/csr.2386
   Web of Science ®Google Scholar
• Nerantzidis, M., Tzeremes, P., Koutoupis, A., & Pourgias, A. (2022). Exploring the black box: Board gender diversity and corporate social performance. Finance Research Letters, 48, 102987. https://doi.org/10.1016/j.frl.2022.102987
   Web of Science ®Google Scholar
• Nguyen, D. N., & Dang, T. T. (2022). The relationship between central bank independence and systemic fragility: Global evidence. Cogent Economics & Finance, 10(1), 2087290. https://doi.org/10.1080/23322039.2022.2087290
   Web of Science ®Google Scholar
• Nguyen, T., Locke, S., & Reddy, K. (2015). Does boardroom gender diversity matter? Evidence from a transitional economy. International Review of Economics & Finance, 37, 184–202. https://doi.org/10.1016/j.iref.2014.11.022
   Web of Science ®Google Scholar
• Nguyen, D. N., Nguyen, C. P., & Dang, L. P. X. (2022). Uncertainty and corporate default risk: Novel evidence from emerging markets. Journal of International Financial Markets, Institutions and Money, 78, 101571. https://doi.org/10.1016/j.intfin.2022.101571
   Web of Science ®Google Scholar
• Nguyen, D. N., Tran, Q.-N., & Truong, Q.-T. (2022). The ownership concentration − innovation nexus: evidence from SMEs around the world. Emerging Markets Finance and Trade, 58(5), 1288–1307. https://doi.org/10.1080/1540496X.2020.1870954
   Web of Science ®Google Scholar
• Osei-Tutu, F., & Weill, L. (2021). How language shapes bank risk taking. Journal of Financial Services Research, 59(1), 47–68. https://doi.org/10.1007/s10693-020-00335-8
   Web of Science ®Google Scholar
• Owen, A. L., & Temesvary, J. (2018). The performance effects of gender diversity on bank boards. Journal of Banking and Finance, 90, 50–63. https://doi.org/10.1016/j.jbankfin.2018.02.015
   Web of Science ®Google Scholar
• Palvia, A., Vähämaa, E., & Vähämaa, S. (2015). Are female CEOs and Chairwomen more conservative and risk averse? Evidence from the banking industry during the financial crisis. Journal of Business Ethics, 131(3), 577–594. https://doi.org/10.1007/s10551-014-2288-3
   Web of Science ®Google Scholar
• Pathan, S., & Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking and Finance, 37(5), 1573–1589. https://doi.org/10.1016/j.jbankfin.2012.12.016
   Web of Science ®Google Scholar
• Reddy, S., Jadhav, A. M., & Pai P, Y. (2019). Gender diversity in boardrooms – a literature review. Cogent Economics & Finance, 7(1), 1644703. https://doi.org/10.1080/23322039.2019.1644703
   Web of Science ®Google Scholar
• Roodman, D. (2009). A note on the theme of too many instruments*. Oxford Bulletin of Economics and Statistics, 71(1), 135–158. https://doi.org/10.1111/j.1468-0084.2008.00542.x
   Web of Science ®Google Scholar
• Sapienza, P., Zingales, L., & Maestripieri, D. (2009). Gender differences in financial risk aversion and career choices are affected by testosterone. Proceedings of the National Academy of Sciences, 106(36), 15268. https://doi.org/10.1073/pnas.0907352106
   PubMed Web of Science ®Google Scholar
• Schulte, M., & Winkler, A. (2019). Drivers of solvency risk – are microfinance institutions different? Journal of Banking and Finance, 106, 403–426. https://doi.org/10.1016/j.jbankfin.2019.07.009
   Web of Science ®Google Scholar
• Sila, V., Gonzalez, A., & Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance, 36, 26–53. https://doi.org/10.1016/j.jcorpfin.2015.10.003
   Web of Science ®Google Scholar
• Strøm, R. Ø., D’Espallier, B., & Mersland, R. (2014). Female leadership, performance, and governance in microfinance institutions. Journal of Banking and Finance, 42, 60–75. https://doi.org/10.1016/j.jbankfin.2014.01.014
   Web of Science ®Google Scholar
• Teodósio, J., Vieira, E., & Madaleno, M. (2021). Gender diversity and corporate risk-taking: A literature review. Managerial Finance, 47(7), 1038–1073. https://doi.org/10.1108/MF-11-2019-0555
   Web of Science ®Google Scholar
• Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From Tokenism to Critical Mass. Journal of Business Ethics, 102(2), 299–317. https://doi.org/10.1007/s10551-011-0815-z
   Web of Science ®Google Scholar
• Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2) (Vol. 112). Data & Statistical Services, Priceton University.
   Google Scholar
• Van Damme, P., Wijesiri, M., & Meoli, M. (2016). Governance and efficiency of microfinance institutions: Empirical evidence from Sri Lanka. South Asia Economic Journal, 17(2), 236–247. https://doi.org/10.1177/1391561416650102
   Google Scholar
• Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. https://doi.org/10.1016/j.jfineco.2012.03.005
   Web of Science ®Google Scholar
• Wooldridge, J. M. (2015). Introductory econometrics: A modern approach. Nelson Education.
   Google Scholar
• Zhang, Q. (2017). Does microfinance reduce poverty? Some international evidence. The BE Journal of Macroeconomics, 17(2). https://doi.org/10.1515/bejm-2016-0011
   Web of Science ®Google Scholar
• Zhang, Q., & Posso, A. (2017). Microfinance and gender inequality: Cross-country evidence. Applied Economics Letters, 24(20), 1494–1498. https://doi.org/10.1080/13504851.2017.1287851
   Web of Science ®Google Scholar
• Zhang, C., Yang, C., & Liu, C. (2021). Economic policy uncertainty and corporate risk-taking: Loss aversion or opportunity expectations. Pacific-Basin Finance Journal, 69, 101640. https://doi.org/10.1016/j.pacfin.2021.101640
   Web of Science ®Google Scholar
• Zhou, Q., Faff, R., & Alpert, K. (2014). Bias correction in the estimation of dynamic panel models in corporate finance. Journal of Corporate Finance, 25, 494–513. https://doi.org/10.1016/j.jcorpfin.2014.01.009
   Web of Science ®Google Scholar