Gender Diversity of Corporate Boards: the Effect on Firm Performance

In this paper, a study of the influence of gender diversity of corporate boards on accounting and market efficiency indicators was conducted. We performed this analysis on a sample of Ukrainian publicly traded firms. We made complex analysis of theoretical and empirical base connected this question to identify correct model specification. In the empirical part of the paper econometric analysis was performed, and endogeneity techniques have been used. After applying the tools to control for endogeneity, a significant positive effect of gender diversification on the market value of Ukrainian firms was revealed. However, this result does not allow us to assert about the true causal connection with the appointment of women on the board of directors. This work confirms the importance of further research on corporate governance issues and their impact on the firm performance.