Board Diversity and Performance of Philippine Firms: Do Women Matter?

  • Angelo A. UniteEmail author
  • Michael J. Sullivan
  • Ailyn A. Shi


The issue of gender diversity on corporate boards is attracting research interest because of purported contributions of women directors, including improved monitoring, ethical focus, and democratic leadership. This rationale forms part of the economic case for women’s participation on corporate boards, as opposed to alternative arguments based on social or equality considerations. In this study, we examined the effect of board diversity for Philippine firms during the period 2003 to 2014. Using an unbalanced panel of 2648 firm-years, we found that greater board diversity did not significantly affect either short-term firm performance or long-term firm value. Our findings show that female and male corporate leaders have comparable competency levels and that increasing women’s presence on corporate boards has no discernible effect on firm performance.


Gender diversity Boards of directors Corporate governance Firm performance Emerging markets 

JEL Classification

G15 G30 O53 



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Copyright information

© International Atlantic Economic Society 2019

Authors and Affiliations

  1. 1.School of EconomicsDe La Salle UniversityManilaPhilippines
  2. 2.Lee Business SchoolUniversity of Nevada, Las VegasLas VegasUSA

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