Measuring the impact of board gender and cultural diversity on corporate governance and social performance: evidence from emerging markets

Yilmaz M. K., Hacioglu U., Tatoglu E., Aksoy M., DURAN S.

Economic Research-Ekonomska Istrazivanja, vol.36, no.1, pp.3125-3159, 2023 (SSCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 36 Issue: 1
  • Publication Date: 2023
  • Doi Number: 10.1080/1331677x.2022.2106503
  • Journal Name: Economic Research-Ekonomska Istrazivanja
  • Journal Indexes: Social Sciences Citation Index (SSCI), Scopus, ABI/INFORM, Business Source Elite, Business Source Premier, CAB Abstracts, Central & Eastern European Academic Source (CEEAS), EconLit, Geobase, INSPEC, Veterinary Science Database, Directory of Open Access Journals
  • Page Numbers: pp.3125-3159
  • Keywords: Cultural diversity, emerging markets, gender diversity, governance performance, social performance
  • Istanbul Medipol University Affiliated: Yes


This study examines the effects of gender and cultural diversity of boards on the corporate governance and social performance of 373 companies listed in 24 emerging country markets over the period of 2010–2019 using panel data analysis. A two-step system GMM model is also applied to test the endogeneity problem. The results indicate that gender and cultural diversity positively affect corporate governance performance. While we note that social performance is positively associated with both gender and cultural diversity, this relationship is insignificant. The findings offer multidimensional insights for companies, policy makers, and stakeholders to promote the association between gender and cultural diversity initiatives and corporate sustainability dimensions in emerging markets.