n Studies in Economics and Econometrics - Corporate board diversity and performance of microfinance institutions : the effect of gender

Volume 30, Issue 3
  • ISSN : 0379-6205


This paper examines empirically the relationship between corporate board diversity and the performance of Microfinance Institutions (MFIs). The study uses a panel data set of 52 Microfinance Institutions in Ghana covering the ten year period 1995 - 2004. Analysis is done within the Panel Data GLS-Random Effect framework. Though, generally mixed results are found with regard to the broad corporate governance variables, the study shows that having women CEOs on MFI boards enhance performance and also the more women there are on a board, the better the performance. Thus, findings of the study suggest that board diversity through inclusion of women is important for enhanced performance of MFIs.

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