(Adams et al., 2015) Found the existence of a positive relationship between gender-diverse boards and financial performance.

Julizaerma & Sori, (2012) found that a positive link exists between gender diversity and firm performance (Return on Assets) In Malaysia. Likewise, in Singapore, Fan (2012) found a positive relationship between board diversity and financial performance (Tobin’s Q) using 390 companies listed on the Singapore Exchange between 2002 – 2004.

(Melsa) found a positive and non-linear relationship between demographic diversity and performance,
mediated by the board’s monitoring efforts Even though (Brammer, Millington et al. 2007) suggested among executive positions, gender diversity is very insignificant,

In Turkey (kilic) found boards are mostly male dominated and the presence of female directors on board is positively related to the financial performance of firms.

In Denmark, Smith et al. (2006) found that the proportion
of women in top management jobs tends to have positive effects
on firm performance after using data from
2,500 largest Danish firms between 1993-2001.

(Erhardt, Werbel et al. 2003) found gender diversity is positively associated with financial performance of 127 large US companies. Correlation and regression analyses indicate that when the board is taking decisions, diversity is effective, especially when there is clash of interest.
in Spain Campbell and Minguez-Vera (2007) found women in the board of directors has a notably positive impact on firm performance (Tobin’s Q value).

(Vafaei) found in the Top 500 Australian Firms board diversity is positively associated with
financial performance.

(Hussain, Rigoni et al. 2018) found gender diversity on the board has a positive impact on firm performance but suggested if company size is taken into consideration, this may weaken the impact.

In Croatia using Tobin’s Q


In UK, Haslam et al (2010) used multiple regression analysis for all financial time stock index 100 companies from years 2001 to 2005 and found a negative relationship between women’s presence on boards and firm performance (Tobin’s Q).

In Norway, Bohren and Strom (2006) found that gender mix in the boardroom is
negatively related to financial performance of non-financial firms listed on
the Oslo Stock Exchange.

In US, Adams and Ferreira (2009) used the ordinary least squares model on 1,939 firms from year 1996 to 2003 and found a negative relationship between the proportion of women on the board and performance.

No evidence
In US, (Carter, D’Souza et al. 2010) used a sample of 2,300 firm years in S;P 500 index from year 1998 to 2002 and found the relationship between the gender diversity of the board and financial performance are insignificant, suggesting that gender diversity neither have a negative impact on company financial performance nor does it have a positive impact

In Netherlands and Denmark, Marinova et al (2010) used the two-stage least-squares estimation on 186 listed firms and found no effect of board gender diversity on firm performance.

In US, Dobbin and Jung (2011) found no effect of board gender diversity on firm performance on largest US firms from year 1996 to 2007 using the cross-sectional time-series models.