Board Gender Diversity and Financial Performance: A Singapore Study
There has been numerous debates and studies on having more female directors and it could lead to better financial
performance for companies. The purpose of this study is to explore the relationship between gender diversity and firm
performance in the Singapore Stock Exchange (SGX). The population of the study consists of the top 30 companies listed on
SGX. The data collected was from year 2012 to 2016 and analyzed using multiple regression method to determine the
relationship between gender diversity and financial performance. Overall, our findings shows no conclusive correlation
between gender diversity and financial performance. We conclude that having women directors will not result in a direct
improvement of a firm financial performance.
Index Terms— board, gender, performance, Singapore.