The impact of board gender diversity on the financial performance of firms is not known. This is because empirical investigations have yielded inconclusive outcomes. This study engages data from 408 microfinance institutions (MFIs) covering the period 2010–2018 from the six microfinance regions to investigate this impact using the Least Squares Dummy Variable (LSDV) and the System Generalized Method of Moments (SYS-GMM) estimation techniques. The study also explores whether judicial efficiency exerts any significant effect on the board gender diversity–financial performance nexus. The study observes that board gender diversity exhibits a strong negative effect on the financial performance of MFIs. The study also observes that the effect of board gender diversity on the financial performance of MFIs escalates in the presence of judicial inefficiency. The study, therefore, unveils the judicial system as a channel through which gender diversity drives the financial performance of MFIs negatively.

中文翻译：

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董事会性别多元化对小额信贷机构财务业绩的影响：司法效率重要吗？

董事会性别多元化对公司财务业绩的影响尚不清楚。这是因为实证调查得出了不确定的结果。本研究使用来自六个小额信贷地区的 408 家小额信贷机构 (MFI) 的数据，覆盖 2010-2018 年期间，使用最小二乘虚拟变量 (LSDV) 和系统广义矩量法 (SYS-GMM) 估计技术来调查这种影响。该研究还探讨了司法效率是否对董事会性别多样性-财务绩效关系产生任何重大影响。该研究发现，董事会性别多元化对小额信贷机构的财务业绩表现出强烈的负面影响。该研究还观察到，在司法效率低下的情况下，董事会性别多元化对小额信贷机构财务业绩的影响会升级。因此，该研究揭示了司法系统是性别多样性对小额信贷机构财务业绩产生负面影响的渠道。