With many studies on the participation of women in management positions, a systematic review of gender diversity and its impact on the financial performance of companies over the last 20 years is in demand. To this end, we conducted a literature review of 370 articles, 359 of which were empirical studies published in the most relevant journals of Finance and Business Administration. As a result of the analysis, the characteristics of the research, the main authors, the journals, the theories used, and the relationships between variables were identified. The results show that most research points to evidence of a positive relationship between female participation and financial performance under different aspects (e.g., return, risk, cost of capital, fraud, etc.). This study contributes to the academic debate on the relationship between gender diversity and firm performance. In addition to this review, we outline a theoretical framework and present future research agendas.

中文翻译：

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管理和企业财务绩效中的性别多样性：系统文献综述

随着对女性担任管理职位的情况进行了大量研究，需要对过去 20 年的性别多样性及其对公司财务业绩的影响进行系统审查。为此，我们对 370 篇文章进行了文献综述，其中 359 篇是发表在最相关的金融和工商管理期刊上的实证研究。分析的结果是确定了研究的特征、主要作者、期刊、使用的理论以及变量之间的关系。结果表明，大多数研究都指出，在不同方面（例如回报、风险、资本成本、欺诈等）下，女性参与与财务绩效之间存在正相关关系。这项研究为关于性别多样性与公司绩效之间关系的学术辩论做出了贡献。除了这篇综述之外，我们还概述了一个理论框架并提出了未来的研究议程。