Abstract
This study examines the significance of gender-inclusive corporate boards for improving business performance in Pakistan and addresses the social paradox of gender quotas for reducing gender disparities in boardrooms. The conceptual review of all-inclusive literature focuses on assembling descriptive outlines of the evidence explored; analyzing and evaluating it; sieving out inapt studies; and furnishing an aperçu of the authentic evidence. Pakistan’s case for boardroom’s gender diversity merits consideration in the context of kinship, competence, business ethics, and meritocracy. With the legal and regulatory push in the form of the Companies Act, 2017 and SECP’s regulation, companies in Pakistan are liable to induct at least one woman director on corporate boards. The literature portrays the legislative measures as controversial and presented polarized opinions on gender quotas, either in favor or in against the legislations. The research evinces that the overall women representation in the listed companies at KSE-100 index was 7.55% in August 2019 which rose to 11% till March 2020. The paper contributes towards exposing the social paradox of gender-inclusive boardrooms in Pakistan. The findings indicate an urgent need for the implementation of gender parity social reforms to empower competent women with their legal rights to enjoy the stature they deserve.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
Notes
A glass ceiling is a metaphor used to represent an invisible barrier that keeps high-achieving women from rising beyond a certain level in a hierarchy, regardless of their qualifications or achievements.
Planet 50–50 is all about “gender equality and women empowerment.”.
Social fabric is the glue which holds a society together. It is the bond which people share, that can help to form an economically and intellectually mature, a culturally rich, and socially cohesive community.
The Global Gender Gap Report benchmarks several countries on their progress towards gender parity across four thematic dimensions: economic participation and opportunity, educational attainment, health and survival, and political empowerment.
International Labour Organization (ILO) defines the concept of “gender mainstreaming as the necessity to ensure gender equality ……… social and economic development” (source: http://www.ilo.org/public/english/bureau/gender/newsite2002/about/defin.htm).
Social paradox: the word paradox has its roots in Greek language where “para” means opposition and “doxa” means belief, credence, or opinion. A paradox is an idea or a thought/concept that refutes a commonly accepted idea, on purpose. The terminology was explained by Keenan in 1987. Pava defines social paradox in 1981 as “a pervasive, continuing dilemma between incompatible yet interdependent activities or variables (i.e., between regulators and the regulated). A social paradox forms a ‘wicked’ class of challenges that cannot be finally solved. At best they are resolved, repeatedly.”.
International Labour Organization (ILO) defines the concept of “gender mainstreaming as the necessity to ensure gender equality ……………… of social and economic development” (source: http://www.ilo.org/public/english/bureau/gender/newsite2002/about/defin.htm).
See Listed Companies (Code of Corporate Governance) Regulations, 2017 (source: https://www.pwc.com.pk/en/assets/document/Listed%20Companies%20(Code%20of%20Corporate%20Governance)%20Regulations,%202017.pdf).
Academic and grey/popular literature: academic literature is an intellectual contribution of the research scholars or experts such as Ph.Ds. in the field of research in academic journals whereas popular literature includes news/evidence(s) published in the newspapers and/or research reports published by various organizations that do not fall under academic publishing and distribution channels.
“Government Social Research is available at http://webarchive.nationalarchives.gov.uk/20140305122816/http://www.civilservice.gov.uk/networks/gsr/resources-and-guidance.”.
Reason of including KSE 100 index: the remaining data of the other two indices would not be useful as the listed companies do not have any woman on board; therefore, it was excluded. The information was received from the Joint Director (CIW)—Ms. Saima Ahrar at the Securities and Exchange Commission of Pakistan.
Misogynistic approach: according to a renowned sociologist Allan G. Johnson, “misogyny is a cultural attitude of hatred for females because they are female.” Johnson argues that: misogyny …. is a central part of sexist prejudice and ideology and, as such, is an important basis for the oppression of females in male-dominated societies.
References
Adler, J. R., Edwards, S. K., Scally, M., Gill, D., Puniskis, M. J., Gekoski, A., & Horvath, M. (2016). What Works in Managing Young People Who Offend? A Review of the International Evidence. London: Ministry of Justice. Retrieved from http://eprints.mdx.ac.uk/18848/1/youth-justice-review.pdf
A. F. Ferguson & Co. (2017). Listed Companies (Code of Governance) Regulations, 2017. Karachi: A. F. Ferguson & Co. Retrieved September 06, 2019, from https://www.pwc.com.pk/en/assets/document/Listed%20Companies%20(Code%20of%20Corporate%20Governance)%20Regulations,%202017.pdf
Abdullah, S. N., Ismail, K. I., & Nachum, L. (2016). Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets. Strategic Management Journal, 37(3), 466–476.
ACCA Pakistan. (2010). Gender diversity on boards in Pakistan (A DISCUSSION PAPER BY ACCA PAKISTAN). Netherlands: ACCA Global (Conceived and commissioned by IFC in partnership with the government of the Netherlands). Retrieved from ACCA Global: http://www.accaglobal.com/content/dam/acca/global/pdf/News-GenderDiversityPakistan.pdf
Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309.
Adams, R. B., & Funk, P. (2011). Beyond the Glass Ceiling: Does Gender Matter? Management Science, 58(2), 219–235. https://doi.org/10.1287/mnsc.1110.1452
Ahmad, M. I., Naseem, M. A., Rehman, R. U., Ali, R., & Mazoor, S. (2021). Gender diversity in the board and firms performance. International Journal of Financial Engineering, 8(1), 205004. https://doi.org/10.1142/S2424786320500449
Ain, Q. U., Yuan, X., & Javaid, H. M. (2021a). The impact of board gender diversity and foreign institutional investors on firm innovation: evidence from China. European Journal of Innovation Management, ahead-of-print(ahead-of-print). doi:https://doi.org/10.1108/EJIM-10-2020-0439
Ain, Q. U., Yuan, X., Javaid, H. M., & Naeem, M. (2021b). Board gender diversity and sustainable growth rate: Chinese evidence. Economic Research-Ekonomska Istraživanja. https://doi.org/10.1080/1331677X.2021.1965002
Al-Hawamdeh, A., & Welch, R. (2016). Corporate Governance and Workplace Democracy: Some Paradigms and Paradoxes. Journal of Law, Policy and Globalization, 56, 1–15.
Ali, F., Wang, M., Jebran, K., & Ali, S. T. (2021). Board diversity and firm efficiency: Evidence from China. Corporate Governance, 21(4), 587–607. https://doi.org/10.1108/CG-10-2019-0312
Al-Jaifi, H. A. (2020). Board gender diversity and environmental, social and corporate governance performance: Evidence from ASEAN banks. Asia-Pacific Journal of Business Administration, 12(3/4), 269–281. https://doi.org/10.1108/APJBA-12-2018-0222
Amen, D. G., Trujillo, M., Keator, D., Taylor, D., Willeumier, K., Meysami, S., & Raji, C. (2017). Gender-Based Cerebral Perfusion Differences in 46,034 Functional Neuroimaging Scans. Journal of Alzheimer’s Disease., 60(2), 605–614. https://doi.org/10.3233/JAD-170432
Asian Development Bank. (2016). In Asian Companies, Few Women Can Be Found in the Boardroom. Retrieved from Asian Development Bank: https://www.adb.org/news/features/asian-companies-few-women-can-be-found-boardroom
Awais, H. M., & Siddiqui, D. A. (2020). Boards’ Gender Diversity and Firms’ Financial and Ethical Performance in Pakistan: A Comparative Analysis. Business and Economic Research, 10(3), 255–280. https://doi.org/10.5296/ber.v10i3.17309
Aydin, R. (2018). California will require women on corporate boards under bill signed by Brown. Retrieved from San Francisco Chronicle: https://www.sfchronicle.com/business/article/California-will-require-women-on-corporate-boards-13270213.php?psid=eOrL4
Bazel-Shoham, O., Lee, S. M., Rivera, M. J., & Shoham, A. (2020). Impact of the female board members and gaps in linguistic gender marking on cross-border M&A. Journal of World Business, 55(2), 100909. https://doi.org/10.1016/j.jwb.2017.10.005
Billing, Y. D., & Alvesson, M. (1997). Understanding Gender and Organizations. Sage.
Bokhari, S. N., & Hashmi, K. A. (2016). A Critical Review on the Corporate Governance, Board Independence and Gender Diversity in Emerging Asian Countries. Journal of Culture, Society and Development, 25, 1–6. Retrieved from https://www.researchgate.net/profile/Kashif-Hashmi-2/publication/313100097_A_Critical_Review_on_the_Corporate_Governance_Board_Independence_and_Gender_Diversity_in_Emerging_Asian_Countries/links/58a0424caca272046aacd820/A-Critical-Review-on-the-Corporate-
Bonn, I., Yoshikawa, T., & Phan, P. H. (2004). Effects of Board Structure on Firm Performance: A Comparison Between Japan and Australia. Asian Business & Management, 3, 105–125. https://doi.org/10.1057/palgrave.abm.9200068
Booth, A., Meier, P., Shapland, J., Wong, R., & Paiselay, S. (2011). Alcohol pricing and criminal harm: a rapid evidence assessment of the published research literature. Sheffield: ScHARR. Retrieved from http://www.ias.org.uk/uploads/pdf/Crime%20and%20social%20impacts%20docs/rapid-evidence-assessment.pdf
Boston, et al. (1991). Reshaping the State: New Zealand’s Bureaucratic Revolution. Oxford University Press.
Burges, Z., & Tharenou, P. (2002). Women Board Directors: Characteristics of the Few. Journal of Business Ethics, 37(1), 39–49. Retrieved from https://link.springer.com/article/https://doi.org/10.1023/A:1014726001155
Burke, R. J., & Mattis, M. C. (2000). Women on Corporate Boards of Directors: Where do We go from Here? In R. J. Burke, & M. C. Mattis (Eds.), Women on Corporate Boards of Directors. Issues in Business Ethics. Dordrecht: Springer. doi:https://doi.org/10.1007/978-90-481-3401-4_1
Business Recorder. (2019). SECP relaxes major condition for listing companies. Retrieved from Business Recorder: https://fp.brecorder.com/2019/02/20190227450277/.
Business Recorder Research. (2017). Women on the Board. Retrieved from Business Recorder: https://www.brecorder.com/2017/04/04/341503/women-on-the-board/.
Business Today. (2019). PepsiCo's former CEO Indra Nooyi joins Amazon's Board of Directors. Retrieved from Business Today: https://www.businesstoday.in/top-story/pepsico-former-ceo-indra-nooyi-joins-amazon-board-of-directors/story/322345.html
Caligiuri, P. M., & Cascio, W. F. (1998). Can we send her there? Maximizing the success of western women on global assignments. Journal of World Business, 33(4), 394–416. https://doi.org/10.1016/S1090-9516(99)80082-0
Campbell, K., & Mínguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83, 435–451. https://doi.org/10.1007/s10551-007-9630-y
Catalyst. (2014). 2014 Catalyst Census: Women board directors. Retrieved August 23, 2020, from https://www.catalyst.org/research/2014-catalyst-census-women-board-directors/
Chartered Accountants Women’s Committee. (2019). CA Women Directory 2019 - Prospective Independent Directors (An Initiative of CA Women's Committee). Retrieved from Chartered Accountants Women’s Committee (https://icapcawc.com/committee.php#committee): https://icapcawc.com/files/ca-women-directory-2019.pdf.
Cicchiello, A. F., Fellegara, A. M., Kazemikhasragh, A., & Monferrà, S. (2021). Gender diversity on corporate boards: How Asian and African women contribute on sustainability reporting activity. Gender in Management, 36(7), 801–820. https://doi.org/10.1108/GM-05-2020-0147
Cooper, D. R., & Schindler, P. S. (2014). Business Research Methods (12th ed.). McGraw-Hill/Irwin, The McGraw-Hill Companies Inc.
Creswell, J. W. (2009). Research Design: Qualitative, Quantitative, and Mixed Method Approaches (3rd ed.). SAGEPublicatíons Inc.
Crilly, R. (2013). Pakistan's only female fighter pilot becomes role model for millions of girls. Retrieved September 06, 2019, from The Telegraph: https://www.telegraph.co.uk/news/worldnews/asia/pakistan/10279119/Pakistans-only-female-fighter-pilot-becomes-role-model-for-millions-of-girls.html
Croci, E. (2018). The Board of Directors (Corporate Governance and the Effect on Firm Value) (1st ed.). Palgrave Pivot. https://doi.org/10.1007/978-3-319-96616-8
Cumming, D., Filatotchev, I., Knill, A., Reeb, D. M., & Senbet, L. (2017). Law, finance, and the international mobility of corporate governance. Journal of International Business Studies, 48, 123–147. https://doi.org/10.1057/s41267-016-0063-7
Davies, P. (2003). What do we already know? In The Magenta Book: Guidance Notes for Policy Evaluation and Analysis (pp. 2.2–2.19). London: Government Social Research Unit. Retrieved from http://dera.ioe.ac.uk/10521/1/complete_Magenta_tcm6-8611.pdf.
Dawn. (2002). Dr Shahida becomes first woman general. Retrieved from Dawn: https://www.dawn.com/news/43593
Dawn. (2016). PIA pilots make history by becoming first pair of sisters to fly Boeing-777s concurrently. Retrieved from Dawn: https://www.dawn.com/news/1281129.
Deloitte. (2011). Women in the boardroom: A global perspective. November.
Deloitte. (2013). Women in the boardroom: A Global Perspective. UK: Deloitte. Retrieved from https://deloitte.wsj.com/riskandcompliance/files/2013/05/Women_boardroom.pdf
Dobrzynski, J. H. (1996). Linda Wachner, The first woman to buy and head a Fortune 1000 company. WORKING WOMAN-NEW YORK, pp. 106–108.
Du, X. (2016). Does Confucianism Reduce Board Gender Diversity? Firm-Level Evidence from China. Journal of Business Ethics, 136, 399–436. https://doi.org/10.1007/s10551-014-2508-x
Dunya News. (2015). Womens Day Role of Women in the Pakistan Armed Forces. Retrieved from Dunya News: https://www.youtube.com/watch?v=1zGtpxgXgnE
Eckel, C. C., & Grossman, P. J. (2008). Men, women and risk aversion: Experimental evidence. In R. P. Charles , & V. L. Smith (Eds.), Handbook of Experimental Economics Results (Vol. 1, pp. 1061–1073)). Elsevier.
Elstad, B., & Ladegard, G. (2011). Women on corporate boards: Key influencers or tokens? Journal of Management and Governance, 16(4), 1–21. https://doi.org/10.1007/s10997-010-9165-y
Fernandez-Feijoo, B., Romero, S., & Rui, S. (2014). Effect of Stakeholders’ Pressure on Transparency of Sustainability Reports within the GRI Framework. Journal of Business Ethics, 122(1), 53–63. https://doi.org/10.1007/s10551-013-1748-5
Francoeur, C., Labelle, R., & Sinclair-Desgagné, B. (2008). Gender Diversity in Corporate Governance and Top Management. Journal of Business Ethics, 81, 83–95. https://doi.org/10.1007/s10551-007-9482-5
García-Sánchez, I.-M., Suárez-Fernández, O., & Martínez-Ferrero, J. (2019). Female directors and impression management in sustainability reporting. International Business Review, 28(2), 359–374. https://doi.org/10.1016/j.ibusrev.2018.10.007
Gender and the Economy. (2019). The debate about quotas: Research Overviews. Retrieved from Gender and the Economy: https://www.gendereconomy.org/the-debate-about-quotas/#content
GEO News. (2018). Five female Pakistani CEOs breaking barriers. Retrieved from GEO News: https://www.geo.tv/latest/185465-5-female-pakistani-ceos-breaking-barriers
Groysberg, B., & Boris, D. (2013). Dysfunction in the boardroom: Understanding the persistent gender gap at the highest levels. Harvard Business Review, 91(6), 88–97.
Gupta, A., & Wowak, A. J. (2016). The Elephant (or Donkey) in the Boardroom: How Board Political Ideology Affects CEO Pay*. Administrative Science Quarterly, 62(1), 1–30. https://doi.org/10.1177/0001839216668173
Gurchiek, K. (2018). Women Slowly, Steadily Take Seats on Boards of Directors (California legislators and large companies take the lead to add female directors). Retrieved from SHRM: https://www.shrm.org/resourcesandtools/hr-topics/behavioral-competencies/global-and-cultural-effectiveness/pages/women-slowly-steadily-take-seats-on-boards-of-directors.aspx
Guy, M.-L., Niethammer, C., & Moline, A. (2011). Focus (Women on Boards: A Conversation with Male Directors). Washington, DC: International Finance Corporation. Retrieved from chrome-extension://ohfgljdgelakfkefopgklcohadegdpjf/https://www.ifc.org/wps/wcm/connect/6ca30ae1-6794-43aa-97af-a9ebe332d4af/Focus9_Women_on_Boards.pdf?MOD=AJPERES&CVID=jtCwuJL
Hahn, T., Figge, F., Pinkse, J., & Preuss, L. (2018). A Paradox Perspective on Corporate Sustainability: Descriptive, Instrumental, and Normative Aspects. Journal of Business Ethics, 148(2), 235–248.
Haq, S. (2020). Gender inequality in Pakistan: Only 11% of listed firms have female director. Retrieved August 23, 2020, from The Express Tribune: https://tribune.com.pk/story/2174274/gender-inequality-pakistan-11-listed-firms-female-director
Hartley, A., Figot, N., Goldmann, L., Gordon, C., Kelly, K., & Nimley, K. B. (2019). Creating a Global Feminist Organization: Applying Theory to Practice. In M. T. Segal, K. Kelly, & V. Demos (Eds.), Gender and Practice: Knowledge, Policy, Organizations (Vol. 28, pp. 181–199). Emerald Publishing Limited. doi: https://doi.org/10.1108/S1529-212620190000028010
Hearn, J. (1992). Men in the Public Eye: The Constuction and Deconstruction of Public Men and Public Patriarchies. Routledge.
Heemskerk, E. M., & Fennema, M. (2014). Women on Board: Female Board Membership as a Form of Elite Democratization. Enterprise & Society, 15(2), 252–284.
Hickman, E. (2014). Boardroom Gender Diversity: A Behavioural Economics Analysis. Journal of Corporate Law Studies, 14(2), 385–418. https://doi.org/10.5235/14735970.14.2.385
Hillman, A. J., Cannella, Jr., A. A., & Harris, I. C. (2018). Women and Racial Minorities in the Boardroom: How Do Directors Differ? Journal of Manageemnt, 28(6). doi:https://doi.org/10.1177/014920630202800603
Hoang, T. C., Abeysekera, I., & Ma, S. (2018). Board Diversity and Corporate Social Disclosure: Evidence from Vietnam. Journal of Business Ethics, 151, 833–852. https://doi.org/10.1007/s10551-016-3260-1
Hoobler, J. M., Masterson, C. R., Nkomo, S. M., & Michel, E. J. (2018). The Business Case for Women Leaders: Meta-Analysis, Research Critique, and Path Forward. Journal of Management, 44(6), 2473–2499. https://doi.org/10.1177/0149206316628643
Hutt, R. (2017). Women have more active brains than men, according to science. Retrieved from World Economic Forum: https://www.weforum.org/agenda/2017/08/women-have-more-active-brains-than-men-according-to-science/?utm_content=buffer5bbdd&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer&fbclid=IwAR3K_pHhoelB67P2gTk3ye92iVcKa7YwAOpMBdvKtgnUVJSn5OWeatBTSAc
ICAP. (2019). CA Women - Inspiring All Around. Retrieved from ICAP's official Facebook page: https://www.facebook.com/ICAP.CA/videos/336348603715697/
ICMAP. (2014). CMA Women's Forum - High Acheivers' Awards. Retrieved from Institute of Cost and Management Accountants of Pakistan: https://www.icmap.com.pk/News_Pdf/nws_khi_01012k15.pdf
Jamal, N. (2018). Women in the Boardroom. Retrieved from DAWN: https://www.dawn.com/news/1388822
Jamali, D., & Karam, C. (2018). Corporate social responsibility in developing countries as an emerging field of study. International Journal of Management Reviews, 20(1), 32–61. https://doi.org/10.1111/ijmr.12112
Journal of Alzheimer’s Disease. (2017). Women Have More Active Brains Than Men. Retrieved from Journal of Alzheimer’s Disease: https://www.j-alz.com/content/women-have-more-active-brains-men
Kanadli, S. B., Torchia, M., & Gabaldon, P. (2018). Increasing women’s contribution on board decision making: The importance of chairperson leadership efficacy and board openness. European Management Journal, 36(1), 91–104. https://doi.org/10.1016/j.emj.2017.03.006
Karr, A. R. (1991). Labor’s Martin is out to break “glass ceiling”. The Wall Street Journal, p. B6.
Kaunain, R. H. (2018). Women in the boardroom. (N. Jamal, Interviewer) Pakistan: Dawn. Retrieved from https://www.dawn.com/news/1388822
Khalid, L. (2015). Women - flying high! Retrieved from The News International: https://www.thenews.com.pk/magazine/you/82026-Women-flying-high
Khalid, M. (2019). Women for Board - Coaching Program. (H. Metrics, Interviewer) Retrieved from https://www.linkedin.com/feed/update/urn:li:activity:6560052919092244481/
Khan, S. (2018a). The Corporate Governance Landscape of Pakistan. Oxford: Oxford University Press. Retrieved from https://www.amazon.com/Corporate-Governance-Landscape-Pakistan/dp/019940402X
Khan, S. (2018b). The Slow and Steady Progress Towards Gender-Balanced Boards. Retrieved from Knowledge - INSEAD: The Business School for the world: https://knowledge.insead.edu/blog/insead-blog/the-slow-and-steady-progress-towards-gender-balanced-boards-8476#uT9cix93hDT28BQH.99
Khan, S. (2018c). The Slow and Steady Progress Towards Gender-Balanced Boards (LEADERSHIP & ORGANISATIONS - BLOG). Retrieved from INSEAD KNOWLEDGE (The Business School for the world): https://knowledge.insead.edu/blog/insead-blog/the-slow-and-steady-progress-towards-gender-balanced-boards-8476
Khan, S., Saeed , Y., & Rehman, H. U. (2012). Gender Mainstreaming: An Analysis of Pakistani Society. New Delhi: Global Vision Publishing House. Retrieved from https://www.researchgate.net/publication/283243627_Gender_Mainstreaming_A_Pakistani_Perspective
Kishore, K. (2020). Effect of Board Gender Diversity on Financial Performance: A Study of Public Sector Banks in India. Journal of Asia Entrepreneurship and Sustainability, 16(3), 25–47. Retrieved from https://www.proquest.com/docview/2502940437?pq-origsite=gscholar&fromopenview=true
Kolev, K. D., Wangrow, D. B., Barker, V. L., III., & Schepker, D. J. (2019). Board Committees in Corporate Governance: A Cross-Disciplinary Review and Agenda for the Future. Journal of Management Studies, 56(6), 1138–1193. https://doi.org/10.1111/joms.12444
Koveshnikov, A., Tienari, J., & Piekkari, R. (2019). Gender in international business journals: A review and conceptualization of MNCs as gendered social spaces. Journal of World Business, 54(1), 37–53. https://doi.org/10.1016/j.jwb.2018.10.002
Lear, R. W. (1994). Here come the women directors. Chief Executive, 93(10).
Lee, A. (2014). Gender Quotas Worked in Norway. Why Not Here? Retrieved from The New Republic: https://newrepublic.com/article/119343/impact-quotas-corporate-gender-equality
Lee, J., Lan, L. L., & Rowley, C. (2014). Why might females say no to corporate board positions? The Asia Pacific in comparison. Asia Pacific Business Review, 20(4), 513–522. https://doi.org/10.1080/13602381.2014.907689
Lee, L.-E., Marshall, R., Rallis, D., & Moscardi, M. (2015). Women on Boards: Global Trends on Gender Diversity on Corporate Boards. MSCI ESG Research Incorporation.
Leslie, L. M., Mayer, D. M., & Kravitz, D. A. (2014). The stigma of affirmative action: A stereotyping-based theory and meta-analytic test of the consequences for performance.,. Academy of Management Journal, 57(4), 964–989. Retrieved from http://webuser.bus.umich.edu/dmmayer/Published%20Articles/Leslie,%20Mayer,%20&%20Kravitz,%20AMJ,%202014.pdf
Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–200. https://doi.org/10.1016/j.jcorpfin.2013.11.005
Levy, A. (2019). Microsoft adds a fifth woman to its board: GlaxoSmithKline CEO Emma Walmsley. Retrieved from CNBC: https://www.cnbc.com/2019/09/19/microsoft-board-adds-glaxosmithkline-ceo-emma-walmsley-fifth-woman.html?fbclid=IwAR24E1d9yk0S4frSZymnPX5aR5SPrB_1_W2IFybUUiuhBdNhkeI9TaSPzU8
Lewis, M. (2000). Exploring paradox: Toward a more com-prehensive guide. Academy of Management Review, 25, 760–776.
Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169–184. https://doi.org/10.1016/j.jcorpfin.2013.11.016
Mahmood, Z., Kouser, R., Ali, W., Ahmad, Z., & Salman, T. (2018). Does corporate governance affect sustainability disclosure? A Mixed Methods Study. Sustainability, 10(1), 207. https://doi.org/10.3390/su10010207
Matsa, D. A., & Miller, A. R. (2013). A Female Style in Corporate Leadership? Evidence from Quotas. American Economic Journals: Applied Economics, 5(3), 136–169. https://doi.org/10.1257/app.5.3.136
Miletkov, M., Poulsen, A., & Wintoki, M. (2017). Foreign independent directors and the quality of legal institutions. Journal of International Business Studies, 48, 267–292. https://doi.org/10.1057/s41267-016-0033-0
Mirza, F. (2013). Women on Board. Pakistan Accountant, pp. 34–36.
Mirza, H. H., Mahmood, S., Andleeb, S., & Ramzan, F. (2012). Gender Diversity and Firm Performance: Evidence from Pakistan. Journal of Social and Development Sciences, 3(5), 161–166. Retrieved from https://core.ac.uk/download/pdf/288023449.pdf
Mukarram, S. S., Saeed, A., Hammoudeh, S., & Raziq, M. M. (2018). Women on Indian boards and market performance: A role-congruity theory perspective. Asian Business & Management, 17, 4–36. https://doi.org/10.1057/s41291-018-0030-1
Mukhtiar, M. (2014). Live the story: Marium Mukhtiar in Pakistan is training to become one of her country's few female fighter pilots. (BBC, Interviewer) Retrieved September 06, 2019, from https://www.youtube.com/watch?v=UarDSlPZEPc
Mustafa, A., Saeed, A., Awais, M., & Aziz, S. (2020). Board-Gender Diversity, Family Ownership, and Dividend Announcement: Evidence from Asian Emerging Economies. Journal of Risk and Financial Management, 13(4), 62–82. https://doi.org/10.3390/jrfm13040062
Neuman, L. W. (2014). Social Research Methods: Qualitative and Quantitative Approaches (7th ed.). Pearson Education Limited.
Njaya, T., & Chimbadzwa, Z. (2015). MEASURING GENDER DIFFERENCES ON BOARD OF DIRECTORS OF COMPANIES LISTED ON THE ZIMBABWE STOCK EXCHANGE. Global Journal of Arts, Humanities and Social Sciences, 3(11), 16–24.
Organising Bureau of European School Student Unions. (2010). Education: A Right, not a Privilege -Ways to achieve social inclusion in schools, regardless of economic. Brussels: Organizing Bureau of European School Students. Retrieved from https://rm.coe.int/16806fd5a1
Pande , R., & Ford, D. (2012). Gender Quotas and Female Leadership: A Review (Background Paper for the World Development Report on Gender). Cambridge, Massachusetts: WORLD DEVELOPMENT REPORT 2012. Retrieved from https://siteresources.worldbank.org/INTWDR2012/Resources/7778105-1299699968583/7786210-1322671773271/Pande-Gender-Quotas-April-2011.pdf
Pastore, P., & Tommaso, S. (2016). Women on Corporate Boards: The case of “Gender Quotas” in Italy. Corporate Ownership and Control, 13(4), 132–155.
Paton, R., & Dempster, L. (2002). Managing Change from a Gender Perspective. European Management Journal, 20(5), 539–548. https://doi.org/10.1016/S0263-2373(02)00097-X
Pease, B., & Flood, M. (2017). Undoing Men’s Privilege and Advancing Gender Equality in Public Sector Institutions. Policy and Society, 24(4), 119–138. https://doi.org/10.1016/S1449-4035(05)70123-5
Post, C., Ketchen, D. J., Jr., & Wowak, K. D. (2021). Should governments mandate more female board representation? Business Horizons, In Press, Corrected Proof. https://doi.org/10.1016/j.bushor.2021.02.003
Potvin, D. A., Burdfield-Steel, E., Potvin, J. M., & Heap, S. M. (2018). Diversity begets diversity: A global perspective on gender equality in scientific society leadership. PLoS ONE, 13(5), e0197280. https://doi.org/10.1371/journal.pone.0197280
Pro Pakistani. (2019). SECP Issues Temporary Relaxation for Companies to Appoint Female Board of Directors. Retrieved from Pro Pakistani: https://propakistani.pk/2019/03/01/secp-issues-temporary-relaxation-for-companies-to-appoint-female-board-of-directors/
Qamar, Z., Ali, L., & Rehman, B. (2016). Gender Diversity in the Boardroom and firm performance: Evidence from Pakistan. Palgo Journal of Education Research, 4(5), 217–224. Retrieved from http://www.palgojournals.org/PJER/Index.htm
Rehman, H. U., & Shehzad, Z. (2017). Women’s Status in History and Visual Exploitation in Present Era: An Anthropological Perspective. Gender maninstreaming in Pakistan, 5–28.
Robinson, C. (2002). Real World Research: A Resource for Social Scientists and Practitioner-Researchers (Regional Surveys of the World) (2nd ed.). Oxford: Blackwell. Retrieved from https://www.amazon.com/Real-World-Research-Scientists-Practitioner-Researchers/dp/0631213058
Saeed, A., & Sameer, M. (2017). Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review, 26(6), 1100–1113. https://doi.org/10.1016/j.ibusrev.2017.04.005
Saeed, A., Belghitar, Y., & Yousafa, A. (2016). Firm-level determinants of gender diversity in the boardrooms: Evidence from some emerging markets. International Business Review, 25(5), 1076–1088. https://doi.org/10.1016/j.ibusrev.2016.01.002
Saeed, A., Yousaf, A., & Alharbi, J. (2017). Family and state ownership, internationalization and corporate board-gender diversity: Evidence from China and India. Cross Cultural & Strategic Management, 24(2), 251–270. https://doi.org/10.1108/CCSM-11-2015-0159
Saigal, R. (2020). Gender Diversity in the Pakistani Corporate Boardroom. Retrieved August 12, 2020, from University of Oxford: https://www.law.ox.ac.uk/business-law-blog/blog/2020/07/gender-diversity-pakistani-corporate-boardroom
Sajjad, R. (2017). Impact of characteristics of board on earnings management of the firms: Evidence from Pakistan stock exchange (M.Phil. dissertation). Islamabad: Capital University of Science and Technology. Retrieved July 20, 2019, from https://www.thesis.cust.edu.pk/UploadedFiles/Raheel%20Sajjad-MM131024.pdf
Sanan, N. K. (2015). Board gender diversity and firm performance: Evidence from India. Asian Journal of Business Ethics, 5, 1–18. https://doi.org/10.1007/s13520-016-0050-x
Saunders, M., & Tosey, P. (2013). The layers of Research Design. Rapport (Winter), pp. 58–59. doi:rey.ac.uk/id/eprint/806001
Saunders, M., Philip, L., & Thornhill, A. (2009). Research methods for business students (5th ed.). Essex: Prentice Hall - Financial Times (Pearson Education Limited) (5th ed.). Essex: Prentice Hall - Financial Times (Pearson Education Limited).
Scherer, K. (1997). Women directors: Talent before gender. Corporate Board, 18(104), 1–5.
Securities and Exchange Commission of Pakistan . (2017). SECP regulation: Women directors to more than double in three years [Press Release]. Islamabad, Islamabad Capital Teritory (ICT), Pakistan. Retrieved July 20, 2019, from https://www.secp.gov.pk/wp-content/uploads/2017/07/Press-Release-July-8-Women-directors-in-Pakistan.pdf
Securitues and Exchange Commission of Pakistan. (2017). Government of Pakistan: Securitues and Exchange Commission of Pakistan - Regulations. Retrieved from Securitues and Exchange Commission of Pakistan: https://www.secp.gov.pk/document/listed-companies-corporate-governance-regulations-2017/?wpdmdl=30004
Shah, A. A. (2015). Women on Corporate Boards - Acting Portia? Karachi, Sindh, Pakistan: Pakistan Institute of Corporate Governance (PICG). Retrieved from https://picg.org.pk/wp-content/uploads/2015/10/Women_in_Corporate_World.pdf
Shakir, K., & Siddiqui, S. J. (2014). Glass Ceiling In Pakistan: A Myth Or Reality? European Journal of Business and Management, 6(1), 47–54.
Shekshnia, S., & Zagieva, V. (Eds.). (2021). Leading a Board (Chairs’ Practices Across Europe) (2nd ed.). Singapore: Palgrave Macmillan. doi:https://doi.org/10.1007/978-981-16-0727-1
Shimeld, S., Williams, B., & Shimeld, J. (2017). Diversity ASX corporate governance recommendations: A step towards change? Sustainability Accounting, Management and Policy Journal, 8(3), 335–357. https://doi.org/10.1108/SAMPJ-12-2016-0089
Shin, Y. Z., Chang, J.-Y., Jeon, K., & Kim, H. (2020). Female directors on the board and investment efficiency: Evidence from Korea. Asian Business & Management, 19, 438–479. https://doi.org/10.1057/s41291-019-00066-2
Shteynberg, G., Leslie, L. M., Knight, A. P., & Mayer, D. M. (2011). But affirmative action hurts us! Race-related beliefs shape perceptions of White disadvantage and policy unfairness. Organizational Behavior and Human Decision Processes, 115(1), 1–12. https://doi.org/10.1016/j.obhdp.2010.11.011
Siddiqui, D. A., & Atique, A. (2020). Boards’ Gender Diversity and Information Asymmetry in Stock Market of Pakistan. Available at SSRN, 1–29,. https://doi.org/10.2139/ssrn.3681298
Siebert , M. D. (2020). Gender discourse in the social studies curriculum: an international literature review. Social Studies Research and Practice, ahead-of-print (ahead-of-print). doi:https://doi.org/10.1108/SSRP-01-2020-0002
Smith, N. (2018). Gender quotas on boards of directors. IZA World of Labor, 7, 1–10. https://doi.org/10.15185/izawol.7.v2
Sobhani, S., & Vali, N. (2019, April 15). Business and gender equality; more than a moral imperative. Retrieved from UNDP: https://www.undp.org/blog/business-and-gender-equality-more-moral-imperative
Solal, I., & Snellman, K. (2019). Women Don’t Mean Business? Gender Penalty in Board Composition. Organization Science, 30(6), 1270–1288. https://doi.org/10.1287/orsc.2019.1301
Stern, I., & Westphal, J. D. (2010). Stealthy Footsteps to the Boardroom: Executives’ Backgrounds, Sophisticated Interpersonal Influence Behavior, and Board Appointments. Administrative Science Quarterly, 55(2), 278–319. https://doi.org/10.2189/asqu.2010.55.2.278
Sulaiman, G. (2018). 14 Pakistani Female Pilots Who Dared to Conquer the Skies! Retrieved from BrandSynario: https://www.brandsynario.com/14-pakistani-female-pilots-dared-conquer-skies/
Sundaramurthy, C., & Lewis, M. (2003). Control and Collaboration: Paradoxes of Governance. Academy of Management Review, 28(3), 397–415. Retrieved June 02, 2019, from https://www.researchgate.net/publication/281563039_Control_and_Collaboration_Paradoxes_of_Governance
Taras, V., Baack, D., Caprar, D., Dow, D., Froese, F., Jimenez, A., & Magnusson, P. (2019). Diverse effects of diversity: Disaggregating effects of diversity in global virtual teams. Journal of International Management, 25(4), 100689. https://doi.org/10.1016/j.intman.2019.100689
Terjesen, S., & Singh, V. (2008). Female Presence on Corporate Boards: A Multi-Country Study of Environmental Context. Journal of Business Ethics, 83(1), 55–63. Retrieved from https://www.jstor.org/stable/25482353.
Thams, Y., Bendell, B. L., & Terjesen, S. (2018). Explaining women’s presence on corporate boards: The institutionalization of progressive gender-related policies. Journal of Buisness Research, 86, 130–140. https://doi.org/10.1016/j.jbusres.2018.01.043
The Express Tribune. (2018). Social media celebrates as PIA female pilots fly challenging Gilgit flight. Retrieved from The Express Tribune: https://tribune.com.pk/story/1739217/1-social-media-celebrates-female-pilots-commanding-pia-flight/
The News International. (2019). SECP temporarily relaxes condition. Retrieved from The News International: https://www.thenews.com.pk/print/438465-secp-temporarily-relaxes-condition
Toh, S. M., & Leonardelli, G. J. (2012). Cultural constraints on the emergence of women as leaders. Journal of World Business, 47(4), 604–611. https://doi.org/10.1016/j.jwb.2012.01.013
Tudor, D., & Meehan, E. R. (2013). Demoting Women on the Screen and in the Board Room. Cinema Journal, 53(1), 130–136. Retrieved from http://www.jstor.com/stable/43653640.
United Nations Development Program - Pakistan. (2019). SUSTAINABLE DEVELOPMENT GOALS: Goal 5 - Gender Equality. Retrieved from United Nations Development Program - Pakistan: http://www.pk.undp.org/content/pakistan/en/home/sustainable-development-goals/goal-5-gender-equality.html
Usman, M., Farooq, M. U., Zhang, J., Makki, M. A., & Khan, M. K. (2018). 3 Female directors and the cost of debt: Does gender diversity in the boardroom matter to lenders? Managerial Auditing Journal, 33(2), 1–19. https://doi.org/10.1108/MAJ-04-2018-1863
Volonté, C. (2015). Culture and Corporate Governance: The Influence of Language and Religion in Switzerland. Management International Review, 55, 77–118. https://doi.org/10.1007/s11575-014-0216-5
Wade, C. L. (2016). Book Review: Challenging Boardroom Homogeneity by Aaron Dhir. Osgoode Hall Law Journal, 53(3), 1094–1100. Retrieved August 6, 2019, from https://digitalcommons.osgoode.yorku.ca/cgi/viewcontent.cgi?article=3047&context=ohlj.
Watson, R. T., Boudreau, M.-C., Greiner, M., Wynn, D., York, P., & Gul, R. (2005). Governance and global communities. Journal of International Management, 11(2), 125–142. https://doi.org/10.1016/j.intman.2005.03.006
Wellalage, N. H., & Locke, S. (2013). Women on board, firm financial performance and agency costs. Asian Journal of Business Ethics, 2, 113–127. https://doi.org/10.1007/s13520-012-0020-x
Wildman, S. M. (2000). Review: Ending Male Privilege: Beyond the Reasonable Woman. Michigan Law Review, 98(6), 1797–1821. https://doi.org/10.2307/1290264
Women on Boards. (2011). Women on Boards. Abersoch, CBE.
World Economic Forum. (2014). The Global Gender Gap Report 2014. Geneva, Switzerland: World Economic Forum. Retrieved from http://www3.weforum.org/docs/GGGR14/GGGR_CompleteReport_2014.pdf
World Economic Forum. (2015). The Global Gender Gap Report 2015. Geneva, Switzerland: World Economic Forum. Retrieved from http://www3.weforum.org/docs/GGGR2015/cover.pdf
World Economic Forum. (2016). The Global Gender Gap Report 2016. Geneva, Switzerland: World Economic Forum. Retrieved from http://www3.weforum.org/docs/GGGR16/WEF_Global_Gender_Gap_Report_2016.pdf
World Economic Forum. (2017). The Global Gender Gap Report 2017. Geneva, Switzerland: World Economic Forum. Retrieved September 11, 2018, from http://www3.weforum.org/docs/WEF_GGGR_2017.pdf
World Economic Forum. (2018). The Global Gender Gap Report 2018. Geneva, Switzerland: World Economic Forum. Retrieved July 29, 2019, from http://www3.weforum.org/docs/WEF_GGGR_2018.pdf
World Economic Forum. (2019a). Global Gender Gap 2020. Geneva, Switzerland: World Economic Forum. Retrieved from https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality
World Economic Forum. (2019b). The Global Gender Gap Report 2019b. Geneva, Switzerland: World Economic Forum. Retrieved from https://www3.weforum.org/docs/WEF_GGGR_2020.pdf
World Economic Forum. (2021). The Global Gender Gap Report 2020. Geneva, Switzerland: World Economic Forum. Retrieved from https://www3.weforum.org/docs/WEF_GGGR_2021.pdf
Xu, H. (2014). Women in the boardroom: A global perpective - 4th edition. (Deliotte, Interviewer) Deliotte.
Yasser, Q. R. (2012). Affects of Female Directors on Firms Performance in Pakistan. Modern Economy, 3(817–825), 7. https://doi.org/10.4236/me.2012.37104
Yasser, Q. R., Mamun, A. A., & Ahmed, I. (2017). Corporate social responsibility and gender diversity: Insights from Asia Pacific. Corporate Social Responsibility and Environmental Management, 210–221.
Zhang, X.-A., Li, N., Ullrich, J., & van Dick, R. (2015). Getting Everyone on Board: The Effect of Differentiated Transformational Leadership by CEOs on Top Management Team Effectiveness and Leader-Rated Firm Performance. Journal of Management, 41(7), 1898–1933. doi:https://doi.org/10.1177/0149206312471387
Acknowledgements
This paper was presented at the Elsevier Limited’s International Conference on Sustainable Technology and Development 2021 held in Shenzhen, China. The first author would like to thank the Dean of the Faculty of Management & Administrative Sciences—Prof. Dr. Khalid M. Iraqi for his guidance and supervision in developing this scholarly piece of work. It was made possible by the kind support of the Chairman Securities and Exchange Commission (SECP)—Mr. Aamir Khan and his entire team as he helped the authors in providing with the necessary information against “call for information” sent to him from the Vice Chancellor Office of the University of Karachi. The name of the Joint Director (CIW)—Ms. Saima Ahrar is of prime importance in sharing the data in time. Last but not the least, the names of Secretary ICAP—Syed Masood Akhtar is also important to mention for his necessary guidance and support in coordinating with SECP. Besides, the Deputy Director Education and Training ICAP—Mr. Israr Khan also extended his voluntary support in providing with the contact details of the concerned officials in SECP for collecting the relevant information.
Author information
Authors and Affiliations
Corresponding author
Additional information
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Appendix
Appendix
Rights and permissions
About this article
Cite this article
Hoor-Ul-Ain, S., Iraqi, K.M. Gender-inclusive corporate boards and business performance in Pakistan. Asian J Bus Ethics 11, 227–273 (2022). https://doi.org/10.1007/s13520-022-00147-0
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s13520-022-00147-0