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Impact of Female Representation in Management and Supervisory Boards on Companies’ Performance

Karolina Kokot et al.

Zagreb International Review of Economics and Business2025https://doi.org/10.2478/zireb-2025-0021article
ABDC C
Weight
0.50

What the paper says

Abstract This paper examines the impact of female representation on management and supervisory boards on company performance. The sample includes 187 Croatian companies from the Lidermedia Journal ranking for 2017–2021. Using panel data analysis and secondary data, the study finds that a higher percentage of women on management boards is associated with better financial performance, measured by return on assets (ROA) and return on sales (ROS). However, the results did not indicate a significant impact of female representation in supervisory boards on these indicators. Uneven results for the management and supervisory boards can be attributed to the different roles each board plays within the company from a corporate governance perspective. Moreover, the impact they have on the company’s performance could have various significances. Including supervisory boards in such analyses remains essential to address gaps in gender composition research.

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https://doi.org/https://doi.org/10.2478/zireb-2025-0021

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@article{karolina2025,
  title        = {{Impact of Female Representation in Management and Supervisory Boards on Companies’ Performance}},
  author       = {Karolina Kokot et al.},
  journal      = {Zagreb International Review of Economics and Business},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.2478/zireb-2025-0021},
}

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Impact of Female Representation in Management and Supervisory Boards on Companies’ Performance

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.