Do Firm Performance and Market Power Influence Women Board Representation? A Panel Study of Ghanaian Listed Companies

Abstract

<title>Abstract</title> This study investigates the factors that influence female representation on corporate boards in Ghana, with a particular focus on firm-specific characteristics, governance structures, and ownership dynamics. Using longitudinal data from 25 publicly listed companies on the Ghana Stock Exchange spanning 2013 to 2023, the analysis employs panel-corrected standard error estimation, alongside various robustness checks including pooled OLS, fixed and random effects, and Arellano-Bond GMM. The findings reveal that enhanced market performance, concentrated ownership, larger boards, the presence of a female board chair, and classification as a financial institution are positively associated with greater board gender diversity. In contrast, larger firms, state and foreign ownership, and higher board independence appear to hinder the inclusion of women. Profitability, however, shows no significant effect. While the study offers valuable policy and managerial implications for advancing board-level gender inclusion, it is limited by its focus on listed firms and the exclusion of cultural and informal institutional variables. Nonetheless, the research contributes a rare longitudinal perspective within the African context, offering a rich theoretical synthesis rooted in agency, institutional, stakeholder, and legitimacy theories, and underlining the strategic relevance of gender diversity for governance and societal advancement. <bold>JEL Classification Codes: </bold>G34, J16, M14, L25, O55