Determinants of Gender Diversity on Corporate Boards in Ghana: The Role of Firm Characteristics, Ownership Structure, and Corporate Governance
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This study investigates the determinants of board gender diversity among listed firms in Ghana, focusing on firm-specific characteristics, ownership structures, and corporate governance variables. Drawing on agency, stakeholder, legitimacy, and resource dependence theories, the study analyses panel data from 25 firms spanning 2014 to 2023. Using the Panel-Corrected Standard Errors (PCSE) model alongside robustness checks with FE, RE, and GMM estimators, the findings reveal that board size, industry type, and the presence of a female board chair positively influence women’s representation. Conversely, firm size, government and foreign ownership, and board independence are negatively associated with gender diversity. Notably, substantial shareholding shows a positive effect, diverging from earlier studies. These results highlight the contextual complexity of gender diversity in developing economies and underscore the strategic importance of inclusive governance. The study contributes to theory and practice by emphasizing how institutional dynamics shape board composition in emerging markets.
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