Gender matters: board gender diversity and firms’ export resilience

Abstract

AbstractThis study investigates the impact of board gender diversity on the export resilience of Chinese A-share listed firms from 2009 to 2015. Our findings indicate that board gender diversity significantly enhances firms’ export resilience. The results remain robust across various modifications, including adjustments to the sample period, exclusion of extreme values, utilization of alternative measures for critical variables, addressing endogeneity concerns by adding fixed effects and employing the sex ratio at birth as an instrumental variable. Mechanism tests reveal that enhancing the quality of export products, expanding export diversity, and improving corporate reputation are crucial pathways through which board gender diversity can bolster firms’ export resilience. Finally, heterogeneity analysis shows that the positive effect is more pronounced in older firms and those with higher board educational backgrounds. This effect is also more prominent in firms located in provinces with higher levels of non-state economic and product market development.