Blood is thicker than water: an analysis of women’s presence on Pakistani boards

Eva Wagner · Helmut Pernsteiner · Aisha Riaz

13 citations0/0 files storedGender in Management An International Journal

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Gender Diversity and Inequality Gender Politics and Representation Family Business Performance and Succession

Abstract

Purpose This study aims to provide insights into gender diversity in Pakistani boardrooms, particularly for the dominant family business type, which is strongly guided by (non-financial) family-related objectives when making business decisions, such as the appointment of board members. Pakistani companies operate within the framework of weak legal institutions and a traditionally highly patriarchal environment. This study examines how corporate decisions regarding the appointment of female board members play out in this socio-political and cultural environment. Design/methodology/approach Board composition and board characteristics were examined using hand-collected data from 213 listed family firms and non-family firms on the Pakistan Stock Exchange from 2003 to 2017. Univariate analyses, probit regressions and robustness tests were performed. Findings Pakistani family firms have a significantly higher proportion of women on their boards than do non-family firms. They are also significantly more likely to appoint women to top positions, such as CEO or chairs. Practical implications Evidently, women are allowed to enter boards through family affiliations. Gender quotas appear an ineffective instrument for breaking through the “glass ceiling” in this socio-cultural environment. Thus, gender parity must entail the comprehensive promotion of women and the enforcement of legal reforms for structural and cultural change. Originality/value The analysis focuses on a Muslim-majority emerging Asian market that has been scarcely researched, thus offering new perspectives and insights into board composition and corporate governance that go beyond the well-studied Western countries.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1999Corporate Ownership Around the World 2009Women in the boardroom and their impact on governance and performance☆2003Earnings management and investor protection: an international comparison 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 2007Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills 2005How do family ownership, control and management affect firm value?

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