The Asymmetric Effect of Board Diversity on Firm Risk and Working Capital Policies: Evidence from Panel Quantile Regression

Document Type : Research Paper


1 Department of Business Administ1. Department of Business Administration, Institute of Southern Punjab, Multan, Pakistanration, Institute of Southern Punjab, Multan

2 Department of Business Administration, Institute of Southern PunjabDepartment of Business Administration, Institute of Southern Punjab, Multan, Pakistan, Multan, Pakistan

3 Department of Business Admi3. Department of Economics and Management, Jiangsu University of Science and Technology, Chinanistration, Institute of Southern Punjab, Multan, Pakistan


The present study aimed to investigate the asymmetric effects of board gender diversity (BGD) and board financial expertise (BFE) on firm performance, riskiness, and working capital management (WCM). Using panel quantile regression and unbalanced panel data of energy firms in Pakistan over the period 2010 to 2020, the findings suggest that female directors on boards are weak monitors and their presence is merely symbolic. There is no significant effect of BGD on firm performance or WCM. Their incapability to restrict managerial opportunism promotes excessive risk-taking in the firm. On the other hand, financial experts on board uplift low- and moderate-performing firms and restrict the risk-taking behavior when the riskiness of the firm reaches a certain level. Furthermore, they improve the working capital of the firms when aggressive WCM policies are pursued by firms’ managers.


Main Subjects

Article Title [Persian]

اثر نامتقارن تنوع هیئت مدیره بر ریسک و سیاست های سرمایه در گردش شرکت ها: شواهدی از رگرسیون چندکی پانلی

Authors [Persian]

  • عمار نواز خان 1
  • فرزان یحیی 2
  • محمد وقاص 3
1 گروه مدیریت بازرگانی، موسسه پنجاب جنوبی، مولتان، پاکستان
2 گروه مدیریت بازرگانی، موسسه پنجاب جنوبی، مولتان، پاکستان
3 گروه مدیریت بازرگانی، موسسه پنجاب جنوبی، مولتان، پاکستان
Abstract [Persian]

این مطالعه به دنبال بررسی اثرات نامتقارن تنوع جنسیتی هیئت مدیره و تخصص مالی هیئت مدیره بر عملکرد، ریسک، و مدیریت سرمایه در گردش شرکت ها بود. به این منظور از رگرسیون چندکی پانلی و داده های پانلی نامتعادل مربوط به شرکت های انرژی در پاکستان طی سالهای 2010 تا 2020 استفاده شد. یافته ها نشان دادند که اعضای زن هیئت مدیره ناظران ضعیفی هستند و حضورشان در هیئت مدیره صرفا نمادین است. تنوع جنسیتی هیئت مدیره هیچ اثر معناداری بر عملکرد شرکت ها یا مدیریت سرمایه در گردش آنها نداشت. ناتوانی اعضای زن هیئت مدیره برای محدود ساختن فرصت طلبی مدیران شرکت ها به ریسک بیشتر شرکت منجر می شود. از طرف دیگر، وقتی ریسک شرکت به سطح معینی می رسد، متخصصان مالی حاضر در هیئت مدیره شرکت هایی با عملکرد ضعیف و متوسط عملکرد این شرکت ها را ارتقاء می دهند. به علاوه، وقتی مدیران شرکت ها سیاست های مدیریت سرمایه در گردش تهاجمی را دنبال می کنند، این متخصصان سرمایه در گردش شرکت ها را بهبود می بخشند.

Keywords [Persian]

  • تنوع جنسیتی هیئت مدیره
  • اثربخشی مدیریت سرمایه در گردش
  • تخصص مالی هیئت مدیره
  • رگرسیون چندکی
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Ethical Compliance
Source of Funding: This research received no specific grant from any private or public funding agency.
Disclosure of Interest: The authors declare that they have no conflict of interest.
Informed Consent: Data is collected from secondary resources. Thus, no informed consent was required.
Animal and Human Rights: Neither animals nor direct interaction with humans was required to accomplish the study.