Gender diversity and disclosure: a meta-analysis

Abstract

The significance of Gender diversity in enhancing quality of reporting has been a focal point of the theoretical and empirical research in recent decades. However, discrepancies persist between empirical findings and theoretical perspectives regarding the role of female representation in improving disclosure quality. This study aims to elucidate the relationship between female representation and disclosure. This study employs a series of meta-analyses techniques on 189 empirical studies spanning over 39 countries to investigate the relationship between female representation and disclosure. It further examines how gender parity, shareholder protection, types of disclosure, and publication quality moderate this relationship. The meta-analysis results indicate that female representation is significantly positively associated with disclosure. This positive association is more pronounced in countries with high gender parity and low shareholder protection, underscoring the crucial monitoring role female representation can play in safeguarding shareholders’ interests, particularly when women have greater influence in boardroom decision-making (i.e., gender parity). Additionally, the findings reveal that female representation is more significantly associated with social and environmental disclosure than with financial and governance disclosure. The study provides valuable insights for regulators, directors, and shareholders by advocating for the empowering of female representation and increasing the representation of women in senior positions within firms.