Do women on boards, education diversity and corporate governance affect firm risk and firm performance in Thailand?

Abstract

The purposes of my study are to investigate the relationship among women on boards, education diversity, and corporate governance on firm risk and/or firm performance of listed companies in Thailand during 2010-2019. Surprisingly, I find an insignificant relationship between the proportion of female directors and firm risk (both total risk and idiosyncratic risk). Moreover, the findings show that women on boards strongly improve ROA, but significantly reduce Tobin’s Q. For education diversity, there is no significant relationship on any measures of firm performance. This study further discovers that an incremental effect of female education diversity on women directorship positively affects only Tobin’s Q. In addition, the result also suggests that an incremental effect of women directorship on corporate governance lowers a positive effect of corporate governance on ROA, but not on Tobin’s Q. Overall, all of these findings appear to vary depending on the type of firm performance measures used.