Original scientific paper
https://doi.org/10.2478/zireb-2025-0021
Impact of Female Representation in Management and Supervisory Boards on Companies’ Performance
Karolina Kokot
orcid.org/0000-0002-7746-0449
; University of Zagreb Faculty of Organization and Informatics, Varaždin, Croatia
Nikolina Dreven
orcid.org/0000-0003-2834-2929
; University of Zagreb Faculty of Organization and Informatics, Varaždin, Croatia
*
Marina Klačmer Čalopa
; University of Zagreb Faculty of Organization and Informatics, Varaždin, Croatia
* Corresponding author.
Abstract
This paper examines the impact of female representation on management and supervisory boards on company performance. The sample includes 187 Croatian companies from the Lidermedia Journal ranking for 2017–2021. Using panel data analysis and secondary data, the study finds that a higher percentage of women on management boards is associated with better financial performance, measured by return on assets (ROA) and return on sales (ROS). However, the results did not indicate a significant impact of female representation in supervisory boards on these indicators. Uneven results for the management and supervisory boards can be attributed to the different roles each board plays within the company from a corporate governance perspective. Moreover, the impact they have on the company’s performance could have various significances. Including supervisory boards in such analyses remains essential to address gaps in gender composition research.
Keywords
management and supervisory board; female representation, ROA; ROS; organizational performance
Hrčak ID:
341954
URI
Publication date:
30.11.2025.
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