Gender Diversity in the Boardroom and Corporate Cash Holdings: The Moderating Effect of Investor Protection

This paper investigates whether gender diversity in the boardroom is associated with corporate cash holdings and investor protection moderates effect of board on holdings. Using 20,750 firm-year observations from 33 countries, our analyses show that firms high levels exhibit low Furthermore, countries have Moreover, negative association between weaker high-level than low-level countries. Our results are robust to various specification tests, such as endogeneity issue, weighted least-squares regression, global economic crisis effect, alternative measures for holdings, country-level institutional features. Taken together, findings reveal significant influences These implications politicians, governments, regulators devising policies relating United Nations Sustainable Development Goal (SDG Number 5) achieving equality women empowerment.