Two decades of research on board gender diversity and financial outcomes: Mapping heterogeneity and future research agenda

This study seeks to comprehend the sources of substantial heterogeneity in findings board gender diversity and firm financial performance over last two decades. We present an explanatory framework primarily ignored previous review studies chronologically theoretical perspectives, analytical frameworks, measures, associations, methodologies from 1996 2022. employ a four-step systematic methodology three-point thematic analysis framework. Our provide outlining various channels that impede facilitate impact on firms' outcomes. reveals plethora descriptive focused solely one rather than multiple which is potential limitation root cause existing findings. Heterogeneity also linked with differences across capturing performance, statistical inquiry, periods studies, samples, independent members, family or non-family affiliations, omitted variable bias, proportion women directors corporate boards, economic contexts. Another reason for disparities research not only measure diversity. Consequently, it unclear when kind should capture firm's performance. highlight significance complexity perspective address measuring intently as function BGD singular perspective. Further, better understand antecedents BGD, use psychological behavioural perspectives via interview-based design encapsulate team individual attributes BGD. Based upon our review, we suggest future consider cultural