Women on Boards in Portuguese Listed Companies: Does Gender Diversity Influence Financial Performance?

Corporate sustainability integrates financial performance with environmental, social, and governance (ESG) performance. Due to their personal characteristics, women can play an important role in promoting sustainable actions strategic decision-making, creating positive effects on a company’s The main objective of this paper is analyze the effect Board gender diversity performance, context Portuguese listed companies. Financial was measured through accounting-based measure, return assets (ROA), market-based Tobin’s Q. proxied several measures identified literature information needed construct them manually collected from corporate reports. A regression analysis conducted panel data consisting 29 companies period 2010 2019. results show that female presence positively related ROA when there are at least two Board, or proportion is, least, 20%. relationship also found between Q 20% Board. confirm existence as predicted by resource dependence theory agency theory, but only critical mass reached. In general, we conclude that, although promotion underlying legislation not yet fully consolidated, imposed threshold Boards signal sent market one valued investors.