Degree
Master of Science in Finance
Department
Department of Finance
School
School of Business Studies (SBS)
Date of Submission
Spring 2025
Supervisor
Dr. Mohsin Zahid Khawaja, Assistant Professor, Department of Finance
Submission Type
Research Project
Document Type
Restricted Access
Pages
viii, 21
Keywords
Female Board Directors, Leverage, Capital Allocation Efficiency, Board Gender Diversity, Firms Risk
Abstract
This study examines the impact of the presence of female board directors on leverage and capital allocation in Pakistani firms. Results show that the proportion of female board directors in Pakistani listed companies lowers firm leverage; however, it does not significantly affect the efficiency of capital allocation which may be influenced by the senior decision-making environment within the company.I applied the Two-staged least squares (2SLS) and the Generalized Method of Moments (GMM) to evaluate the relationship. For robustness, I also employed Difference-in-Differences (DiD) and the Markov Switching models. My thesis contributes to the literature by analysing the effect of rise in the percentage of female board directors in Pakistani firms following the passing of the Companies Act, 2017 by the Securities and Commission of Pakistan (SECP) in 2017.
Recommended Citation
Shakeel, S. (2025). Impact of Board Gender Diversity on Firm Risk: Evidence from Pakistan (Unpublished master's thesis). Retrieved from https://ir.iba.edu.pk/research-projects-msfin/13
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