Board Gender Diversity and Organisational Performance: A Literature Review

Abstract

Abstract This study investigates the conceptual evolution of the gender–performance relationship: specifically, how the two constructs have been examined within the business and economics literature, how performance is measured when the impact of board gender diversity is assessed, which factors shape this relationship, and which research gaps remain. Addressing these questions provides a broad understanding of the field’s intellectual structure and thematic development. The study adopts a bibliometric approach, employing co-citation analysis and bibliographic coupling to map this development, combined with a systematic literature review to ensure a comprehensive interpretation of the findings. The analysis reveals two important shifts. First, the relationship between board gender diversity and organisational performance has moved from an assumption of linear effects toward mechanism-based explanations: performance is shown to be mediated by the specific governance role that female directors occupy (monitoring versus advisory, independent versus executive) rather than by board presence alone. Second, the conceptualisation of performance has expanded beyond financial indicators to include environmental, social, and governance outcomes, reflecting a multidimensional understanding of organisational value. The review identifies the drivers of board gender diversity, as opposed to its consequences, as a significant and persistent gap in the literature.