National Culture and the Gender Diversity of Corporate Boards

Abstract

Controlling for board size and the presence of a female chairperson, this study investigates the association between the gender diversity of corporate boards and the six Hofstede cultural dimensions. Results indicate that the percentage of women on boards is negatively related to Power Distance and positively related to Individualism and Long-term Orientation. The percentage of women on boards tends to be higher in cultures that tolerate inequalities in the distribution of power. There is also evidence that the percentage of women on boards is influenced by the degree of interdependence a society maintains among its members and the long-term horizon of decision making.