Does female presence on corporate boards impact firm performance? Evidence from listed firms in Central Eastern Europe

Abstract

Our study investigates the impacts of corporate board gender diversity on firm performance in six Central and Eastern European postsocialist EU member countries (Poland, Czech Repub‐ lic, Slovakia, Hungary, Romania and Bulgaria). We discuss the postsocialist legacy and its im‐ pact on gender order in organizations. We find that the higher gender diversity of management boards enhances firm performance despite the fact that the numbers of female top managers do not reach the critical mass on the boards. By exploring the drivers of the placements in the management board, we also find that glass cliff is an existing phenomenon in the region.