THE IMPACT OF WOMEN DIRECTORS AND SHARE PERFORMANCE IN ASEAN COUNTRIES: A COMPREHENSIVE REVIEW

The participation of women on boards of directors and the performance of companies has always been a subject of debate among academic experts, prompting governments and policymakers to update and establish regulations to encourage women's participation on boards to make crucial decisions for businesses. Numerous academic studies have been undertaken in business, economics, finance, accounting, and the social sciences to study the effects of women directors on firm performance, operations, value, and share performance. On the basis of prior empirical investigations, the results have not yet achieved a definitive reference point for stakeholders such as boards of directors, companies, shareholders, investors, and governments. However, such research is still scarce in ASEAN nations. Therefore, the purpose of this study is to conduct a comprehensive literature analysis concerning the impact of women directors on share performance in the share markets of Malaysia, Thailand, and Indonesia. This study will examine the theoretical and empirical elements of the connection between women directors and share performance in order to identify research gaps for the future. Several crucial components of theory, operations, measurement, contextualization, and methodology have been identified in empirical investigations. The conclusions of this study cannot yet be applied to broader contexts, sectors, or people, as determined by a review of relevant prior research. In addition, this paper outlines other research avenues that should be pursued to gain a deeper knowledge of women directors and share performance. Based on the outcomes of this study, it can be stated that the conclusions of previous research remain inconsistent. Finally, the study's policy, theoretical, and practical consequences are examined.