Gender diversity in the boardroom: Progress and organizational determinants in China and India, 2015–2020

There is growing evidence that gender diversity on corporate boards positively impacts company performance. However, this relationship remains relatively underexplored in developing and emerging economies, particularly in the context of recent legislative initiatives such as the introduction of gender quotas and during the COVID-19 pandemic. This study addresses this gap by investigating board gender diversity trends and organizational determinants in China and India between 2015 and 2020. Using data from the OSIRIS, ORBIS, and CSMAR databases, we examine trends in gender diversity across companies listed on the S&P BSE 200 index in India and the CSI 300 index in China. Our findings reveal higher levels of gender diversity and more rapid improvements among Indian firms, where listed companies are required to appoint at least one woman to their boards since 2013. Using a Tobit regression model, our analysis reveals that family-owned and larger firms in both countries are more likely to appoint women directors, while state-owned enterprises, particularly in China, exhibit lower gender diversity. Industry-specific variations are also significant, with Indian firms in non-traditional sectors demonstrating greater diversity. These findings offer insights for policymakers and industry leaders seeking to improve gender representation on corporate boards in emerging economies.