Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore

• First comprehensive study of board diversity and firm performance in East Asia
• Female directors positively impact on firm ROE.
• Positive effect enhanced in countries with lower cultural support for female economic participation.

Utilising a sample of Asian firms from Hong Kong, South Korea, Malaysia and Singapore, this study shows that increasing numbers of female directors on the board have a positive effect on firm performance, as measured by return on equity (ROE). However, the positive effects of gender diversity appear to be diminished in countries with higher female economic participation and empowerment. This may be due to tokenism and suggests that forcing female director appointment or mandating gender quotas can reduce firm performance in countries with strong cultural resistance.