The impact of gender diversity within the board of directors on the performance of listed Belgian companies

Abstract

In a world where the role of women in leadership continues to be questioned and redefined, this thesis investigates the impact of gender diversity policies—particularly boardroom quotas—on the financial performance of publicly listed companies. The focus is not only on the representation of women within boards of directors, but also on the influence of female leadership at the executive level, especially in the role of CEO.

Using an Ordinary Least Squares (OLS) regression model, the study examines four key performance indicators: Return on Assets (ROA), Return on Equity (ROE), EBITDA, and Tobin’s Q. Gender diversity is measured through both the proportion of women on corporate boards and the presence of a female CEO.

The results show that the presence of a female CEO emerges as a strong and consistent predictor of improved firm performance, particularly in the Tobin’s Q and EBITDA models. The effect is also marginally significant in the ROA and ROE regressions, suggesting that women in top executive roles contribute meaningfully to strategic decision-making and operational efficiency. These findings reinforce the idea that female leadership brings added value beyond symbolic representation, highlighting the strategic capabilities and managerial impact of women executives.

In conclusion, this research underscores that promoting gender diversity—especially in top executive roles—can lead to tangible financial benefits. Rather than being merely a regulatory or ethical consideration, gender-inclusive leadership proves to be a strategic asset, aligning social progress with economic performance.