THE IMPACT OF GENDER DIVERSITY ON CORPORATE VALUES

Abstract

This study employs a Systematic Literature Review (SLR) approach to comprehensively identify, evaluate, and synthesize existing empirical research on the effect of gender diversity on firm value. Using Google Scholar and the Publish or Perish software, data were collected with the keyword “The Effect of Gender Diversity on Firm Value.” From a total of 19,900 articles, the selection process applied strict inclusion and exclusion criteria, resulting in 10 relevant journal articles published between 2019 and 2025 for in-depth analysis. The findings reveal that gender diversity, particularly in the board of directors and top management, generally has a positive impact on firm value. This effect arises through enhanced decision-making quality, ethical governance, innovation, improved reputation, and stronger stakeholder trust. Nonetheless, several studies highlight potential negative outcomes, including internal conflicts, slower decision-making, and operational inefficiencies resulting from divergent perspectives. Moreover, the cultural and industrial context significantly influences the magnitude and direction of gender diversity’s impact. Firms operating in inclusive and egalitarian environments tend to benefit more, while those in patriarchal or less adaptive cultures may face challenges. The review also identifies that when gender diversity is adopted superficially—without supportive corporate culture and inclusive policies—it produces minimal strategic value (tokenism). In conclusion, gender diversity constitutes a strategic organizational factor that can enhance firm value when effectively managed and supported by inclusive leadership, equality-driven policies, and an organizational culture that embraces diversity as a driver of long-term sustainability and performance