Executive Summary
Background
Gender diversity in the workplace or in the environment is an issue that has garnered considerable attention lately. The purpose of this work is to study the impact of gender diversity in leadership on the activities of firms in the UAE. Specifically, this study aims to identify the degree of correlation between the impact of gender diversity on boards and organizational financial performance, risk aversion, and innovation in the context of UAE companies.
Literature Review
A review of the literature revealed that the composition of management, particularly the board of directors, has a significant correlation with the activities of companies. Specifically, in the case of gender diversity, it is generally directly proportional to aspects of organizational activity such as innovation, risk profile, and financial success. However, there is little evidence in the recent literature on the interaction of these variables in the UAE business context.
Methods
This quantitative study investigates the influence of gender diversity in leadership on company efficiency by testing three hypotheses. Data will be collected from 120 upper managers in the UAE and analyzed using three multiple regression models in SPSS version 26. The required data collection instrument is provided. The research is expected to be completed within 12 months, following a process that includes literature review, model development, data collection/analysis, and dissertation writing/revision.
Timeline
The research will last up to 12 months. It involves six main steps: a literature review, model development, data collection and analysis, and the writing and revision of the final dissertation.
Introduction/Background
The persistence of gender inequality in various areas of human activity, including the arts and economics, is a key component of the problem of widespread lack of diversity on boards of directors. Gender equality is not identical to the principle of diversity, since women are not a minority. Still, on the contrary, they make up more than fifty percent of the world’s population. Quantitatively balanced participation and distribution of power between men and women in decision-making bodies are essential foundations for current democratic principles and human rights issues (Kyaw et al., 2022).
At the same time, this process of transforming organizational culture into the vector of sustainable development and eliminating gender imbalance is rather slow (Abou-El-Sood, 2021). Research indicates a strong correlation between financial success and the level of diversity within companies (Naumovska et al., 2020). Nevertheless, despite the perceived benefits of this phenomenon, leadership positions are often dominated by men, regardless of the company’s size.
Problem Statement
The body of literature on gender representation on boards of directors is vast. Previous research focused on the effect of gender diversity in leadership positions on sustainability practices, risk disclosure, and innovation (Kyaw et al., 2022; Moreno-Ureba et al., 2022; Seebeck & Vetter, 2022). A considerable amount of research has been conducted on this phenomenon in the corporate world. However, the review of the literature revealed that studies on the gender composition of boards of directors in the UAE are scarce. Moreover, recent research has scarce information concerning the effect of leadership diversity on the financial performance of companies. Therefore, additional research is required to address the problem stated above.
Purpose/Rationale/Research Questions
The purpose of this research is to investigate the impact of gender diversity of the board of directors on firms’ performance in the UAE. In particular, this work aims to explore the effect of boards’ gender diversification on financial performance, innovation, and risk aversion in the UAE companies. The investigation of these relationships is expected to contribute to an understanding of the importance of such phenomena for the performance of companies across various industries in the UAE. The result of this research is expected to increase the generalizability of findings from previous studies by incorporating results from the UAE.
The importance of the study’s purpose is difficult to overstate. According to Lu et al. (2022), the characteristics of leadership positions have a significant impact on the performance of all types of companies. Additionally, gender variety in the board of directors can influence the company’s performance in terms of risk aversion, innovation, and financial performance (Kyaw et al., 2022; Moreno-Ureba et al., 2022; Seebeck & Vetter, 2022; Lu et al., 2022). Confirming these findings for the UAE will enable company leaders to structure leadership positions to benefit UAE companies.
This research is expected to answer one research question and test three hypotheses:
- RQ: What is the effect of gender diversity on company financial performance, innovation, and risk aversion in the UAE?
- H1: Gender diversity in the board of directors has a positive effect on firms’ financial performance in the UAE.
- H2: Gender diversity in the board of directors has a negative effect on firms’ risk aversion in the UAE.
- H3: Gender diversity in the leadership positions has a positive effect on firms’ innovation in the UAE.
Literature Review
Board Diversity and Its Implications
The board of directors is regarded as one of the most essential techniques for regulating managerial conduct and mitigating problems within the company. They are often appointed or elected by shareholders and represent the interests of the company’s shareholders. Management is consistently challenged to make critical strategic decisions, propose effective implementation strategies, track progress, and monitor the decisions of all stakeholders involved (Geletkanycz, 2020). Most studies have sought to assess board quality in various aspects, particularly its impact on firm value and other corporate outcomes.
Board diversity is one aspect utilized as a proxy for the board to monitor effectiveness. In social psychology, researchers believe that individuals often seek to surround themselves with others who share similar perspectives, backgrounds, and values, as reinforced through intragroup communication (Geletkanycz, 2020). From this perspective, female directors are disrupting groups that men typically associate with and introducing alternative standpoints.
Diversity in top managerial positions is low in many companies worldwide. Numerous studies in the past were unable to highlight the impact of board diversity on a firm’s performance, as suggested by Abad et al. (2017). Previous studies demonstrate that diversity in the board of directors leads to positive outcomes for the firm (Kyaw et al., 2022; Moreno-Ureba et al., 2022; Seebeck & Vetter, 2022; Lu et al., 2022). However, organizations, regardless of size, have failed to embrace diversity and reap its benefits. According to García-Meca et al. (2022), the primary aim of a business is to earn profits (Radu & Smaili, 2022).
This would be enough motive to have more women on boards of directors, but that does not appear to be the case, as suggested by Au et al. (2022). The major area of disagreement is that previous researchers hold the view that the reason behind this might be due to gender alone. As much as the reliability of the information on profitability due to evidence, it is less persuasive to state that top positions are filled with more men only due to their sex (Gull et al., 2022). This research will draw upon all the above data on the topic and focus on revealing information that is missing.
Gender Diversity on the Board of Directors
Two decades after the United Nations announced the necessary action to remove all barriers to gender equality and women’s empowerment, support for gender diversity remains lacking. This is evident in the limited number of women represented in leadership positions or organizational boards. Although in 2020, every company in the top 500 had one or more female directors, women are still underrepresented on boards, comprising only 28% of board directors (Atif et al., 2020).
Research indicates that gender diversity in the workplace can yield both benefits and costs for an organization (Atif et al., 2020). A substantial body of literature suggests that gender diversity on boards fosters unusual viewpoints in the boardroom (Lu et al., 2022). If a diversified leadership team can bring a wider variety of backgrounds among directors, then they will collectively possess more diverse data (Marisetty & Prasad, 2022). Additionally, it will have a greater chance of reaching better decisions.
Moreover, the organization’s leadership diversity can enhance the board’s independence and, consequently, result in an improved board monitoring function. Simultaneously, board diversity sends a positive signal to stakeholders that the firm prioritizes social responsibility (Mateos de Cabo et al., 2019). On the other hand, it has been argued that governance diversity can lead to higher board decision-making costs and increase the likelihood of friction and conflict in leadership (Moreno-Ureba et al., 2022). In addition, the influence of general stereotypes that encourage prejudice against women in managerial appointments, selection, and other stages of business processes remains.
Stereotyping or labeling is, by its nature, a cognitive process that reflects the association or connection of a characteristic with a particular group. Moreover, this phenomenon is not an aberration in the common social behavior and values of many employees. The reason for this is due to the nature of individuals to develop ideologies concerning others and their behaviors according to their understanding and expectations. This is something that can be taught or reinforced through various social interactions as well as influences (Pollok et al., 2021).
Conventionally, the most admired leaders have traits commonly associated with masculinity, including self-confidence, competitiveness, aggressiveness, and ambition (Seebeck & Vetter, 2022). This is not surprising, as male leaders tend to dominate the business world (Chen et al., 2022). In the past, researchers have questioned some of the attributes of men in terms of usefulness to the organization (Khatri, 2022). Other evidence suggests that women leaders have certain qualities that are useful in crises, such as empathy and warmth. (Kyaw et al., 2022). The tendency to choose women over men in leadership roles is likely to increase when there are challenges or difficulties within organizations.
Extensive research has been conducted on the topic previously. Some researchers argue that female executives must behave similarly to their male counterparts to achieve success. In contrast to female stereotypes, women directors tend to take more risks than their male counterparts.
A well-known study suggests that stereotypes are correlated with financial outcomes (Seebeck & Vetter, 2022). They constrain females from reaching the top positions in banking by aiming to sustain a strong masculine culture (Aguinis et al., 2022). The investigation documents that financial institutions with female leaders take more risks than those led by fewer females (Beji et al., 2021).
Simultaneously, it suggests that, on average, females in top positions tend to perform better than men. Other scholars believe that women leaders are favored when there are economic challenges (Beji et al., 2021). This is not because they are expected to better the circumstances, but due to the perception that they are good people and should not be blamed (Boone et al., 2018). This phenomenon is a stealth hindrance that hinders the development to greater levels of a company’s hierarchy.
A board composed of a majority of female directors can better control the team’s atmosphere and, in particular, the self-serving actions of managers, thereby minimizing costs. Studies show that they are stricter in control than their male counterparts. A female director is more likely than a male director to be classified as independent. High female representation in senior roles is frequently associated with less CEO turnover sensitivity, better board attendance, and more open information sharing (Harakeh et al., 2022). Women are more likely to seek answers to various questions and raise awareness about specific problems.
Another study suggests that boards with more female members have more enhanced oversight of management reporting, which improves the quality of earnings. By improving the quality of board monitoring, female directors enhance corporate governance control. It is believed that some people differentiate colleagues according to their involvement in a particular group and, as a result, tend to have a biased attitude towards them on this basis. This makes it harder for out-group members to join these groups.
Moreover, women feel as if they belong to the same group to ensure that they experience less isolation. The number of female directors is crucial for the effectiveness of the entire organizational composition, but the optimal value that leads to improvement has yet to be determined. Similarly, firms with three or more female directors usually receive higher strength scores (Harakeh et al., 2022). The association between female directors and the chief executive officer has gotten much attention.
From the agency’s perspective, separating the roles of director and CEO can diminish the power and capabilities of the latter, which has a negative long-term impact (Harakeh et al., 2022). Boards are considered responsible for maintaining the firm’s efficiency, and this position is one way to control performance. Women in leadership positions influence how organizations are run by regulating the amount of power wielded by the CEO.
The impact of having gender diversity can be seen even in the finance side of firms. A recent study suggests that organizations with female directors are less likely to have large financial options (García-Meca et al., 2022). Their representation can reduce the self-confidence and, as a result, the satisfaction and optimal performance of male leaders, especially in sectors where the atmosphere is characterized by arrogance. Gender diversity in a company is directly correlated with the chances of a woman being appointed to a leadership position (Geletkanycz, 2020).
As a result, an organization with a high level of women in leadership is more likely to appoint a woman as CEO. Thus, from the agency’s perspective, the gender diversity of boards can lead to greater freedom of leadership and a balance between executive and non-executive power, as represented by the respective directors on boards. It is believed that the leadership of organizations with high gender diversity offers an enhanced board oversight function in contrast to shareholders and other stakeholders. A significant degree of female influence is attributed to three individuals in the composition (Kara et al., 2022). Any number less than this will, in most cases, result in a situation where women are less influential in corporate decisions.
Recent empirical evidence suggests that female directors have acquired human capital in much the same way as their male counterparts, in terms of reputation, education, and board experience. Education is one way to develop in terms of experience and cognitive abilities. People with higher education obviously have more influence and a greater tendency toward power in leadership.
Previous work has shown that the correlation between gender diversity and company sustainability, in terms of performance, is primarily due to the higher education of female directors (Beji et al., 2021). Female directors are more likely to have MBAs and international experience than new male colleagues, as suggested by Beji et al. (2021). Against the backdrop of other strengths and competencies, this determinant becomes important in both operations and the company’s social responsibility.
Applicable Theories
The concept of resource independence almost fully supports aspects of gender diversity in leadership. This theory describes the process of appointing directors to an organization’s board to acquire critical resources (Kara et al., 2022). Directors or other individuals on the board of directors of a firm typically possess social and human capital. The latter is a combination of several skills, reputation, and important knowledge that a person possesses, which are enhanced through education, training, or experience. These processes form thinking, perception, and other leadership qualities.
The more diverse the experience, the more likely it is to realize the potential for problem identification and management decision-making optimization (Kara et al., 2022). In line with this idea, the experience and higher education of board members can help improve the effectiveness of operational evaluations. Some researchers believe that women often redistribute priorities in favor of the home and children, which negatively affects their professional skills (Kara et al., 2022). This gap widens as men spend more time in the labor market, but this interpretation has been criticized.
According to Lu et al. (2022), several theories can be applied to the effect of board diversity on organizational success. In particular, they note that stakeholder theory is one of the most suitable approaches for explaining the relationships between the variables discussed in this study. According to the theory, a company should create value for all stakeholders, rather than focusing solely on shareholders. Stakeholder theory recognizes different types of stakeholders and describes the differentiation of different levels of interest and power (Lu et al., 2022).
Synthesis of Findings and Research Gap
The literature review demonstrated that the composition of the board of directors has a significant impact on firms’ performance, including innovation, risk profile, and financial success. However, recent literature provides little evidence concerning the effect of gender diversity in the board of directors on the organization’s performance in the context of the UAE. Therefore, this research has the objective of assessing the effect of gender diversity in the board of directors on the companies’ financial and innovation performance, and risk aversion in the UAE.
Methods
Design Selection
The purpose of this research is to investigate the influence of gender diversity of the board of directors on organizational performance in the UAE. In particular, the research aims at testing three hypotheses for the desired population. Therefore, the most appropriate design for achieving the desired goal is conducting quantitative correlation research.
Quantitative research employs computational, statistical, and mathematical methods to evaluate numerical information and derive valuable patterns and insights, as suggested by Aguinis et al. (2021). Quantitative design utilizes numerical data and rigorous statistical methods to answer specific, narrowly focused questions by testing hypotheses. Quantitative methods help to explore preference trends, differences between various audience segments, and demographics (Gupta et al., 2020).
The primary advantage of the quantitative design is its clarity in answering research questions. Moreover, quantitative research provides a high degree of reliability of findings (Aguinis et al., 2021). However, questions answered by quantitative research must be very specific.
At the same time, quantitative research does not allow for acquiring in-depth insights from the analysis, as the research design does not aim to explain facts acquired from the analysis and the reasons behind some phenomenon or correlation that exists (Aguinis et al., 2021). Correlational research design aims at studying how two or more variables interact with each other. Thus, since the purpose of the study was not to explain the reasons for the correlation to exist, but rather to examine the degree of correlation between four variables, the design is appropriate to achieve the research aim.
Research Philosophy
Aligning the research paradigm with the purpose and methods is crucial for answering the research questions most suitably and accurately. According to Kuhn (1970), the research paradigm is a set of shared beliefs about how to solve problems that researchers agree upon, encompassing ontological, epistemological, and methodological questions. Realism was chosen as the research philosophy for the study. Positivism presupposes that there is one reality that can be measured and understood due to the objectivity of the world.
When utilizing positivism as the primary paradigm for a study, researchers are expected to act in an unbiased manner and deduce the cause-and-effect relationships using context-free methods (Kuhn, 1970). Positivists usually utilize quantitative research methods as they allow for measuring reality with high precision, minimizing data collection and analysis biases, and helping to test cause-and-effect relationships. Thus, the research philosophy aligns with the selected research design.
Variables and Measurement
The purpose of this study is to examine the relationship between four variables: the gender diversity of the board of directors, financial performance, innovation level, and risk tolerance. The variables will be measured using self-reported data collected from a questionnaire created specifically for this study, which is provided further in this paper. In other words, instead of measuring objective data, such as profitability ratios, returns on investment, or the number of patents, this study will use self-reported data to assess the variables. According to the assumptions of realism, such an approach to data collection is appropriate, as reality is single and can be measured.
Sampling
The population under analysis consists of upper managers from companies located in the UAE. The rationale behind selecting the population is that upper managers can assess the company’s performance in terms of the selected variables. The researcher will employ a simple random sampling method to find the participants for the study.
In statistics, a random sample refers to a subset of individuals selected from a larger population, where each individual is chosen randomly with the same probability. It guarantees that the results obtained from the sample approximate what would have been obtained if the entire population had been studied. The simplest sample ensures that each unit in the population has an equal chance of being chosen. A sample size of at least 120 participants was estimated to be sufficient to secure an acceptable margin of error of 3%.
Data Collection Process
Data will be collected using an online survey. A list of potential participants will be created using information from open sources. The potential participants will be contacted via email. First, a recruitment letter will be sent to invite the managers to participate in the study. After an agreement is received, participants will be sent a formal consent form and a link to the questionnaire, which has been uploaded to SurveyMonkey. The data will be collected and stored automatically by the service to ensure data security and convenience for the researcher and the participants.
Data Analysis
The data will be analyzed using three multiple regression models. These models will use the diversity of the board of directors as the independent variable, and three other variables —financial performance, innovation level, and risk tolerance —will be the dependent variables. Demographical variables will be used as control variables to ensure that the opinions of the participants are not affected by their age, gender, and nationality. Additionally, descriptive statistics will be used to provide a summary of the distribution of variables. Data will be analyzed using SPSS version 26, together with Microsoft Excel for data handling and cleaning.
While descriptive statistics is a technique of using and analyzing statistics, a descriptive statistic is a summary statistic that quantitatively summarizes aspects of a set of data. It differs from inferential or inductive statistics in that it aims to summarize a sample rather than using information about the population that the sample is believed to represent. This suggests that, unlike inferential statistics, this method is not based on probability theory, as noted by Aguinis et al. (2021).
Although inferential statistics are used to draw the main conclusions from data analysis, descriptive statistics are also provided. It provides summaries of the research samples and observations made. These could either be quantitative or visual, or straightforward graphs. They might serve as the foundation for the initial description of the information as part of a more extensive statistical analysis, or they may be adequate for a specific study.
Possible Threats to Reliability and Validity Associated with Methods
The questionnaire utilized for data collection will be self-created, which poses a significant threat to the reliability and validity of the results. To mitigate the threats, the questions will be validated using various methods, including frequent collaboration with the supervisor and the Pearson Product-Moment Correlation. The reliability of collected data will be assessed using Cronbach’s alpha. Another possible threat to reliability and validity is the concern of the participants about the safety of the collected data. To address the problem, the questionnaires will not collect any sensitive data, and the highest standards of data protection will be adhered to. The participants will be informed about the measures in place to ensure the reliability and validity of the collected data, in accordance with data protection regulations.
A potential threat to the successful collection of data in this research is the limited time availability, as the procedure targets individuals responsible for running organizations. Top-level managers have different roles and responsibilities to ensure that the firm is productive and that operations continue without interruption. To mitigate this, the researcher will utilize technology, such as SurveyMonkey.
Proposed Timeline
A time plan is crucial for conducting research efficiently and performing data gathering and analysis in accordance with the initial objectives. The estimated timeframe for the project is one year. The research will be divided into six crucial steps, including literature review, development of the research model, data collection, data analysis, production of the dissertation, and revision of the dissertation. The literature review will be conducted throughout the year, except for the final revision of the thesis.
The development of the research model is expected to take no longer than one month after the preliminary literature review is ready. Data collection is expected to be the most laborious process, taking up to five months. Data analysis is expected to take no longer than a month, as the data will be analyzed by statistical software. After that, the thesis will be produced, which is expected to take around four months. The last month will be used for editing and revising the final paper. Table 1 visualizes the proposed timeline.
Proposed Questionnaire
The questionnaire below consists of questions designed to gather information that will be helpful in research on gender diversity in boards of directors. Participants are allowed to answer to the best of their abilities and without fear of contradiction. All the information provided will be kept anonymous to ensure that the respondents’ privacy is protected. Whenever an issue arises, a participant is permitted to seek clarification from the researcher, who is responsible for ensuring the participant’s comfort.
Informed Consent
- I have read and understood all the information from the informed consent form that was sent to me via email, along with the link to the present survey. I hereby confirm that I agree to the terms of participation in this study.
- Yes
- No
- Demographic Questions
- What is your biological gender?
- Male
- Female
- Other
- What is your age?
- 18-24 years old
- 25-34 years old
- 35-44 years old
- 45-54 years old
- 55 years old and older
- What is your nationality?
- GCC
- Non-GCC.
Content Questions
The content questions are provided in Table 2. They describe the constructs using three indicators measured by a five-point Likert scale, where ‘1’ stands for ‘strongly disagree’ and ‘5’ for ‘strongly agree.’
Table 2. Constructs and indicators of the study
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