Is There a Business Case for Gender Diversity?

Abstract: This study examines the relationship between gender diversity in board of directors and top management and firm financial performance for 249 Swedish companies listed at the Stockholm stock exchange over a period of seven years. This research is important because it is the first panel data analysis of Swedish companies examining whether gender diversity is associated with improved financial performance. After controlling for size, industry, market performance and age we find no relationship between gender diversity and firm financial performance.