Global Jou nal o Economic and
Finance Resea ch
Vol. 02(10): 1032-1042, Oc obe 2025
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DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1032
Gende Di e si y in The Boa d oom: A Quali a i e Explo a ion o Women
Di ec o s in Malaysia
Suhaila Zainal Abidin1, No ziana Lokman2*, Memiyan y Abdul Rahim3
1Ancom Nylex Be had, Pe aling Jaya, Malaysia
2,3Facul y o Adminis a i e Science and Policy S udies, Uni e si i Teknologi MARA, Malaysia
INTRODUCTION
The p esence o women di ec o s on co po a e boa ds has been inc easingly ecognised as an essen ial elemen o good go e nance
and sus ainable o ganisa ional pe o mance. P io esea ch highligh s hei unique s eng hs, including enhanced isk managemen
and mo e balanced decision-making p ocesses (Ho, 2017). Jaa a (2017) u he emphasises ha women di ec o s c ea e an inclusi e
wo k cul u e while s eng hening a company's inancial pe o mance. Simila ly, Regue a-Al a ado e al. (2017) a gue ha boa d
di e si y enhances go e nance quali y by os e ing independence in decision-making and encou aging mo e obus and in o med
delibe a ions.
In Malaysia, egula o y e o ms ha e sough o add ess gende dispa i ies in he boa d oom. Beginning in 2023, all publicly lis ed
companies mus appoin a leas one woman di ec o o hei boa ds, signalling an ins i u ional commi men o ad ancing gende
inclusi i y in decision-making (The Business Times, 2021). Ne e heless, p og ess emains une en. The Edge (2023) epo ed ha
24 publicly lis ed companies had ye o appoin a emale di ec o as o June 1, 2023, e lec ing esis ance and eluc ance o mee
hese upda ed equi emen s.
The absence o women on boa ds may esul in se e al nega i e implica ions, including weake pe o mance ou comes (McKinsey
& Company, 2020), diminished go e nance e ec i eness (Te jesen e al., 2009; Ca e e al., 2003), educed inno a ion (Kagu e
al., 2014), and ad e se public pe cep ion (Ca alys , 2020; Bu ke, 2000). Consequen ly, he inclusion o women di ec o s has become
a ocal poin in he discou se on co po a e go e nance, pa icula ly abou hei con ibu ions and he challenges hey encoun e .
A key issue conce ns he pe sis ing unde ep esen a ion o women on co po a e boa ds, e en amid g owing awa eness o he bene i s
o gende di e si y. While manda o y quo as and simila egula o y ini ia i es aim o co ec his imbalance, many companies emain
KEYWORDS: Co po a e go e nance,
co po a e social esponsibili y, gende
di e si y, s akeholde ep esen a ion, women
di ec o s
Co esponding Au ho :
No ziana Lokman
Publica ion Da e: 07 Oc obe -2025
DOI: 10.55677/GJEFR/06-2025-Vol02E10
License:
This is an open access a icle unde he CC
BY 4.0 license:
h ps://c ea i ecommons.o g/licenses/by/4.0/
ABSTRACT
The ole o women di ec o s in s eng hening co po a e go e nance and
imp o ing company pe o mance is well ecognised, ye hei ep esen a ion on
co po a e boa ds emains limi ed. This s udy explo es he unde ep esen a ion o
women on he boa ds o publicly lis ed companies in Malaysia and in es iga es
he ac o s con ibu ing o his issue. A quali a i e esea ch design was
employed, in ol ing in-dep h in e iews wi h six di ec o s om publicly lis ed
Malaysian companies. This app oach p o ided ich insigh s in o women
di ec o s' con ibu ions and he ba ie s ha hinde hei b oade pa icipa ion.
The indings e eal ha women di ec o s enhance boa d e ec i eness by
imp o ing s akeholde ep esen a ion, en iching decision-making p ocesses, and
ad ancing co po a e social esponsibili y (CSR) engagemen . The women
di ec o s' pe spec i e was also no ed as adding dep h o boa d oom discussions
and s eng hening go e nance ou comes. Howe e , challenges pe sis ,
pa icula ly in iden i ying sui able emale candida es, which is o en limi ed by
indus y-speci ic knowledge gaps and a lack o awa eness o he a ailable alen
pool. These cons ain s highligh he s uc u al and o ganisa ional complexi ies
shaping gende ep esen a ion on boa ds. The s udy con ibu es o he discou se
on gende di e si y by o e ing insigh s o guide u u e esea ch, policymaking,
and co po a e p ac ices o p omo e inclusi i y in boa d leade ship.
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1033
hesi an o comply ully. Mo eo e , ques ions pe sis ega ding how women di ec o s can e ec i ely p omo e s akeholde in e es s,
s eng hen decision-making, and ad ance co po a e social esponsibili y (CSR) ini ia i es.
Agains his backd op, his s udy explo es he con ibu ions o women di ec o s o co po a e boa ds, ocusing on hei oles in
s akeholde ep esen a ion, decision-making, and CSR engagemen . I also in es iga es he ba ie s hinde ing emale pa icipa ion,
he eby p o iding a nuanced unde s anding o he s uc u al, cul u al, and o ganisa ional challenges su ounding boa d di e si y.
The indings o his s udy con ibu e o he g owing li e a u e on gende di e si y in co po a e go e nance by o e ing empi ical
insigh s in o he unique con ibu ions o women di ec o s. In pa icula , he s udy unde sco es hei ole in p omo ing inclusi i y,
en iching boa d discussions, and os e ing socially esponsible go e nance. F om a p ac ical s andpoin , he esul s sugges ha
o ganisa ions mus add ess s uc u al ba ie s, such as indus y biases and limi ed p o essional ne wo ks, o b oaden emale
ep esen a ion on boa ds. Policymake s and egula o s may also s eng hen di e si y ini ia i es by in oducing leade ship
de elopmen p og ammes o women and implemen ing anspa en appoin men p ocesses. Fos e ing gende -inclusi e boa d ooms
is a ma e o compliance and a pa hway o imp o ed go e nance, enhanced co po a e epu a ion, and long- e m sus ainable success.
LITERATURE REVIEW
The signi icance o gende di e si y on co po a e boa ds has gained inc easing ecogni ion, wi h an expanding body o esea ch
highligh ing i s wide- anging bene i s o go e nance, s a egy, and o ganisa ional ou comes. This sec ion e iews he key
heo e ical amewo ks and empi ical indings ha unde pin he ole o women di ec o s in enhancing boa d e ec i eness.
2.1 Agency, S akeholde and Resou ce Dependency Theo y
Se e al heo e ical pe spec i es p o ide a ounda ion o unde s anding he con ibu ions o emale di ec o s. Agency heo y (Jensen
& Meckling, 1976) posi s ha di e se boa ds, including women, s eng hen moni o ing mechanisms and educe agency cos s.
Women di ec o s o en ask mo e ques ions, p o ide al e na i e iewpoin s, and con ibu e o mo e e ec i e o e sigh , which
enhances anspa ency, educes in o ma ion asymme y, and imp o es inancial pe o mance (F ancoeu e al., 2008; Gul, S inidhi
& Ng, 2011). He e ogeneous boa ds, he e o e, se e as s onge go e nance mechanisms ha p omo e e hical s anda ds and
accoun abili y (Al a ado, B iones, & De Fuen es Ruiz, 2011).
S akeholde heo y (F eeman, 1984) sugges s ha women di ec o s play a c i ical ole in ep esen ing he in e es s o mul iple
s akeholde s, including employees, cus ome s, and communi ies. Thei p esence signals inclusi i y and co po a e commi men o
b oade s akeholde conce ns, s eng hening us and a ac ing ex e nal pa ne ships (Fields & Keys, 2003; F iedman e al., 2010).
By os e ing b oade engagemen , gende -di e se boa ds enhance o ganisa ional epu a ion and sus ainabili y.
Resou ce dependence heo y (P e e & Salancik, 2003) and s ewa dship pe spec i es u he highligh women’s abili y o secu e
esou ces and educe en i onmen al unce ain y. Thei nego ia ion skills, emo ional in elligence, and ela ional capi al expand a
i m’s access o s a egic esou ces and s eng hen ies wi h socially conscious in es o s and consume s (Adams & Fe ei a, 2009).
These heo ies o m he heo e ical ounda ion o his s udy, explaining how women di ec o s enhance decision-making, s akeholde
ep esen a ion, and CSR engagemen , he eby imp o ing go e nance, pe o mance, and sus ainabili y.
2.2 S akeholde s Rep esen a ion
Women di ec o s enhance s akeholde ep esen a ion by ensu ing he oices o sha eholde s, employees, and b oade communi ies
a e e lec ed in go e nance p ocesses (Bowie, 2013). They help sa egua d e hical conduc and educe co po a e misconduc , limi ing
egula o y noncompliance isk (Baum e al., 2022). Beyond go e nance, women on boa ds ac as ole models and ad oca es o
gende equi y, suppo ing ai ec ui men and men o ing ini ia i es (Bu ke, 1994).
In amily-owned businesses, women di ec o s also media e be ween amily and non- amily in e es s, ein o cing p o essionalism
and anspa ency (Ga cia-Meca & San ana-Ma in, 2023). Thei p esence can imp o e esponsi eness o ma ke s wi h a la ge emale
cus ome base, as illus a ed by Nike’s women’s di ision ini ia i e led by Jill Conway (Rosene , 2003).
S akeholde ep esen a ion also con ibu es o e hical decision-making and enhances co po a e epu a ion. Women di ec o s’
inclusi e app oaches a ac emale alen , s eng hen di e si y, and s imula e inno a ion (Be man e al., 1999; Ca alys , 2012). Thei
highe educa ional a ainmen u he con ibu es o go e nance quali y and i m epu a ion (Na a o-Ga cía e al., 2020).
None heless, ba ie s such as gende bias and es ic ed ca ee ad ancemen oppo uni ies pe sis (Conde-Ruiz & de A inano, 2016),
unde sco ing he need o inclusi e o ganisa ional policies (E ha d e al., 2004).
2.3 Decision-Making P ocesses
A subs an ial body o esea ch highligh s women's con ibu ions o boa d decision-making. Women di ec o s b ing di e se
pe spec i es and independen judgmen ha imp o e delibe a ion quali y (Daily & Dal on, 2003). In Indonesia, o example, a
highe p opo ion o women di ec o s in s a e-owned en e p ises has been linked o imp o ed pe o mance due o hei s ong
communica ion and epo ing p ac ices (Wa dhani & Sup a iwi, 2023).
C i ical mass heo y sugges s ha a leas h ee emale di ec o s a e equi ed o make meaning ul con ibu ions (To chia e al., 2011;
B ahma e al., 2021). Al e na i ely, appoin ing only one woman may amoun o okenism, limi ing hei impac (Singh e al., 2019).
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1034
In Malaysia, gende di e se boa ds ha e been shown o s eng hen co po a e go e nance by in oducing new ideas and pe spec i es
(Azmi & Ba e , 2013).
Beyond delibe a ion, women di ec o s in luence isk managemen and e hical choices. Resea ch indica es ha women a e mo e isk-
a e se and socially esponsible (Ga cia-Meca & San anaMa in, 2023; Tanasuica, 2023). Boa ds wi h emale di ec o s a e less p one
o co up ion, mo e a en i e o e hical conside a ions, and associa ed wi h educed bank up cy isks (Pe yman e al., 2016).
None heless, gende -di e se boa ds may ace challenges, including con lic and communica ion ba ie s (Ma ínez & Rambaud,
2019; Ba nes e al., 2019). Despi e hese complexi ies, he e idence s ongly suppo s he posi i e in luence o gende di e si y on
go e nance quali y and decision-making e ec i eness.
2.4 Co po a e Social Responsibili y (CSR)
Women di ec o s signi ican ly ad ance CSR agendas. S udies show ha i ms wi h g ea e emale boa d ep esen a ion epo highe
le els o CSR disclosu e and s akeholde engagemen (Wang e al., 2021; Bea e al., 2010). Women’s p esence enhances mo al
legi imacy, esponsi eness o s akeholde conce ns, and p oac i e engagemen in philan h opy and employee well-being (Zhang e
al., 2013; Te jesen e al., 2016).
In addi ion, gende -di e se boa ds a e associa ed wi h s onge en i onmen al pe o mance. Female di ec o s p io i ise
sus ainabili y, wi h esea ch linking hei p esence o imp o ed g eenhouse gas disclosu e and en i onmen al ini ia i es (Kaspe ei
e al., 2016; Al-Najja & Salama, 2022). F ancoeu e al. (2019) also highligh women’s con ibu ions o less powe ul s akeholde
g oups, including communi y de elopmen and en i onmen al sus ainabili y. Howe e , no ma i e p essu es may cons ain women
di ec o s’ in luence i hey a e expec ed o con o m o adi ional leade ship s yles (Ga cía-Sánchez e al., 2021). Despi e such
ba ie s, e idence o e whelmingly demons a es he impo ance o women di ec o s in s eng hening CSR, enhancing co po a e
epu a ion, and os e ing long- e m sus ainabili y.
2.5 Financial Pe o mance
A conside able body o e idence links gende di e si y o imp o ed inancial ou comes. S udies ha e shown posi i e e ec s on
e u n on asse s (ROA), e u n on equi y (ROE), and Tobin’s Q in i ms wi h highe emale boa d ep esen a ion (Hun e al., 2015;
Cha e jee & Nag, 2022).
Companies wi h gende -di e se boa ds also achie e s onge p o i abili y and s ock pe o mance (Lucke a h-Ro e s, 2013; Ca alys ,
2004).
Howe e , indus y con ex and c i ical mass emain impo an . E idence sugges s ha a leas wo o h ee women di ec o s a e
equi ed o gene a e signi ican bene i s (Ca mo e al., 2022; B ahma e al., 2020), while oken ep esen a ion yields limi ed e ec s
(Maiso Fon echa, 2013; Kon ad e al., 2008). The posi i e in luence o women di ec o s also appea s s onge in se ice indus ies
han in manu ac u ing o cons uc ion (Ch is iansen e al., 2016). Ne e heless, some s udies cau ion ha manda ed quo as may lead
o inexpe ienced appoin men s, po en ially o se ing expec ed inancial gains (Singh e al., 2019; Rayasam, 2013).
O e all, he li e a u e demons a es ha gende di e si y yields ex ensi e co po a e go e nance and i m pe o mance bene i s.
Women di ec o s s eng hen s akeholde ep esen a ion, en ich decision-making, ad ance CSR, and imp o e inancial ou comes.
While okenism, esis ance o quo as, and o ganisa ional ba ie s pe sis , he e idence unde sco es he impo ance o os e ing
gende -di e se boa ds as a pa hway o s onge go e nance, enhanced epu a ion, and sus ainable business success.
METHODOLOGY
This s udy employs a quali a i e esea ch app oach o explo e he con ibu ions o women di ec o s on co po a e boa ds. A c oss-
sec ional design was adop ed o cap u e a snapsho o di ec o s’ pe spec i es and expe iences on gende di e si y in go e nance.
Da a we e collec ed h ough s uc u ed in e iews wi h di ec o s om publicly lis ed companies in Malaysia.
A pu posi e sampling s a egy was used o selec pa icipan s wi h di ec insigh s in o boa d oom dynamics and decision-making
p ocesses. Di ec o s we e a ge ed o hei comp ehensi e unde s anding o co po a e go e nance and hei abili y o p o ide
in o med pe spec i es on he ole o women in boa d ooms. A o al o six pa icipan s we e in e iewed, comp ising bo h male and
emale di ec o s in leade ship posi ions, including independen and non-independen di ec o s, execu i e di ec o s, and chai pe sons.
The pa icipan s ep esen ed di e se educa ional backg ounds, anging om doc o al and mas e ’s quali ica ions o p o essional
ce i ica ions such as CPA, MICPA, MIA, and ICA. This di e si y en iched he s udy by o e ing mul iple pe spec i es on co po a e
go e nance p ac ices. The pa icipan s’ p o iles a e p esen ed in Table 1.
Table 1: Demog aphic p o ile o Responden s
No.
Posi ion in Lis ed Company
Gende
Educa ion le el
Di ec o ships
R1
Non-Independen Non-Execu i e Di ec o
Male
PhD in Economics
Lis ed company
R2
Chai man
Male
MIA & ICA
Lis ed company
R3
Chai man
Male
Mas e Deg ee in Law
Lis ed company
R4
Execu i e Di ec o
Male
Mas e o Business De elopmen
Lis ed company
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1035
R5
Independen Non-Execu i e Di ec o
Female
Bachelo o Economics (Hons)
Lis ed company
R6
Independen Non-Execu i e Di ec o
Male
CPA & MICPA
Lis ed company
The in e iew p o ocol was designed o explo e se e al aspec s o women di ec o s' oles in go e nance. Ques ions add essed
de ini ions o gende di e si y, women's con ibu ions o s akeholde ep esen a ion, decision-making, co po a e social
esponsibili y (CSR), inancial pe o mance, and he ac o s con ibu ing o hei unde ep esen a ion on boa ds. The in e iew
p o ocol was s uc u ed a ound ou hema ic a eas:
1. Unde s anding o gende di e si y – how di ec o s de ine gende di e si y and i s pe cei ed impo ance.
2. Con ibu ions o women di ec o s – hei in luence on s akeholde ep esen a ion, decision making and co po a e social
esponsibili y (CSR).
3. Impac on o ganisa ional ou comes – whe he women’s con ibu ions a e pe cei ed o enhance inancial pe o mance and
boa d e ec i eness.
4. Ba ie s o ep esen a ion – ac o s con ibu ing o he limi ed pa icipa ion o women on co po a e boa ds.
The da a analysis ollowed a sys ema ic hema ic app oach. Fi s , he esea che s e iewed he in e iew ansc ip s o amilia ise
hemsel es wi h he con en . Ini ial coding was hen conduc ed, iden i ying key ph ases, ecu ing ideas, and no able insigh s. These
codes we e subsequen ly g ouped in o b oade hemes e lec ing pa e ns ac oss he da a. To ensu e alidi y, hemes we e c oss-
checked wi h he aw ansc ip s o con i m consis ency and accu acy. Finally, he indings we e syn hesised and p esen ed in a
s uc u ed o ma , highligh ing he con ibu ions and challenges associa ed wi h women di ec o s in Malaysian co po a e boa ds.
KEY FINDINGS AND DISCUSSION
De ini ion and Impo ance o gende di e si y
The in e iew esponses indica e ha all six esponden s desc ibe di e si y as ha ing male and emale ep esen a ion wi hin an
o ganisa ion. The emphasis was consis en ly on bo h gende s' balanced o equal p esence in decision-making bodies such as he
boa d o di ec o s. This esponse e lec s a common unde s anding ha gende di e si y is mo e han jus including women; i is
abou ac i ely balancing gende ep esen a ion o ensu e b oade pe spec i es. Se e al esponden s linked gende di e si y o be e
decision-making and pe o mance ou comes, ci ing he complemen a y na u e o male and emale pe spec i es. These insigh s
sugges ha he alue o gende di e si y is unc ional, no me ely symbolic. Responden s belie ed including bo h gende s could
enhance inno a ion, compe i i eness, and ope a ional e ec i eness. Some esponses ouched on gende di e si y as an e hical o
equi y-d i en impe a i e, highligh ing he need o ai ness and inclusi eness. These pe spec i es highligh how gende di e si y is
no jus abou business logic, bu also abou social jus ice and equi able pa icipa ion in leade ship and o ganisa ional oles. Only
esponden 6 explici ly e e ed o he MCCG, which ecommends ha women should cons i u e a leas 30% o boa d membe ship.
This eply shows a le el o egula o y awa eness amongs a leas one pa icipan , sugges ing ha gende di e si y is no only alued
o p ac ical o e hical easons bu also as a compliance issue wi hin he co po a e go e nance amewo k.
The esponses collec i ely e eal ha gende di e si y is widely ecognised and alued by all six esponden s, hough hei emphasis
a ies be ween pe o mance-based bene i s, e hical obliga ion and egula o y s anda ds. While mos pa icipan s ocused on a bina y
de ini ion o gende , some showed a p og essi e unde s anding ha emb aces b oade inclusi i y. These indings unde sco e he
need o o ganisa ions o no only implemen gende di e si y in p ac ice bu also o aise awa eness o egula o y expec a ions and
he b oade bene i s o inclusi e leade ship.
Table 2 (i): Summa y Table o Key Themes Ac oss Responden s
Ques ion
Theme
Responden s
1. Wha is you de ini ion o
gende di e si y?
Equal o balanced gende ep esen a ion
1,2,3,4,5,6
Imp o ed decision-making
1,2,3
Fai ness, equali y and ep esen a ion
3, 4
Regula o y Awa eness (MCCG)
6
Enhanced S akeholde Rep esen a i e
Analysis o he esponses e eals s ong pe cep ions o women di ec o s as empa he ic, de ail o ien ed and holis ic leade s who play
a c i ical ole in s akeholde ep esen a ion. Responden s 1 o 2 epea edly emphasised women di ec o s' heigh ened awa eness o
how boa d decisions impac s akeholde s and hei endency o p io i ise isk conside a ions. These insigh s e lec a pe cep ion ha
women di ec o s a e pa icula ly sensi i e o isk, s akeholde well-being and e hical conside a ions, making hem mo e cau ious
and s akeholde - ocused in go e nance decisions. Se e al esponden s cha ac e ised women di ec o s as ha ing s ong
communica ion and emo ional in elligence, allowing hem o engage s akeholde s cons uc i ely. These iews po ay women
di ec o s as e ec i e b idge-builde s be ween he boa d and s akeholde s, wi h a communica ion s yle ha p omo es coope a ion,
empa hy and con lic esolu ion. Responden s 5 and 6 ga e iden ical esponses, s essing ha women di ec o s conside all pa ies
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1036
and a e mo e a uned o in e pe sonal dynamics, including po en ial ensions wi hin he boa d o wi h s a . This dis inc ion
unde lines he belie ha women di ec o s p omo e a mo e balanced and comp ehensi e o m o s akeholde go e nance.
Responden 4 desc ibes women di ec o s as hones , igid and una aid o speak up when some hing is w ong. This esponden also
e u ed a common s e eo ype ha women di ec o s only ad oca e o emale s a in e es s. This highligh s ha women di ec o s a e
pe cei ed as nu u ing o empa he ic, p incipled, asse i e, and ocused on b oade go e nance esponsibili ies. Ac oss all six
esponses, he e is a consis en belie ha women di ec o s make decisions wi h a s akeholde - i s mindse . Whe he h ough isk
sensi i i y (R1), empa he ic communica ion (R3), asse i eness (R4), o holis ic con lic esolu ion (R5, R6), women a e seen as
na u ally inclined owa d inclusi e and e hical boa d ope a ions. Mul iple esponden s explici ly con as he beha iou o men and
women in he boa d oom. These obse a ions sugges ha gende di e si y can complemen and balance di e ing p io i ies in
boa d oom discussions and decision-making.
The in e iew da a illus a e a sha ed iew ha women di ec o s play a dis inc i e and aluable ole in ep esen ing s akeholde
in e es s, pa icula ly h ough hei holis ic hinking, emo ional in elligence, and e hical accoun abili y. Thei abili y o balance
di e se needs, de ec con lic ea ly, and app oach p oblems om a s akeholde -cen ic lens is seen as making a measu able di e ence
in how he boa d unc ions. These indings suppo he a gumen ha inc easing women's boa d ep esen a ion can s eng hen
co po a e go e nance and p omo e mo e sus ainable and inclusi e decision-making. .
Table 2 (ii): Summa y Table o Key Themes Ac oss Responden s
Ques ion
Theme
Responden s
2. How do women di ec o s as
an e ec i e s akeholde
ep esen a i e make a
di e ence in how he boa d
ope a es?
S akeholde - i s minded decision making
1, 2, 5, 6
Emo ional in elligence and so communica ion s yle
2, 3
Holis ic pe spec i e on con lic and ope a ions
5, 6
Asse i eness and in eg i y
4
Risk and aud sensi i i y
1
Rejec ion o gende s e eo ypes
4
In luence on Decision-Making
The indings om his ques ion e eal a ied ye insigh ul pe cep ions ega ding women di ec o s' decision-making s yles and hei
impac on boa d ope a ions. Mos esponden s emphasised ha women di ec o s a e mo e me iculous and cau ious in decision-
making han hei male coun e pa s. This sugges s a s ong consensus ha women di ec o s b ing dep h and hough ulness in o
boa d oom decisions, adding alue h ough hei comp ehensi e and me hodical hinking p ocess. Responden 1 also poin ed ou
ha women di ec o s ac as a check and-balance mechanism, due o hei hones y and heigh ened sensi i i y o aud o une hical
beha iou . This pe spec i e connec s women's decision-making s yle o go e nance in eg i y, showing hei ole in s eng hening
o e sigh and educing isk. Women's abili y o hink long e m and s a egically was ci ed as a key di e en ia o . As Responden
2 highligh ed, women hink ou side he box and look ahead be o e making decisions. This was linked o a s ong inancial acumen,
especially when dealing wi h budge s and inancial implica ions. This pe cep ion posi ions women di ec o s as alue-added
con ibu o s in s a egic planning and inancial decision making. Responden 5 desc ibed women's decision-making as holis ic,
no ing ha women di ec o s aim o balance he needs o all pa ies in ol ed and a oid decisions ha could ha m he company. This
sugges s ha women di ec o s a e conside ed conside a e o di e se s akeholde in e es s, leading o mo e inclusi e and sus ainable
decisions. While mos esponden s exp essed posi i e iews o women's decision-making, he e we e excep ions. Responden 4
main ained a neu al s ance, a guing ha men and women a e equally capable and ha he e is no signi ican gende -based di e ence
in decision-making e ec i eness. Responden 6 poin ed ou ha decision making e ec i eness depends on indi idual cha ac e ,
s a ing ha some women a e de ail-o ien ed while o he s may no be. These esponses se e as a eminde o a oid
o e gene alisa ion, sugges ing ha indi idual ai s and compe ence ma e mo e han gende alone in de e mining decision-making
e ec i eness.
Mos esponden s ag ee ha women di ec o s make a signi ican di e ence in boa d ope a ions due o hei a en i eness o de ails,
isk awa eness, c i ical hinking, and s akeholde conside a ion. Thei hough ul and cau ious app oach con as s wi h wha is
pe cei ed as a mo e impulsi e and p o i -d i en s yle among male di ec o s. Howe e , wo esponden s emphasised indi idual
compe ency o e gende , sugges ing ha while women di ec o s may o en b ing bene icial ai s, e ec i e decision-making
ul ima ely hinges on cha ac e , expe ience, and expe ise, ega dless o gende . These indings ein o ce he iew ha gende
di e si y en iches boa d delibe a ions and enhances he quali y o decision-making, especially when mul iple pe spec i es a e
in eg a ed in o complex business judgmen s.
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1037
Table 2 (iii): Summa y Table o Key Themes Ac oss Responden s
Ques ion
Theme
Responden s
3. How do women di ec o s as good
decision-make s make a di e ence
in how he boa d ope a es?
De ailed-o ien ed and ho ough decision-making
1, 2, 3, 5
E hical and isk-sensi i e go e nance
1
S a egic and long- e m hinking
2, 5
Holis ic and inclusi e app oach
5
Neu al o cha ac e -dependen iew
4 (neu al), 6 (indi idual-based)
Impac on CSR
The insigh s om esponden s indica e a s ong pe cep ion ha women di ec o s play a meaning ul and dis inc i e ole in shaping
he CSR di ec ion and cul u e o o ganisa ions. Responden s consis en ly highligh ed ha women di ec o s b ing compassion,
empa hy and social awa eness in o CSR ini ia i es. Responden s 2 and 4 s a ed ha women's so hea s and mo he ly na u e make
hem mo e inclined o ocus on dona ions and communi y wel a e, showing a deep pe sonal commi men o social causes. This
inding sugges s ha women di ec o s app oach CSR om a human-cen ic and communi y- ocused pe spec i e, emphasising ca e
o he unde p i ileged and inclusi e pa icipa ion. Responden 1 asse ed ha women a e expe s in o ganising impac ul CSR
ac i i ies, including und aising, cha i y uns and public engagemen e en s ha e lec posi i ely on he company's epu a ion. This
heme poin s o a pe cep ion o women as e ec i e implemen e s and coo dina o s o CSR, con ibu ing o bo h he success and
isibili y o hese ini ia i es.
Responden 3 obse ed ha women di ec o s o en p opose CSR ideas ha enable social in e ac ion and a deepe connec ion wi h
he communi y o s akeholde s, such as communi y se ice p og ams. This demons a es ha women di ec o s will likely embed
s akeholde ela ionship-building wi hin CSR s a egies, enhancing social us and goodwill. Responden 6 emphasised ha women
di ec o s b oaden he CSR pe spec i e, sugges ing hey o e esh ideas and a ge di e en socie al segmen s, enhancing o e all
co po a e CSR inclusi i y. This suppo s he idea ha gende di e si y on boa ds leads o g ea e CSR inno a ion and each,
ex ending beyond adi ional o p o i -cen ed ac i i ies. Responden 5 highligh ed a con as in p io i ies, s a ing ha men a e mo e
p o i - ocused, while women a e mo e ac i e and e ec i e in leading CSR e o s. This heme ein o ces a common na a i e ha
women b ing e hical balance and social esponsibili y o boa d oom discussions ha migh o he wise lean hea ily on inancial
me ics alone. Responden s 1 and 2 acknowledged ha CSR con ibu es posi i ely o he company's public image and ha women
di ec o s enhance his h ough genuine and impac ul con ibu ions, no me ely symbolic pa icipa ion. This sugges s ha women's
in ol emen in CSR no only add esses socie al needs bu also s eng hens he company's b and a ac i eness o s akeholde s,
including in es o s, employees and communi ies.
The indings a i m ha he p esence o women di ec o s en iches he scope, impac , and au hen ici y o CSR e o s wi hin
companies. Women a e seen as socially a uned, communi y d i en, and empa he ic leade s who na u ally g a i a e owa ds
inclusi e, cha i able, and ela ionship- ocused CSR ac i i ies. They help companies ul il social obliga ions and enhance s akeholde
ela ionships and public us . Thei in ol emen in CSR con ibu es o a b oade , mo e meaning ul de ini ion o co po a e
esponsibili y, going beyond compliance o b anding o genuine social con ibu ion. This adds s a egic and epu a ional alue o
he o ganisa ion, u he jus i ying he push o g ea e gende di e si y in boa d ooms.
Table 2 (i ): Summa y Table o Key Themes Ac oss Responden s
Ques ion
Theme
Responden s
4. How does he p esence o
women di ec o s make any
di e ence o he co po a e
social esponsibili y (CSR) o
he company?
Women di ec o s b ing empa hy and social sensi i i y
2, 4
Women a e e ec i e CSR o ganise and execu o s
1
Women p omo e s akeholde engagemen h ough CSR
3
Women in oduce di e se and inclusi e CSR pe spec i es
6
CSR P io i ies di e ac oss gende s (p o i s social impac )
5
CSR enhances image and women s eng hen i s c edibili y
1, 2
Mos In luen ial Con ibu ion o Women Di ec o s
The esponses om six esponden s e eal ha women di ec o s a e pe cei ed o con ibu e mos signi ican ly in wo signi ican
a eas: Decision-making and CSR, wi h one esponden highligh ing s akeholde ep esen a ion as he mos comp ehensi e and
in luen ial one. This e lec s he di e se s eng hs women b ing o boa d leade ship, pa icula ly h ough empa he ic decision-
making, social esponsibili y and s akeholde engagemen . Responden s 1 and 2 emphasised ha women's s ong analy ical hinking,
a en ion o de ail, hones y and p ac icali y make hei decision-making con ibu ions he mos in luen ial. Women a e seen as
o e ing c ea i e, ho ough and aud esis an decisions ha ele a e boa d quali y. This e lec s a belie ha women enhance boa d
e ec i eness and in eg i y h ough hough ul and esponsible decision-making. Responden s 3, 4 and 6 iewed CSR as he mos
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1038
impac ul a ea o con ibu ion o women di ec o s. Women a e associa ed wi h compassiona e leade ship, a na u al endency owa d
cha i y, olun ee ing, en i onmen al conce ns, and c ea ing social alue. Thei in luence in CSR is seen as a di icul ma ch by hei
male coun e pa s, sugges ing a gende ed s eng h in social esponsibili y. This highligh s how women di ec o s can build us and
legi imacy o he company h ough au hen ic and meaning ul CSR engagemen . Responden 6 uniquely iden i ied s akeholde
ep esen a ion as he mos in luen ial, a guing ha i in eg a es decision-making and CSR e o s. This indica es a holis ic iew o
co po a e go e nance, whe e unde s anding s akeholde in e es s enhances bo h decision quali y and CSR ou comes. I unde sco es
ha women may o e an in eg a ed leade ship app oach ha balances mul iple boa d unc ions e ec i ely.
The indings sugges ha he e is no singula iew o he mos in luen ial con ibu ion by women di ec o s, howe e , CSR and
decision making domina e he pe cep ions, wi h CSR sligh ly leading in e ms o consensus (3 ou o 6 esponden s). Women a e
p aised o b inging empa he ic, inclusi e and e hical pe spec i es o he boa d, especially in a eas equi ing social sensi i i y and
hough ul judgmen . One esponden 's in eg a ed iew, iden i ying s akeholde ep esen a ion as he umb ella unde which o he
con ibu ions h i e, sugges s a g owing ecogni ion o he in e connec edness o boa d esponsibili ies and he mul i-dimensional
s eng hs women b ing o go e nance. These insigh s suppo he a gumen ha gende di e si y on boa ds enhances co po a e
in eg i y, social esponsibili y and s akeholde us , all o which a e essen ial o sus ainable go e nance.
Table 2 ( ): Summa y Table o Key Themes Ac oss Responden s
Ques ion
Theme
Responden s
5. In you opinion, wha is he mos in luen ial
con ibu ion o women di ec o s based on
hei con ibu ion as s a ed in i em
2 (s akeholde ep esen a i e), 3 (decision
making) and 4 (CSR)?
Women a e s ong decision make s, P ac ical and logical
app oach o decision making
1, 2
CSR is a dominan a ea o women’s con ibu ion
3, 4, 6
S akeholde ep esen a ion as a holis ic s eng h
5
Di e en s eng hs alued ac oss oles
All
Impac on inancial Pe o mance
All six esponden s unanimously ag eed ha he con ibu ions o women di ec o s, pa icula ly in s akeholde engagemen , decision
making and CSR, can posi i ely in luence company pe o mance, bo h inancially and non- inancially. While some emphasised
di ec inancial bene i s, o he s ocused on he indi ec impac h ough enhanced go e nance, boa d e ec i eness and co po a e
epu a ion.
All esponden s ag eed ha he iden i ied con ibu ions o women di ec o s lead o pe o mance imp o emen s. They saw a clea
co ela ion be ween he p esence o capable women on boa ds and imp o ed company ou comes. This ein o ces he pe cei ed
alue-added ole o women di ec o s in boa d oom dynamics. Se e al esponden s highligh ed ha he bene i s ex end beyond
inancial gains. Responden s 1 and 2 emphasised ha women's a ibu es ensu e s ong boa d unc ioning, ul ima ely boos ing
inancial and non- inancial pe o mance. Responden s 4 and 5 men ioned epu a ion and employee e en ion as c ucial non-
inancial aspec s di ec ly a ec ing inancial pe o mance. This e lec s a holis ic iew o pe o mance, whe e e hical go e nance,
CSR in ol emen and s akeholde us a e seen as p ecu so s o inancial sus ainabili y.
Responden 5 o e ed a mo e nuanced pe spec i e by s essing ha a s ong epu a ion, suppo ed by e hical decisions and
s akeholde sensi i i y ( ai s associa ed wi h women di ec o s), ac s as a isk mi iga ion mechanism. A damaged epu a ion can
igge inancial losses, hence p o ec ing i is in eg al o long- e m p o i abili y. Mul iple esponden s (e.g. Responden s 1, 2, 3)
acknowledged ha decision-making quali y, d i en by women di ec o s' diligence and analy ical igou , can di ec ly in luence
company s a egy, isk pos u e and p o i abili y. This a i ms ha women's p esence s eng hens s a egic delibe a ions ha lead o
sound inancial ou comes.
Table 2 ( i): Summa y Table o Key Themes Ac oss Responden s
Ques ion
Theme
Responden s
6. Do you hink hese con ibu ions
(e ec i e s akeholde ep esen a i e),
good decision make , encou age be e
CSR o women di ec o s may inc ease
he company’s inancial pe o mance?
Posi i e impac on bo h inancial and non- inancial pe o mance
1, 2, 3, 4
Repu a ion as a s a egic asse
4, 5
Link be ween women’s alues and boa d e ec i eness
1
CSR and e hical leade ship as d i e s o pe o mance
3, 4, 6
Recogni ion o indi ec pa hways o inancial pe o mance
5
Unanimous ag eemen on he posi i e con ibu ion o women o
pe o mance
1-6
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1039
Challenges and Ba ie s o Women Rep esen a ion
Responses om six esponden s e eal a ange o in e ela ed ac o s con ibu ing o he unde ep esen a ion o women on co po a e
boa ds. These ac o s include indus y- ela ed ba ie s, limi ed ne wo k access, pe cei ed lack o quali ied candida es and his o ical
gende no ms embedded in boa d s uc u es. The indings unde sco e ha he challenge is no me ely a pipeline issue bu also oo ed
in s uc u al, cul u al and sys emic ba ie s.
Responden s 1, 2, 3 and 5 emphasised ha he na u e o he business sec o , pa icula ly in enginee ing, logis ics, cons uc ion,
manu ac u ing and chemicals, is a key eason o he low numbe o women on boa ds. These indus ies a e iewed as male-
domina ed and physically o echnically in ensi e, leading o a pe cep ion ha hey a e no 'sui able' o women. The e is an implici
assump ion ha women lack he echnical expe ience o in e es o lead in such sec o s, ein o cing gende s e eo yping. This
sugges s ha gende a ound indus y oles con inues o limi women's access o boa d posi ions in adi ionally masculine sec o s.
Responden s 4 and 5 indica e ha boa d appoin men s ely hea ily on pe sonal ne wo ks and in o mal ecommenda ions, o en
excluding women due o limi ed access o male-domina ed ne wo ks. Responden 4 desc ibed how companies p e e o appoin
amilia aces o di ec o s om wi hin hei ci cles o sa e ime and cos a he han conduc ing a wide and o mal alen sea ch.
This highligh s he sys emic exclusi i y o boa d ec ui men , whe e women a e less likely o be iden i ied as po en ial candida es
due o ne wo king gaps. Responden s 2, 4 and 5 acknowledged ha companies o en ind i challenging o iden i y sui able o eady
women candida es, which may be due o limi ed isibili y, insu icien men o ship o ewe leade ship de elopmen oppo uni ies
o women. This sugges s ha while capable women may exis , hey a e unde - ecognised, and companies a e eluc an o in es
e o in o b oadening he candida e pool. Responden 6 p o ided a b oade sys emic explana ion, ci ing he his o ical s uc u e o
boa ds as a "men's club" ha has long excluded women. This e lec s deep- oo ed cul u al ba ie s and gende bias, whe e male
dominance in co po a e leade ship has become ins i u ionalised o e ime. Such cul u e ine ia slows change, and women con inue
o ace s uc u al disad an ages in gaining access o boa d oles.
The indings e eal ha he lack o women on co po a e boa ds is mul i ace ed, in luenced by s uc u al ac o s (indus y ype,
his o ical dominance) and sys emic p ac ices (ne wo k-based ec ui men , limi ed ou each). Sec o s like enginee ing, manu ac u ing
and logis ics a e seen as less open o women due o pe cei ed unsui abili y and echnical ba ie s, e en hough such assump ions
may no e lec women's capabili ies.
Mo eo e , he closed na u e o boa d appoin men s, o en dependen on exis ing ela ionships and in o mal ne wo ks, u he
disad an ages women. The pe cep ion o a limi ed pool o quali ied women candida es is mo e likely a esul o limi ed isibili y
and e o in iden i ying hem, a he han an ac ual sho age. The con inua ion o boa d ooms as male-domina ed spaces e lec s
en enched cul u al no ms, sugges ing ha ac i e in e en ions such as anspa en boa d nomina ion p ocesses, o mal alen
sea ches, and gende -inclusi e boa d policies a e needed o change he landscape. These insigh s highligh he u gen need o
s uc u al e o ms and mindse shi s o enable a mo e di e se and inclusi e boa d en i onmen in Malaysia.
Table 2 ( ii): Summa y Table o Key Themes Ac oss Responden s
Ques ion
Theme
Responden s
5. Why is he e a lack o women
ep esen a ion on co po a e
boa ds?
Male-domina ed indus ies (enginee ing, logis ics and manu ac u ing)
1, 2, 3, 5
Limi ed pipeline and alen iden i ica ion ba ie s
2, 4, 5
Reliance on ne wo k o e me i -based ec ui men
4, 5
S uc u al and his o ical exclusion (“men’s club” cul u e)
6
Cos and ime ba ie s in hi ing emale di ec o s
4
CONCLUSION
The indings e lec ha he concep o gende di e si y is gene ally ecognised and alued by he esponden s, p ima ily o easons
ela ed o boa d e ec i eness, ep esen a ion and egula o y compliance. While mos de ini ions cen e a ound male- emale
inclusion, he e is some acknowledgemen o non-bina y iden i ies, poin ing owa d a g adual shi in unde s anding. Impo an ly,
he esponden s associa ed gende di e si y wi h p ac ical o ganisa ional bene i s, such as imp o ed decision-making and isk
managemen , while no ing i s e hical and ep esen a ional alue.
The in e iew indings highligh he signi ican con ibu ions o women di ec o s in co po a e go e nance, pa icula ly in
s akeholde ep esen a ion, decision-making, and co po a e social esponsibili y (CSR). Women di ec o s a e pe cei ed as e ec i e
ad oca es o di e se s akeholde s, ensu ing inclusi i y in boa d oom discussions and p omo ing e hical and anspa en decision-
making. Thei p esence enhances co po a e go e nance by os e ing well-in o med, balanced decisions ha align wi h s akeholde
in e es s and con ibu e o sus ainable business p ac ices. Addi ionally, women di ec o s a e c ucial in d i ing CSR ini ia i es,
ein o cing co po a e e hics, and s eng hening s akeholde ela ionships.
The impac o women di ec o s ex ends o inancial pe o mance, p ima ily h ough epu a ion managemen . Companies ha
emb ace gende di e si y, e hical decision-making, and s ong CSR commi men s a e mo e likely o gain in es o con idence, a ac
cus ome s, and build long- e m s akeholde us , indi ec ly con ibu ing o inancial s abili y and sus ainabili y. Con e sely, a poo
No ziana Lokman (2025), Global Jou nal o Economic and Finance Resea ch 02(10): 1032-1042
DOI URL:h ps://doi.o g/10.55677/GJEFR/06-2025-Vol02E10 pg. 1040
co po a e epu a ion due o weak go e nance o inadequa e CSR e o s may esul in inancial decline, egula o y sc u iny, and
diminished ma ke compe i i eness.
Despi e hese con ibu ions, women con inue o ace challenges in secu ing boa d posi ions. Indus y-speci ic gende imbalances,
limi ed access o in luen ial ne wo ks, and ec ui men biases hinde hei ep esen a ion a he highes le els o co po a e
go e nance. Many boa d appoin men s s ill ely on male-domina ed ne wo ks, educing oppo uni ies o quali ied emale
candida es. Add essing hese s uc u al ba ie s is essen ial o os e ing g ea e gende di e si y, enhancing co po a e decision-
making, and ensu ing mo e inclusi e and e ec i e go e nance.
F om he Agency heo y pe spec i e, gende di e si y in oduces an al e na i e pe spec i e ha can mi iga e agency p oblems, such
as educing g oup hink and enhancing he moni o ing o managemen beha iou . Women di ec o s a e pe cei ed o be mo e isk-
awa e and de ail-o ien ed, which suppo s boa d igilance. Rega ding he s akeholde heo y, a gende -di e se boa d e lec s he
b oade social ab ic. I can be e ep esen he in e es s o a ious s akeholde g oups, including employees, cus ome s and
communi ies. Acco ding o he Resou ce Dependency heo y, gende -di e se boa ds b ing a ied knowledge, expe ience and
ne wo k, he eby enhancing he company's access o c i ical ex e nal esou ces and legi imacy in he eyes o he egula o s and he
public.
One o he key limi a ions o his s udy is he small numbe o pa icipan s in ol ed in he in e iew sessions. Despi e he limi ed
sample size, he esea che ob ained in-dep h insigh s in o he pa icipan s' unde s anding o he concep and signi icance o boa d
di e si y wi hin hei espec i e companies. The in e iews also cap u ed hei pe cep ions ega ding he con ibu ions o women
di ec o s in a eas such as decision-making, s akeholde ep esen a ion, co po a e social esponsibili y (CSR), and inancial
pe o mance. Fu he mo e, he s udy e ealed he challenges aced by women in secu ing appoin men s o co po a e boa ds. All
pa icipan s we e di ec o s o publicly lis ed companies, he eby p o iding in o med pe spec i es on issues ela ed o he
pa icipa ion o women on co po a e boa ds.
The indings o his s udy ha e signi ican heo e ical, p ac ical, and policy implica ions. Theo e ically, hey con ibu e o he
g owing body o esea ch on gende di e si y by p o iding empi ical e idence on how women di ec o s in luence decision-making,
s akeholde ep esen a ion, and co po a e social esponsibili y, ul ima ely shaping co po a e go e nance e ec i eness. P ac ically,
he s udy unde sco es he c i ical ole o gende di e si y in enhancing boa d dynamics, os e ing e hical leade ship, and imp o ing
co po a e epu a ion, which can indi ec ly impac inancial pe o mance. F om a policy pe spec i e, he indings highligh he u gen
need o s onge egula o y en o cemen , a ge ed leade ship de elopmen p og ams, and mo e inclusi e boa d ec ui men
s a egies o add ess pe sis en gende imbalances. By shedding ligh on bo h he con ibu ions and challenges women di ec o s ace,
his s udy p o ides a ounda ion o u u e esea ch and policy e o ms o p omo e mo e di e se and e ec i e co po a e leade ship.
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