Title: Impact of board gender diversity and owners' business education on business insurance coverage decision

Authors: Amarjit Gill; Harvinder S. Mand; Gaganpreet Kaur; Jasleen Kaur

Addresses: Department of Finance and Management Science, Edwards School of Business, University of Saskatchewan, No. 25 Campus Drive, Saskatoon, SK, V7N-5A7, Canada ' University College Dhuri, District Sangrur, East Punjab, India ' Panth Rattan Jathedar Gurcharan Singh Tohra Institute for Advance Studies in Sikhism, Bahadurgarh, District Patiala, Punjab, India ' Department of Finance and Management Science, Edwards School of Business, University of Saskatchewan, No. 25 Campus Drive, Saskatoon, SK, V7N-5A7, Canada

Abstract: The current study presents evidence that board gender diversity (BGD) and owners' business education (OBUS_EDU) have a positive impact on family business owners' business insurance coverage decisions (BUS_INS) in India. The study used a survey research design to collect data. The current study minimised endogeneity problems and provided robust results by employing a two-stage least squares regression model. The findings indicate that family business owners who prioritise BGD and have higher levels of OBUS_EDU are more likely to increase their business insurance coverage, thus mitigating operating risk. The current study may benefit academics as a stepping stone for further investigation into the relationship between BGD, OBUS_EDU, and BUS_INS. On the other hand, insurance consultants can leverage this study to provide tailored consulting services to family business owners. This study also highlights the importance of prioritising BGD and OBUS_EDU in family businesses to mitigate operational risk.

Keywords: board gender diversity; owners' business education; business insurance coverage; India.

DOI: 10.1504/IJCG.2026.153485

International Journal of Corporate Governance, 2026 Vol.16 No.2, pp.131 - 148

Received: 09 Jul 2025
Accepted: 20 Oct 2025
Published online: 11 May 2026 *

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