Title: The effect of board gender diversity on firm sustainable performance in the MENA region: the moderating effect of ownership concentration

Authors: Hebatallah Badawy; Toshitsugu Otake; Ahmed Yehia Ebeid

Addresses: Faculty of International Business and Humanities (FIBH), E-JUST; Faculty of Business, Alexandria University, P.O. Box 179, New Borg El-Arab City, Alexandria, Egypt ' College of International Management, Ritsumeikan Asia Pacific University, 1-1 Jumonjibaru, Beppu, Oita, Japan ' Faculty of International Business and Humanities (FIBH), E-JUST, P.O. Box 179, New Borg El-Arab City, Alexandria, Egypt

Abstract: Firm sustainable performance has been receiving great attention worldwide. Companies are targeting sustainability by focusing on their environmental, social, and governance (ESG) activities to meet the expectations of different stakeholders. The objective of this research is to provide empirical evidence on the effect of female presence on boards on the firm sustainable performance, which is a long-term concern, measured by ESG performance in the MENA region, and on the moderating effect of ownership concentration. Using a sample of 571 firm-year observations during the period from 2013 to 2022 from the Eikon Thomson Reuters database, the current research resulted in evidence, that female presence on boards contributes towards enhancing firms' sustainable performance in the MENA region. Ownership concentration is proven to have a moderating effect on the relationship between board gender diversity and firm sustainable performance in general and firm social performance in particular.

Keywords: board gender diversity; sustainable performance; ownership concentration; MENA.

DOI: 10.1504/AAJFA.2026.154696

Afro-Asian Journal of Finance and Accounting, 2026 Vol.16 No.4, pp.548 - 573

Received: 06 May 2024
Accepted: 26 Nov 2024
Published online: 10 Jul 2026 *

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