The influence of women on board on the relationship between board-room characteristics and shareholder value: Evidence from Egypt

Abstract

This study examines the impact of board characteristics on shareholder wealth, with a particular focus on the moderating role of women on corporate boards. Key board attributes analyzed include gender diversity, board size, independence, CEO duality, and board experience. Shareholder value is measured using Tobin’s Q, based on data from 42 non-financial companies listed on the EGX 100 over the period 2017 to 2021. Using Ordinary Least Squares (OLS) regression analysis, the findings reveal significant associations between several board characteristics and shareholder wealth. Moreover, the presence of women on boards appears to moderate these relationships, suggesting that gender diversity plays a meaningful role in shaping governance outcomes. The study offers practical implications for policymakers, investors, and corporate leaders aiming to strengthen both financial and non-financial performance through inclusive and well-structured governance practices.