Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets
研究了新兴市场（以马来西亚为例）中女性董事对企业价值的影响，发现其效果因企业所有权和董事会结构而异，对某些企业创造价值，对另一些则降低价值。
Many governments seek to impose gender equality on boards, but the consequences of doing so are not clear and could harm firms and economies. We shed light on this topic by conceptualizing the relationships as firm‐ and board‐specific and embedded within specific contexts. The theory is developed with reference to emerging markets, and tested on M alaysian firms. We find that female directors create value for some firms and decrease it for others. The impact varies across different performance indicators, firms' ownership, and boards' structure. The findings call for nuanced responses in relation to women's nominations from both governments and firms . Copyright © 2014 John Wiley & Sons, Ltd.