This study examines the impact of gender diversity on sustainability growth, and moderating role of family ownership in an emerging economy, Pakistan. We employed 3730 firm-year observations, comprising of 307 non-financial firms listed on Pakistan Stock Exchange, over a period 2008–2020. Using framework of agency theory, resource dependence theory and social identity theory, we report that gender diversity results in higher sustainable growth in our sample firms. Further, our results indicate that due to strong identification of family owners with their firms, their presence positively moderates this relationship. Overall, we report that despite of a weak corporate governance mechanism, the presence of female directors and family owners results in higher firm growth and low agency conflicts, which serve as positive signals for the investors. Our study provides empirical support to mandatory appointment of female directors on boards and urge the policymakers to focus on capacity building of female workforce.

This paper investigates the effect of corporate governance on capital structure, and moderating impact of board gender diversity on this nexus. Using a sample of 2062 firm-year observations of 226 non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2008 to 2019, we have conducted multiple regression analysis, and found that larger and independent board positively affect firm leverage, whereas, the negative impact of CEO duality was observed on this relationship. Moreover, we found that gender diversity is associated with better corporate governance quality and positively impact firm’s leverage. Additionally, the Generalized Method of Moments (GMM) estimation was applied for the robustness and the results obtained confirmed the main findings of the study. The study provides support for the mandatory placement of female directors on the corporate board by Code of Corporate Governance (CCG) regulations Pakistan, and needs for implementation of corporate governance mechanism in the listed firms to gain lender’s confidence.

Purpose: This study examines the effect of lone founder and family ownership on borrowing cost. In addition, the study examines the moderating influence of gender diversity on this relationship.Design/methodology/approach: The study used a sample of non-financial firms listed on Pakistan Stock Exchange over the period 2012–2021. The authors used ordinary least squares regression analysis method to test the hypotheses along with generalized method of moments estimation technique to control for unobserved heterogeneity, simultaneity and dynamic endogeneity.Findings: The authors report that borrowing cost is higher in lone founder ownership, whereas borrowing cost is lower in family firms due to lesser risks attached to such firms by lenders. Further, the presence of female directors on the board weakens this relation in the case of lone founder ownership, whereas their presence further reduces borrowing cost in family-owned firms. Additionally, using the framework of critical mass theory, the authors found that higher number of female directors on boards reduces borrowing cost. Overall, this study’s results provide empirical support for social identity and critical mass theories in the sample firms.Originality/value: The study provides novel evidence of the influence of lone founder and family ownership on borrowing cost in an emerging economy, as well as the moderating effects of gender diversity on this relationship.

Purpose: This study examines whether financial development affects entrepreneurship, and how financial openness moderate this relationship.Design/methodology/approach: The study employs panel data consisting of 781 country-year observations of 48 countries of Asia for the period 2001–2018.Findings: The study provides empirical support for the eclectic theory of entrepreneurship in Asian countries. The findings of the study indicate that effective allocation of resources and ease of transactions increases the entrepreneurial activities in the country. Additionally, the less stringent regulations, allowing for the cross border transactions, increase the funds availability to the entrepreneurs which in turn increase innovation and establishment of new businesses.Research limitations/implications: The study only considered the moderating influence of financial openness on the nexus. Other indicators such as governance quality and political stability could also have significant impact on entrepreneurship. Further, our study was based on countries belonging to Asian continent. Since Asian continent has culture distinguished from other regions, therefore, the results cannot be generalized to the other continents.Practical implications: The study’s results provide insight to policymakers and regulators that in order to increase the entrepreneurial activities, the financial sector improvement is of paramount importance. The regulators should focus on well-functioning financial system and availability of capital to improve the investor's confidence and boost economic activities.Originality/value: The study provides novel evidence on the effects of financial development on entrepreneurship and moderating influence of financial openness in the context of the entire Asian region, which is yet an unexplored area. This paper offers a fresh contribution in this area.