Do Female Directors Improve The Performance Of Firms In Ghana?

This study examines whether female directors help improve the performance of firms in Ghana and whether there is a corresponding change in performance when there is a change in female directorship.I use quarterly data consisting of twenty-eight firms registered on the Ghana Stock Exchange for the period 2007 to 2017 and a panel data model.Using Tobin's Q and Return on Asset as measures of performance,I find a significant positive relationship between female directors and the performance of firms in Ghana.Again,an increase in the share of female directors results in an increase in the performance of the firm.The results holds for the batteries of test conducted such as instrumental variable research design.I interpret the results as supportive evidence of the value relevance of female directors on corporate boards.