Abstract:
The purpose of this study was to determine how inclusions of women in corporate boards affect the
value of listed firms in Nairobi and the Uganda Securities Exchange. The study used a panel research
design and the data was obtained through content analysis from audited financial statements
spanning from 2012 to 2019 and only 48 firms from NSE and 12 firms from USE met the inclusion
and exclusion criteria. The fixed and random models were used to test the hypothesis. Hausman test
was used for model selection and the fixed effect model was selected over random effects. Results;
results revealed board gender diversity of listed firms in USE was higher compared to NSE. Further
results showed that board gender diversity significantly and positively affects the value of listed firms
in USE, while insignificantly affect the value of listed firms in NSE. Board gender diversity in USE
significantly affects the firm value, while board gender diversity in NSE insignificantly affects the
firm value. It can be concluded firms with a higher proportion of women on the board of directors
have high firm value. This study can highlight the importance of including/appointing women as the
board of directors in improving the value of companies. As the practical contribution to enhancing
firm value, management of the companies and the investors should champion for more women
appointed in corporate boards.
