Impact of gender and nationality diversity on financial performance: A study of listed banks in Morocco

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Mhamed Chebri ORCID logo, Abdelaziz Bahoussa ORCID logo


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The purpose of this article is to explore the effect of the diversity of boards on the financial performance of banks. Based on an in-depth analysis of the theoretical and empirical literature, this study aims to examine the impact of gender diversity and the diversity of nationalities on the financial performance of Moroccan banks. To this end, the study uses a set of panel data from all Moroccan banks listed on the stock exchange for the period 2014-2018. The model was estimated by an ordinary least squares (OLS) regression equation, by the time fixed-effects regression model, and then by three-stage least squares (3SLS) regression analysis with time fixed effects to better understand the endogeneity problem variables of the model. The results of the study reveal that gender diversity has a negative and significant effect on the financial performance of listed Moroccan banks measured by both return on assets (ROA) and return on equity (ROE), while the national diversity is not significantly related to the financial performance of these banks. Likewise, the interaction between the two measures of diversity has no significant impact on financial performance.

Keywords: Gender Diversity, Nationality Diversity, Endogeneity, Interaction, Three-Stage Least Squares (3SLS), Bank Financial Performance

Authors’ individual contribution: Conceptualization – M.C.; Methodology – M.C. and A.B.; Formal Analysis – M.C. and A.B.; Investigation – M.C.; Writing – Original Draft –M.C.; Writing – Review & Editing – M.C. and A.B.; Supervision – A.B. and M.C.; Project Administration – A.B.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

Acknowledgments: We thank A. Khohmimidi, professor at High School of Technology, for having read the manuscript and providing us with valuable comments to improve its writing.

JEL Classification: G21, G32, G34, M41

Received: 14.06.2020
Accepted: 14.09.2020
Published online: 15.09.2020

How to cite this paper: Chebri, M., & Bahoussa, A. (2020). Impact of gender and nationality diversity on financial performance: A study of listed banks in Morocco. Corporate Ownership & Control, 18(1), 56-68.