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Purpose In recent years, mandatory rules and regulations were issued to stress the importance of increasing gender diversity in companies, assuming that gender diversity would enhance financial performance. Thus, the purpose of this paper is to review recent research concerning board gender diversity and its impact on financial performance for the period of 2002 to 2022. Design/methodology/approach Using the Web of Science and Scopus databases, 152 studies were analyzed, out of 91 high-impact journals. The analysis focuses on discussing the moderating, mediating and controlling variables and exploring the theories and theoretical foundations that are most prevalent in the literature. Findings The findings indicated an incompatibility between the results of the studies on the impact of gender diversity on financial performance. In addition, results showed the majority of studies focused on discussing the controlling variables associated with the company compared to the variables related to employees or the surrounding environment. On the other hand, the results also showed widespread use of the theoretical basis with the development of new theories in the recent period in parallel with the increase in the literature. Originality/value The results of this study help to reconcile the findings of the different and conflicting literature by presenting the perception that the efficacy of the positive impact of gender diversity on financial performance is related to several organizational and environmental factors that companies have to consider.

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The present study examines the moderation effect of board independence change on the relationship between board characteristics, related party transactions and financial performance of Indian listed banks over 10 years from 2010 to 2019. While board size, independence, diligence, and remuneration were taken to represent board characteristics, all key personnel and subsidiaries’ transactions were considered measures for related party transactions. On the other hand, the financial performance of banks was measured by two accounting-based measures (return on assets and profit after tax) and two market-based measures (earning per share and Tobin Q). The results revealed that board independence change has a significant negative effect on financial performance. Further, the results indicated that board independence change moderates positively and significantly the relationship between related party transactions and financial performance. The findings also showed that board independence change had a moderating effect that significantly and negatively weakens board size and effectiveness, negatively influencing banks’ profitability. Unlike other studies, this study uniquely uses board independence change as a moderator between board characteristics, related party transactions, and several measures of banks’ financial performance. The limited research highlighting this issue, where Indian banks have encountered several challenges in the last few years, has motivated the present study to bridge the existing gaps in the strand literature. Therefore, this research opens useful insights and has beneficial implications for policymakers, bankers, financial analysts, and academicians.