ABSTRACT This study investigates whether role‐specific gender diversity in corporate governance influences sustainable firm performance in selected SAARC countries (Bangladesh, India, Pakistan, and Sri Lanka). This study distinguishes between female CEOs, female independent directors, female audit committee chairs, and female audit committee members. Using a balanced panel of 116 listed firms (29 per country) observed from 2018 to 2023 ( N = 696 firm‐year observations) and dynamic panel system generalized method of moments (GMMs) estimation, we examine associations with accounting (return on assets—ROA) and market‐based (Tobin's Q ) performance. Results indicate that female independent directors and female audit committee members are positively associated with firm performance, whereas female CEOs show a negative association with ROA and no significant association with Tobin's Q . Female audit committee chairs exhibit mixed or statistically insignificant effects. Findings are interpreted through agency, resource dependence, and contextual governance perspectives. Importantly, results generalize only to the four sampled markets and should not be interpreted as SAARC‐wide evidence due to disclosure constraints in Afghanistan, Bhutan, Maldives, and Nepal. The findings highlight the importance of inclusive board structures and merit‐based gender diversity policies aligned with SDG 5 (Gender Equality) and SDG 10 (Reduced Inequalities) to enhance long‐term sustainable performance.
Dhar et al. (Sun,) studied this question.