The Effect of Gender Diversity in a Board on Firm Performance in the Hospitality Industry: The Moderating Role of National Culture

This study aims to investigate the moderating impact of national culture on the relationship between gender diversity in a board and firm performance in the hospitality industry, given the influence of national culture on organization members' behaviors and interactions. A random effects model was employed, using 1,482 observations from hospitality firms across 34 countries. This study found that a positive effect of gender diversity on firm performance in the hospitality industry was significantly amplified in cultures with high levels of individualism and uncertainty avoidance, while power distance and masculinity cultures insignificantly moderated the relationship. This study contributes to the hospitality literature and corporate governance literature as well by demonstrating that national culture is a crucial contextual factor when examining the financial implications of gender diversity in a board. And, this study provides practical guidance for hospitality firms' managements and potential investors in terms of the role of national culture when implementing board composition.