Women on Boards of Philippine Corporations: Quantitative Explorations

  • Maria Cristina G. Bautista Ateneo de Manila University,Makati City,Philippines
  • Marlene M. De Leon Ateneo de Manila University, Quezon City, Philippines
  • Rudyard Jose R. Nano IV Ateneo de Manila University, Makati City, Philippines
Keywords: Gender diversity, Philippines, corporate boards, Logistic regression, Machine learning


This inductive study explored the likelihood and correlates of gender diversity in corporate boards in the Philippines. The improvement of gender diversity on boards is of advocacy and policy interest as the country emergesto middle-high income status. Logistic regression analyses from individuals’ (in a directors’ talent pool) responses to an online survey showed that females had a likely odds of 0.10 to be on the boards, compared to males. For every one female getting onto boards, 9 would be unable to.Females with advanced degrees were 7x likely to be on boards than female and male counterparts. The odds of a board seat is significantly likely for individuals in some industries compared to a referent industry (government). At the firm level, controlling other variables in the model, as the size of boards are increased by a unit, the odds of having a woman on board increase 1.3 times.This implies that the likelihood of having a woman board of director rises if the size of boards is raised by a third. Corroboration from text mining technique applied to survey responses showed strong correlation across academic degrees (both bachelor’s and advanced), industry, and job title; pointing that having more women in C-roles increase the odds of increasing their numbers on corporate boards. Gender diversity on boards have been studied largely fromthedeveloped economy lens and/or international comparisons. These quantitative explorations showed pathways that can advance not only understanding and support for extant theories (human capital, resource dependence), but also point to further work (institutional, industry) that can provide levers for policy and advocacy, for countries with similar challenges.


Abdullah, S. N., Ismail, K. N. I. K., & Nachum, L. (2016). Does having women on boards create value? The impact of societal perceptions and corporate governance in emerging markets: Women on Boards. Strategic Management Journal, 37(3), 466–476. https://doi.org/10.1002/smj.2352

Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007

Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. The Quarterly Journal of Economics, 127(1), 137–197. https://doi.org/10.1093/qje/qjr049

Al-Bassam, W. M., Ntim, C. G., Opong, K. K., & Downs, Y. (2018). Corporate boards and ownership structure as antecedents of corporate governance disclosure in Saudi Arabian publicly listed corporations. Business & Society, 57(2), 335–377. https://doi.org/10.1177/0007650315610611

Becker, G. S. (1964). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education. Social Science Research Network. https://papers.ssrn.com/abstract=1496221

Biernat, M., & Kobrynowicz, D. (1997). Gender- and race-based standards of competence: Lower minimum standards but higher ability standards for devalued groups. Journal of Personality and Social Psychology, 72(3), 544–557.

Bulaong Jr., O., & del Rosario-Rondilla, A. (2018). Understanding Board Seat Membership of Women in Philippines Companies: Qualitative explorations [Unpublished manuscript, Ateneo Graduate School of Business, Institute of Corporate Directors].

Burgess, Z., & Tharenou, P. (2002). Women Board Directors: Characteristics of the Few. Journal of Business Ethics, 37(1), 39-49.

Cabrera-Fernandez, A. I., Martinez-Jimenez, R., & Hernandez-Ortiz, M. J. (2016). Women’s participation on boards of directors: A review of the literature. International Journal of Gender and Entrepreneurship, 8(1), 69–89. https://doi.org/10.1108/IJGE-02-2015-0008

Deloitte Global Center for Corporate Governance. (2017). Women in the boardroom: A global perspective-5th edition. Retrieved from https://www2.deloitte.com/global/en/pages/risk/articles/women-in-the-boardroom5th-edition.html

Erkut, S., Kramer, V. W., & Konrad, A. (2008). Critical mass: Does the number of women on a corporate board make a difference? Women on Corporate Boards of Directors: International Research and Practice, 350–366.

Galbreath, J. (2018). Is board gender diversity linked to financial performance? The mediating mechanism of CSR. Business & Society, 57(5), 863–889. https://doi.org/10.1177/0007650316647967

Grant Thornton. (2016). Women in business: Turning promise into practice-Grant Thornton International Business Report 2016. Grant Thornton International Ltd.

Grosvold, J. (2011). Where are all the women? Institutional context and the prevalence of women on the corporate board of directors. Business & Society, 50(3), 531–555. https://doi.org/10.1177/0007650311408791

Grosvold, J., Rayton, B., & Brammer, S. (2016). Women on corporate boards: A comparative institutional analysis. Business & Society, 55(8), 1157–1196. https://doi.org/10.1177/0007650315613980

Hearst, M. A. (1999). Untangling Text Data Mining. Proceedings of the 37th Annual Meeting of the Association for Computational Linguistics on Computational Linguistics, 3–10. https://doi.org/10.3115/1034678.1034679

Hillman, A. J., Cannella, A. A., & Harris, I. C. (2002). Women and racial minorities in the boardroom: How do directors differ? Journal of Management, 28(6), 747–763. https://doi.org/10.1177/014920630202800603

Hillman, A. J., Withers, M. C., & Collins, B. J. (2009). Resource dependence Theory: A review. Journal of Management, 35(6), 1404–1427. https://doi.org/10.1177/0149206309343469

Hillman, A., Shropshire, C., & Cannella, A. A. (2007). Organizational predictors of women on corporate boards. Academy of Management Journal, 50(4), 941–952.

Kang, L. S., & Payal. (2012). Women on corporate boards: A literature review. Indian Journal of Corporate Governance, 5(1), 33–49.

Kolev, K., Hughes-Morgan, M., & Rehbein, K. (2019). The role of female directors in the boardroom: Examining their impact on competitive dynamics. Business & Society, 000765031984747. https://doi.org/10.1177/0007650319847477

Mckinsey Global Institute. (2018). The power of parity: Advancing women’s equality in Asia Pacific. Mckinsey & Company.

Meyers, L. S., Gamst, G. C., & Guarino, A. J. (2016). Applied Multivariate Research: Design and Interpretation (Third edition). SAGE Publications, Inc.

Osborne, J. W. (2015). Best Practices in Logistic Regression. SAGE Publications, Ltd. https://doi.org/10.4135/9781483399041

Pett, M. A. (2016). Nonparametric Statistics for Health Care Research: Statistics for Small Samples and Unusual Distributions (Second edition). SAGE Publications, Inc.

Pfeffer, J. (1972). Merger as a Response to organizational interdependence. Administrative Science Quarterly, 17(3), 382–394. JSTOR. https://doi.org/10.2307/2392151

Pfeffer, J., & Salancik, G. R. (1978). The External Control of Organizations: A Resource Dependence Perspective (1 edition). Stanford Business Books.

Singh, V. (2008). Contrasting Positions of Women Directors in Jordan and Tunisia. In Women on Corporate Boards of Directors: International Perspectives and Challenges. Edward Elgar Publishing. https://www.elgaronline.com/view/9781847204806.00019.xml

Terjesen, S., Couto, E., & Francisco, P. M. (2015). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management and Governance.

Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320–337. https://doi.org/10.1111/j.1467-8683.2009.00742.x

Terjesen, S., & Singh, V. (2008). Female presence on corporate boards: A multi-country study of environmental context. Journal of Business Ethics, 83(1), 55–63. https://doi.org/10.1007/s10551-007-9656-1

Unite, A. A., Sullivan, M. J., & Shi, A. A. (2016). Women on Top: Diversity in Gender and Education Profiles of Top Management and Board of Directors of Philippine Publicly Traded Firms. Presented at the DLSU Research Congress 2016, 6.

Unite, A., Sullivan, M., & Shi, A. (2016). Gender diversity in boards and performance of Philippine publicly traded firms: Do women matter? Angelo King Institute. http://www.pes.org.ph/files/Gender-Diversity-in-Boards-and-Performance-of-Philippine-Publicly-Traded-Firms-Do-Women-Matter-Unite-et-al.pdf

Wagana, D. M., & Nzulwa, J. D. (2016). Corporate governance, board gender diversity and corporate performance: A critical review of literature. European Scientific Journal, ESJ, 12(7), 221. https://doi.org/10.19044/esj.2016.v12n7p221

World Economic Forum. (2017). The global gender gap report: 2017. World Economic Forum.

How to Cite
Maria Cristina G. Bautista, Marlene M. De Leon, & Rudyard Jose R. Nano IV. (2020). Women on Boards of Philippine Corporations: Quantitative Explorations. International Journal of Business and Society, 21(1), 369-386. https://doi.org/10.33736/ijbs.3258.2020