Women Directors and Corporate Reputation: Evidence from Indian Manufacturing Firms

Abstract: This study examines the influence of women directors on corporate reputation of Indian manufacturing firms. The analysis is based on a sample of 253 manufacturing companies listed in the NSE 500 index in India during 2015-2024. Secondary data are retrieved from the ACE Equity database and the annual reports of the selected firms. A dynamic panel data approach is employed to assess the effect of female board representation on corporate reputation. The research outcomes state that reputation is negatively impacted by women directors, possibly due to the low participation of females on Indian boards. The study therefore underscores the importance of achieving a ‘critical mass’ of women directors on boards to move beyond symbolic compliance and obtain reputational benefits. Keywords: Women directors, Corporate reputation, Indian companies, Dynamic panel data