Board Composition and Its Influence: The Role of Female and Independent Director in Promoting Financial Performance and CSR of Listed Banks and NBFIs

Khadiza Khatun Tumpa; Md. Amanullah; Habibur Rahman Moni

doi:10.53808/KUS.2025.22.02.1226-mb

Authors

Khadiza Khatun Tumpa Department of Business Administration, Chandpur Science and Technology University, Bangladesh
Md. Amanullah Department of Humanities and Business, Khulna University of Engineering & Technology, Bangladesh
Habibur Rahman Moni Department of Humanities and Business, Khulna University of Engineering & Technology, Bangladesh

DOI:

https://doi.org/10.53808/KUS.2025.22.02.1226-mb

Keywords:

Board structure, board diversity, firm performance, corporate social responsibility, independent director, female director

Abstract

Board diversity with the participation of women and independent directors is believed to be beneficial for ensuring greater firm performance and promoting corporate social responsibility (CSR), which safeguards the interests of all stakeholders. This study examines the impact of female and independent board members on organizational performance and CSR in the financial sector of Bangladesh. The insights from this study will empower firms to design more strategic and effective board structures, fostering improved financial performance and sturdier stakeholder relations. To comprehend study aims, financial data from 34 listed banks and 23 listed NBFIs in Bangladesh were analysed for the period FY2018–FY2022. Firm performance was measured based on return on assets (ROA) and Tobin’s Q (TQ). The presence of independent directors provides mixed results in case of ROA and TQ. The study finds a meaningful negative impact of independent directors on ROA, while no significant relationship exists between board independence and TQ. Moreover, a gender diversified board has no noteworthy influence on the performance and CSR within the study context. These findings provide some recommendations to the firms to focus on strengthening board effectiveness by emphasizing expertise, engagement, and accountability rather than solely increasing diversity. Future research should explore additional factors, such as board engagement and governance quality, to better comprehend how board composition influences financial performance and CSR allocation.

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