Abstract
This developmental paper examines boardroom gender diversity and firm performance in India. Using an unbalanced panel data set of 150 large companies listed on BSE and NSE for 2011 to 2015 (753 firm-year observations), we test four gender diversity measures against Tobin’s Q, return on assets (ROA), and return on equity (ROE). Dynamic Generalised Method of Moments (GMM) estimation is used to address the endogeneity problem. Results are mixed: the percentage of women directors positively affects Tobin’s Q, but gender diversity shows no positive effect on accounting performance. Findings point to tokenistic compliance with the Companies Act 2013 rather than substantive inclusive governance. The paper contributes to debates on inclusive corporate governance in emerging markets, with implications for board gender quota policy and ESG disclosure.