Do women on boards affect employee benefits? Evidence from the global microfinance industry

By utilizing data of 2,964 microfinance institutions (MFIs), our study investigated the nexus between female board members and employee benefits. The findings showed that a higher proportion of female board members has a significant positive effect on the employee benefits. •We investigate the relationship between female board members and average employee benefits of MFIs.•Gender diversity in the boardroom increases employees’ average financial benefits.•The size of MFIs has a beneficial impact on average employee benefits.•Higher operational self-sufficiency of MFIs does not necessarily imply better average employee benefits.