FEMALE TOP MANAGERS AND FIRM PERFORMANCE: EVIDENCE FROM UZBEKISTAN
DOI:
https://doi.org/10.5281/zenodo.22255310Abstract
The study examines the relationship between gender and firm performance in Uzbekistan,
distinguishing between female ownership and female participation in top management. Using data from the
2024 World Bank Enterprise Survey for Uzbekistan (N = 1,008 firms), labor productivity, measured as the
logarithm of sales per worker, is estimated using OLS regression. The model accounts for female ownership
(≥ 50%), female top management, firm size and age, managerial experience, sector and regional fixed effects,
and business-environment obstacles. The results indicate that firms managed by female top managers have
lower labor productivity (β = −1.533, p < 0.01), whereas female ownership alone has no statistically significant
effect. When the interaction between female ownership and female management is considered (β = 0.982,
p < 0.10), the net negative effect associated with female top management is −0.430. Female managers are
also found to be concentrated in Tashkent and in sectors traditionally associated with female employment,
particularly garments and textiles. The findings indicate the presence of structural barriers related to managerial
appointments and the exercise of managerial authority, which should be considered when developing policies
aimed at achieving Uzbekistan’s gender-equality goals by 2030.
Keywords
female top managers, female ownership, firm performance, labor productivity, gender equality, Uzbekistan, OLS regression, World Bank Enterprise Survey.References
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