A systematic review of gender diversity and its impact on the performance of Microfinance Institutions

Abstract This study aims to consolidate the available knowledge on gender diversity and its impact on the dual performance (social and financial) of Microfinance Institutions (MFIs). We specifically focus on MFIs due to their distinctive nature compared to other industries, being traditionally women-centered and having a substantial representation of women employees across all levels of the corporate hierarchy. To conduct this comprehensive analysis, we employed a systematic review approach, meticulously selecting 24 relevant papers from the Scopus and Web of Science databases. Our findings revealed that research on gender diversity in MFIs primarily focuses on the board level. However, existing studies present conflicting results, suggesting that the impact of gender diversity on MFI performance is nuanced and complex. This complexity stems largely from the varying roles women play within the organizational structure. Furthermore, our analysis highlights the influence of additional factors, such as the database used, the study's context, and its geographical location, on the reported outcomes. Notably, research on gender diversity at the managerial and loan officer levels remains scarce, presenting a significant gap in the current body of knowledge. To further illuminate this field, this study identifies the most influential papers on the topic of gender diversity in microfinance. Additionally, we provide a co-authorship network analysis, visualizing the connections between existing research. This analysis provides valuable insights and inspiration for future research endeavors in this critical area.