The impact of female directors on firm value in Shariah and non-Shariah compliant firms: A scoping review

Abstract

The Interest in the relationship between female board representation and firm value has increased in recent years, including within shariah compliant firms. Nevertheless, the existing literature remains dispersed across countries, industries, theoretical perspectives and methodological approaches. This study examines the development and main characteristics of research on female directors and firm value, with particular emphasis on shariah compliant firms. A scoping review was undertaken using articles identified through systematic searches of Scopus and Web of Science. The search yielded 247 records. Of these, 178 were excluded for failing to meet the eligibility criteria, six because the full texts were unavailable, two as duplicates, and seven because they were unrelated to the research focus. The final review included 54 publications published between 2014 and 2025, 27 from each database. Publication activity grew significantly towards the conclusion of the review period with 32articles (59.3%) between 2023 and 2025. Indonesia was the most studied country (14.81%), followed by Malaysia (11.11%), and MENA was the dominating region. General listed firms represented the largest study category, accounting for 23 articles. Nine articles examined banking institution, while eight focused on non-financial listed firms. Quantitative, regression-based designs predominated and panel regression was employed in 26 articles. Agency Theory was employed as the main theoretical framework in 33 investigations either independently or in combination with other theories. Considerable variation was also found in geographical coverage, sectoral focus, measurements of female board representation and firm value indicators. Although this field has developed rapidly, the evidence remains concentrated within certain countries, sectors and research designs. Future studies should extend the analysis to underexplored markets and institutional context, particularly shariah compliant firms, to clarify the conditions under which female directors may contribute to firm value.