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<p>Previous studies have suggested that the gender of fund managers and directors might have an impact on investment decisions and fund performance, and this idea has also been verified in Real Estate Investment Trusts (REITs). A possible explanation is that female and male managers may differ in their decision-making styles. This study examines how board gender diversity relates to firm performance, with particular attention to the COVID-19 pandemic. Using panel data on 112 U.S. REITs from 2017 to 2022, we investigate the relationship between board gender composition and REIT performance before and during/after the COVID-19 period. This study first applies the Fama–French multi-factor models to estimate firm-level excess returns. Then, a difference-in-differences (DID) model is used to examine whether REITs with higher female board representation prior to COVID experienced differential performance during and after the pandemic. The results reveal a significant and positive relationship between board gender diversity and U.S. REIT performance during/after COVID, supporting the main hypothesis.</p>

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The impact of gender of managers and directors on US REIT performance before and during the COVID-19 pandemic

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年5月25日

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  • Haw-Ting Hu,
  • Che-Chun Lin,
  • I-Chun Tsai

摘要

Previous studies have suggested that the gender of fund managers and directors might have an impact on investment decisions and fund performance, and this idea has also been verified in Real Estate Investment Trusts (REITs). A possible explanation is that female and male managers may differ in their decision-making styles. This study examines how board gender diversity relates to firm performance, with particular attention to the COVID-19 pandemic. Using panel data on 112 U.S. REITs from 2017 to 2022, we investigate the relationship between board gender composition and REIT performance before and during/after the COVID-19 period. This study first applies the Fama–French multi-factor models to estimate firm-level excess returns. Then, a difference-in-differences (DID) model is used to examine whether REITs with higher female board representation prior to COVID experienced differential performance during and after the pandemic. The results reveal a significant and positive relationship between board gender diversity and U.S. REIT performance during/after COVID, supporting the main hypothesis.