Unveiling the Influence of Women CEOs, CEO Duality and CEO Compensation on Firm Performance: Evidence from India

This article examines the relationship between women chief executive officers (CEOs), CEO duality and CEO compensation on firm performance with upper echelons theory. The final sample of the study comprises 76 Indian non-financial companies listed on the National Stock Exchange from 2019 to 2024. The secondary database CMIE Prowess and companies’ annual reports were used to collect the variables of the study. Both random effects model and fixed effects model were employed for analysis. The results of the study reveal that both women CEOs and CEO duality have a positive but insignificant impact on return on assets (ROA), whereas CEO compensation has a significantly positive association with ROA. Additionally, the results also indicate that women CEOs and CEO compensation have an insignificant association, while CEO duality has a statistically significant and positive association with return on equity. The study is beneficial to policymakers and regulators in making long-run sustainable decisions.