Female CEOs and their impact on women’s empowerment in Central Asian countries: a regression analysis of the relationship between female leadership and women's employment in Central Asia based on the world bank enterprise survey

Abstract

This paper examines the impact of female CEOs, firm characteristics, innovation, and foreign ownership on business outcomes in four Central Asian countries: Uzbekistan, Tajikistan, Kyrgyz Republic, and Kazakhstan. Using regression analysis, the study finds that female leadership is consistently associated with positive and statistically significant effects on firm performance across all countries, highlighting the benefits of gender diversity in top management. Firm age did not show a significant influence, suggesting that adaptability and innovation are more critical to success. While innovation did not have a direct impact, foreign ownership emerged as a key factor, positively contributing to firm growth and performance. The findings suggest several policy implications, including promoting female leadership through gender quotas and mentorship, supporting small and medium-sized enterprises (SMEs), and enhancing the investment climate to attract foreign direct investment (FDI). Further research is recommended to explore the mechanisms through which female CEOs influence firm outcomes and how firms in these countries can better integrate innovation into their strategies.