The Intersectionality of Gender, Age, and Nationality in the Boardroom:Evidence of a Double-Glass Ceiling in Saudi-Listed Firms

Abhishek Ravi Kanoor

doi:10.36948/ijfmr.2026.v08i03.80095

The Intersectionality of Gender, Age, and Nationality in the Boardroom:Evidence of a Double-Glass Ceiling in Saudi-Listed Firms

Author(s)	Mr. Abhishek Ravi Kanoor
Country	India
Abstract	This study examines whether the performance effects of board gender diversity are conditioned by the intersecting identity attributes of director nationality and generational cohort in the context of Saudi Arabia's post-Vision 2030 corporate governance reforms. Drawing on Intersectionality Theory and Resource Dependence Theory, we argue that treating female directors as a homogeneous category obscures qualitatively distinct governance contributions and barriers. Specifically, we hypothesize that foreign national female directors face a compounded form of institutional exclusion — a double-glass ceiling — that attenuates or reverses the female diversity premium on firm financial performance (H₁), while millennial female directors amplify the ESG disclosure premium of gender diversity through their superior alignment with Vision 2030's sustainability agenda (H₂). Using a panel dataset of 152 Tadawul-listed non-financial firms over 2017–2023, we estimate two-way Fixed Effects and System GMM regressions incorporating Female × Foreign and Female × Young interaction terms, with Tobin's Q, ROA, and Refinitiv ESG Disclosure Scores as dependent variables. Results confirm a statistically significant negative interaction coefficient on Female × Foreign in ROA regressions (β₄ = −0.11, p < 0.01), consistent with the double-glass ceiling hypothesis, and a statistically significant positive interaction coefficient on Female × Young in ESG regressions (β₅ = +16.89, p < 0.05), confirming a generational shift effect. Findings survive dynamic panel robustness checks and delta-method marginal effect tests. The study contributes the first intersectional econometric analysis of Saudi boardroom composition and yields direct implications for the design of Vision 2030 diversity compliance frameworks.
Keywords	Board gender diversity, Intersectionality theory, Resource dependence theory, Double-glass ceiling, Director nationality, Generational diversity, Corporate governance, ESG disclosure, Saudi Arabia, Vision 2030, Emerging markets, Panel data, Fixed effects, System GMM, Tadawul
Field	Sociology > Administration / Law / Management
Published In	Volume 8, Issue 3, May-June 2026
Published On	2026-05-30
DOI	https://doi.org/10.36948/ijfmr.2026.v08i03.80095

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The Intersectionality of Gender, Age, and Nationality in the Boardroom:Evidence of a Double-Glass Ceiling in Saudi-Listed Firms

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