Women in Leadership, Skilled Workforce, and Firm Performance in Bangladesh - A Machine Learning Analysis on Enterprise Survey Data

Aug 6, 2026

This study examines how women’s representation in top management and the availability of skilled human capital affect firm performance in Bangladesh, addressing a gap in existing research. Using World Bank Enterprise Survey data from 2023 covering 824 firms, the analysis combines ordinary least squares (OLS) regression with machine learning algorithms. Results indicate that female leadership alone may not directly raise performance, while women in leadership roles show a positive impact when a skilled workforce is present. Additional positive associations emerge for labor and electricity costs, access to finance, and international quality certification. Findings inform policymakers and corporate decision-makers on pairing leadership support with skills investment.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages35

Reading Time1 h 28 min

AccessFree to download

Introduction

Research Background and Gender Policy Context

Data and Methodological Approach

Empirical Factors Linked to Firm Performance

Chandan Kumar Roy and Tapati Basak Women in Leadership, Skilled Workforce, and Firm Performance in Bangladesh: A Machine Learning Analysis ... Croatian Economic Survey : Vol. 26 : No. 1 : June 2024 : pp. 59-93 Women in Leadership, Skilled Workforce, and Firm Performance in Bangladesh: A Machine Learning Analysis on Enterprise Survey Data Chandan Kumar Roy Bangladesh Bank, Bangladesh [chandan_hstu@yahoo.com](chandan_hstu@yahoo.com) Tapati Basak Jahangirnagar University, Faculty of Mathematical & Physical Sciences, Department of Statistics and Data Science, Bangladesh [tapati.basak@juniv.edu](tapati.basak@juniv.edu) CroEconSur Vol. 26 No. 1 June 2024 pp. 59-93 Received: September 27, 2023 Accepted: January 22, 2024 Research Article doi:10.15179/ces.26.1.3 Abstract This study examines the influence of women’s representation in top management positions and availability of skilled human capital on firm performance in Bangladesh, a critical aspect that remains underexplored in the existing literature. We leverage a fresh and comprehensive dataset of 824 firms released by the World Bank Enterprise Survey in 2023 and employ both traditional ordinary least squares (OLS) regression and machine learning algorithms to analyze the relationship. While the presence of female leadership alone may not substantially boost firm performance, our findings underscore a notable positive influence of women in leadership roles, contingent upon the presence of a skilled workforce. 59 Chandan Kumar Roy and Tapati Basak Women in Leadership, Skilled Workforce, and Firm Performance in Bangladesh: A Machine Learning Analysis ... Croatian Economic Survey : Vol. 26 : No. 1 : June 2024 : pp. 59-93 Notably, factors such as labor and electricity costs, access to financial resources, and international quality certification consistently show positive associations with firm performance. Our findings offer valuable guidance to policymakers and corporate decision-makers, highlighting the importance of supporting women in leadership roles while simultaneously investing in a skilled labor force to unlock firm productivity and success. Keywords: women leadership, skilled workforce, firm performance, machine learning algorithms JEL classification: J16, J24, L25, C45 1 Introduction International development organizations have consistently emphasized the need to address gender-related cross-cutting issues to promote women’s entrepreneurship and empowerment, encouraging various initiatives that facilitate women’s access to credit, support women-led firms, and provide technical assistance. The United Nations Development Program’s Sustainable Development Goal 5 (SDG-5) specifically focuses on promoting female rights in social, political, and economic activities to reduce gender discrimination and enhance gender equality by 2030. Policymakers and local governments have commendably taken steps to achieve SDG-5, including promoting the placement of women in board and managerial positions to empower women. This move not only fosters a healthy, high-skilled labor force but also motivates other female employees to perform better, thus contributing to overall firm performance. The inclusion of women at the top level and on boards is vital, as they play significant roles in overall governance and corporate performance. However, it is essential to consider other factors, such as firms’ access to energy and finance, that can also significantly influence firm performance. 60 Chandan Kumar Roy and Tapati Basak Women in Leadership, Skilled Workforce, and Firm Performance in Bangladesh: A Machine Learning Analysis ... Croatian Economic Survey : Vol. 26 : No. 1 : June 2024 : pp. 59-93 Between 2003 and 2016, Bangladesh experienced a remarkable 10 percent increase in female labor force participation, reaching 36 percent, largely driven by the readymade garments (RMG) and livestock sectors. Additionally, rural areas witnessed significan

FAQs

What relationship does the study analyze between women’s leadership and firm performance?

The study evaluates how women’s representation in top management positions relates to firm performance in Bangladesh. It also tests whether this effect depends on the availability of skilled human capital.

What data and methods are used in the analysis?

The study uses 2023 World Bank Enterprise Survey data covering 824 firms. It applies ordinary least squares (OLS) regression and machine learning algorithms to assess the relationships.

Which firm-level factors show consistent positive associations with performance?

The findings highlight positive associations for labor and electricity costs, access to financial resources, and international quality certification. These factors complement the role of women in leadership under skilled workforce conditions.

Aug 6, 2026

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