Impact Of Board Gender Diversity On Firm Value
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Impact Of Board Gender Diversity On Firm Value
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Author : Thi Thuy Anh Vo
language : en
Publisher:
Release Date : 2017
Impact Of Board Gender Diversity On Firm Value written by Thi Thuy Anh Vo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper focuses on the impact of board gender diversity on firm performance. Using a sample of 880 listed firms in 10 developed countries covering a nine year period, we find that gender diversity has a negative effect on firm market performance. The result is consistent when different robustness checks are employed. A negative correlation can be explained by the fact that the presence of women on boards increases monitoring function. When the investors' rights are well protected by the legal system, this extra monitoring may be costly for firms. This finding suggests that a quota for the exact anticipation of female directors on boards should be carefully considered.
Board Gender Diversity Family Connected Directors And Firm Value
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Author : Sudheer Reddy
language : en
Publisher:
Release Date : 2018
Board Gender Diversity Family Connected Directors And Firm Value written by Sudheer Reddy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The problem that plagues Indian family-controlled firms is expropriation of minority shareholders by majority shareholders. Gender quota legislation that mandates appointment of at least one female director without specifying the director type as “independent” exacerbates this principal-principal agency problem. This study investigates the effect of family-connected female directors on the performance of family-controlled firms. Using a large sample of 978 publicly listed Indian firms spanning the period 2013-2016, we find some novel results. First, we show that the presence of family-connected female directors has a negative impact on firm performance. Second, we show that the presence of independent female directors has a positive impact on firm performance. We also show a positive association between board gender diversity and firm performance. In additional analysis, we find that the increasing presence of family-connected directors has a negative impact. Taken together, our findings contribute to the growing literature on board gender diversity, especially in emerging markets where boards are perceived to be ineffective monitors.
Gender And Corporate Governance
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Author : Francisco Bravo-Urquiza
language : en
Publisher: Taylor & Francis
Release Date : 2019-11-28
Gender And Corporate Governance written by Francisco Bravo-Urquiza and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-28 with Business & Economics categories.
Gender diversity as a corporate governance mechanism is high on the agenda for regulators, firms, and researchers. Particularly, gender board composition has received a great deal of attention in recent years. The theoretical foundations of the benefits associated with the inclusion of female directors on boards, how to measure gender diversity in the boardroom, and its real impact on board decisions and firm strategies remain hotly debated. Drawing on empirical data, this book summarises the current situation regarding gender board diversity and provides a concise overview of the most important concerns about this topic. This will be a vital tool to guide the future debate on gender diversity and corporate governance for researchers and advanced students, as well as regulators, policy makers and board members.
Gender Diversity In The Boardroom
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Author : Cathrine Seierstad
language : en
Publisher: Springer
Release Date : 2017-09-13
Gender Diversity In The Boardroom written by Cathrine Seierstad and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-13 with Business & Economics categories.
This edited collection provides a structured and in-depth analysis of the current use of quota strategies for resolving the pressing issue of gender inequality, and the lack of female representation on corporate boards. Filling the gap in existing literature on this topic, the two volumes of Gender Diversity in the Boardroom offers systematic overviews of current debates surrounding the optimisation of gender diversity, and the suggested pathways for progress. Focusing on sixteen European countries, the skilled contributors explore the current situation in relation to women on boards debates and approaches taken. They include detailed reflections from critical stakeholders, such as politicians, practitioners and policy-makers. Volume 1 focuses on eight European countries having adopted quotas and is a promising and highly valuable resource for academics, practitioners, policy makers and anyone interested in gender diversity because it examines and critiques the current corporate governance system and national strategies for increasing the share of women not only on boards, but within companies beyond the boardroom.
Women In The Boardroom And Their Impact On Governance And Performance
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Author : Renee B. Adams
language : en
Publisher:
Release Date : 2018
Women In The Boardroom And Their Impact On Governance And Performance written by Renee B. Adams and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
We show that female directors have a significant impact on board inputs and firm outcomes. In a sample of US firms, we find that female directors have better attendance records than male directors, male directors have fewer attendance problems the more gender-diverse the board is, and women are more likely to join monitoring committees. These results suggest that gender-diverse boards allocate more effort to monitoring. Accordingly, we find that CEO turnover is more sensitive to stock performance and directors receive more equity-based compensation in firms with more gender-diverse boards. However, the average effect of gender diversity on firm performance is negative. This negative effect is driven by companies with fewer takeover defenses. Our results suggest that mandating gender quotas for directors can reduce firm value for well-governed firms.
Corporate Governance And Gender Diversity One Of The Key Concerns
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Author : Aldridge Menzel
language : en
Publisher: GRIN Verlag
Release Date : 2014-03-31
Corporate Governance And Gender Diversity One Of The Key Concerns written by Aldridge Menzel and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-31 with Business & Economics categories.
Seminar paper from the year 2013 in the subject Business economics - General, grade: A, University of Canterbury, language: English, abstract: This report gives the brief overview of the concept of corporate governance, its evolution and its significance in the corporate sector. The report highlights various key issues and concerns that are faced by the organizations while effectively implementing and promoting Corporate Governance. Gender Diversity has been considered a key issue in the Corporate Governance and the details about how the organizations have worked on improving the women’s representation in the Boardroom composition has also been discussed. Several examples have been given about the board room composition of various companies and the number of female professionals in it. The report also highlights the implementation of gender diversity in various S&P Companies, Fortune 500 Companies and the patterns followed in various UK-based companies. Several academic findings have been also included to provide information about the trends that are likely to be developed in coming years. The cost-benefit analysis has also been included to identify the concerns that the organizations have to address. Lastly, the report highlights the various steps that the management and the leadership can take towards efficient and effective corporate governance.
Gender Diversity In Corporate Boards
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Author : Olga Kuzmina
language : en
Publisher:
Release Date : 2021
Gender Diversity In Corporate Boards written by Olga Kuzmina and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Boards of directors categories.
Using data across European corporate boards, we investigate the effects of quota-induced female representation on firm value and operations. We use quasi-random assignment induced by rounding and find that promoting gender equality is aligned with shareholder interests. This result is in stark contrast with previous work finding large negative effects of women on firm value. This discrepancy arises because these papers considered firms with different pre-quota shares of women to be good counterfactuals to each other. In our data, we see that such firms grew differently already before the regulation, resulting in a negatively biased estimate of the effect. We overcome this bias by considering sharp increases that arise whenever percentage-based regulation applies to a small group of people. We further show that these large positive effects of female directors are not explained by increased risk-taking or changes in board characteristics, but rather by scaling down inefficient operations and empire-"demolishing".
Do Women And Ethnic Minority Directors Influence Firm Value Evidence From Post Apartheid South Africa
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Author : Ernest Gyapong
language : en
Publisher:
Release Date : 2015
Do Women And Ethnic Minority Directors Influence Firm Value Evidence From Post Apartheid South Africa written by Ernest Gyapong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Previous studies on the value relevance of board gender and ethnic diversity produced mixed results. This paper re-examines this relationship using hand-collected data of 245 South African listed firms over the period 2008-2013. We document a positive and significant effect of both board gender and ethnic diversity on firm value. We also find that the increase in firm value is greater when boards have three or more women directors. In contrast, ethnic minority directors contribute less to firm value when there are three or more on the board. Furthermore, we document that ethnicity has a concave relationship with firm value, but gender does not. We demonstrate that in better-governed firms, ethnic diversity is more value relevant than gender diversity. Our results also suggest that financial crisis is associated with the propensity to restructure boards along gender and ethnicity. This paper sheds new light on the effect of board diversity in South African firms as the government increasingly pursues policies aimed at eradicating the effects of apartheid. Our results are robust after controlling for self-selection and various forms of endogeneity.
The Effect Of Corporate Gender Diversity On Board And Firm Performance
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Author : Nura Isah
language : en
Publisher:
Release Date : 2018
The Effect Of Corporate Gender Diversity On Board And Firm Performance written by Nura Isah and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Effective and qualitative corporate governance is the distinctive feature of newly emerging economy. Corporate governance has received significant attention due to global financial crisis and recent corporate failures involving multinational corporations all over the world. As the global economic system is changing, the corporate governance mechanisms are becoming essential determinants of companies current and future performance. Gender diversity and corporate performance have a strong association which entirely relies on effective board management. Therefore, the basic assumption is that appropriate gender diversity within the board will improved board effectiveness which in turn affect the firm performance. The major objective of this study is to examines the effects of board gender diversity on board and the firm performance. The study describes an extant research on theoretical and empirical perspectives with emphasis on the impact of women directors on corporate boards and firm performance. The study used secondary source as a method of data collections. The findings from the studies provides different outcomes; while some authors believe board gender diversity improve the level of firm performance, Others empirical studies discovered no any relationship between board gender diversity and firm financial performance. However, others were neutral by reporting neither positive nor negative relationship between gender diversity and firm performance. Furthermore, with respect to theoretical perspective, the study discover that both the agency theory and resource dependency theory only suggest the link between board gender diversity and firm performance, yet the real nature of the link remain unclear.
Firm Performance And Boardroom Gender Diversity
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Author : Martin J. Conyon
language : en
Publisher:
Release Date : 2017
Firm Performance And Boardroom Gender Diversity written by Martin J. Conyon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We investigate the relation between firm performance and boardroom gender diversity using quantile regression methods. Using annual data on over 3000 US firms from 2007 to 2014, we show that the presence of women on the board has a positive effect on firm performance, and this effect varies at different parts of the performance distribution. Critically, we demonstrate that the presence of women directors alters the dispersion of firm performance. Our quantile regression results suggest that female directors have a significantly larger positive impact in high-performing firms relative to low-performing firms. The board gender diversity effect is not homogeneous as assumed in previous research. In addition, we account for the endogenous selection of women to the board. Using instrumental variable quantile regression, we find that in general there is a positive correlation between firm performance and board gender diversity. Overall, we suggest that boardroom gender diversity has an effect on both the conditional mean and the dispersion of firm performance, and quantile regression adds value to the empirical examination of the performance impact of board gender diversity.