Journal ArticleDOI
Does female board representation influence firm performance? The Danish evidence
TLDR
In this paper, the authors used a sample of listed Danish firms during the period of 1998-2001 in a cross sectional analysis to explore the impact of diversity on firm performance.Abstract:
Board diversity has become a major issue within corporate governance where a number of studies seek to explore the impact of diversity on firm performance. The debate focuses on questions such as whether a corporation’s board should reflect the firm’s stakeholders or be more in line with society in general. This article uses a sample of listed Danish firms during the period of 1998–2001 in a cross sectional analysis. Despite that fact that Denmark has gone very far in the liberalisation of women, Danish board rooms are still to a large extent dominated by men. Contrary to a number of other studies, this article does not find any significant link between firm performance as measured by Tobin’s Q and female board representation. This is also the case for board members’ educational background as well as the proportion of foreigners. It is argued that board members with an unconventional background are socialised unconsciously adopting the ideas of the majority of conventional board members, which entails that a potential performance effect does not materialise.read more
Citations
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Journal ArticleDOI
Gender Diversity in the Boardroom and Firm Financial Performance
TL;DR: In this article, the authors investigated the link between the gender diversity of the board and firm financial performance in Spain, a country which historically has had minimal female participation in the workforce, but which has now introduced legislation to improve equality of opportunities.
Journal ArticleDOI
The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance
TL;DR: In this paper, the authors examined the business case for the inclusion of women and ethnic minority directors on the board and found no significant relationship between the gender or ethnic diversity of the board, or important board committees, and financial performance for a sample of major US corporations.
Journal ArticleDOI
Women Directors on Corporate Boards: A Review and Research Agenda
TL;DR: In this paper, the authors present a comprehensive review of women directors on corporate boards, incorporating and integrating research from over 400 publications in psychology, sociology, leadership, gender, finance, management, law, corporate governance and entrepreneurship domains.
Journal ArticleDOI
Women on Boards and Firm Financial Performance: A Meta-Analysis
Corinne Post,Kris Byron +1 more
TL;DR: This paper found that female board representation is positively related to accounting returns and that this relationship is more positive in countries with stronger shareholder protections, perhaps because shareholders motivate boards to use the different knowledge, experience, and values that each member brings.
Journal ArticleDOI
Female Directors and Earnings Quality
References
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Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
Posted Content
A Survey of Corporate Governance
TL;DR: The authors surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and presents a survey of the literature.
Journal ArticleDOI
A Survey of Corporate Governance
Andrei Shleifer,Robert W. Vishny +1 more
TL;DR: Corporate Governance as mentioned in this paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and shows that most advanced market economies have solved the problem of corporate governance at least reasonably well, in that they have assured the flows of enormous amounts of capital to firms, and actual repatriation of profits to the providers of finance.
Journal ArticleDOI
Higher market valuation of companies with a small board of directors
TL;DR: In this paper, the authors present evidence consistent with theories that small boards of directors are more effective, using Tobin's Q as an approximation of market valuation, and find an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations.
Journal ArticleDOI
Outside directors and CEO turnover
TL;DR: This article examined the relation between the monitoring of CEOs by inside and outside directors and CEO resignations using stock returns and earnings changes as measures of prior performance, and found that there is a stronger association between prior performance and the probability of a resignation.