Journal ArticleDOI
Gender Diversity in the Boardroom and Firm Financial Performance
TLDR
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.Abstract:
The monitoring role performed by the board of directors is an important corporate governance control mechanism, especially in countries where external mechanisms are less well developed. The gender composition of the board can affect the quality of this monitoring role and thus the financial performance of the firm. This is part of the “business case” for female participation on boards, though arguments may also be framed in terms of ethical considerations. While the issue of board gender diversity has attracted growing research interest in recent years, most empirical results are based on U.S. data. This article adds to a growing number of non-U.S. studies by investigating 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. We investigate the topic using panel data analysis and find that gender diversity – as measured by the percentage of women on the board and by the Blau and Shannon indices – has a positive effect on firm value and that the opposite causal relationship is not significant. Our study suggests that investors in Spain do not penalise firms which increase their female board membership and that greater gender diversity may generate economic gains.read more
Citations
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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 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
Women directors on corporate boards: From tokenism to critical mass.
TL;DR: In this paper, the authors test if "at least three women" could constitute the desired critical mass by identifying different minorities of women directors (one woman, two women and at least three men).
Journal ArticleDOI
Female Directors and Earnings Quality
Journal ArticleDOI
Do Women Directors Improve Firm Performance in China
Yu Liu,Zuobao Wei,Feixue Xie +2 more
TL;DR: Wang et al. as discussed by the authors examined the effect of board gender diversity on firm performance in China's listed firms from 1999 to 2011 and found that female executive directors have a stronger positive effect on the firm performance than female independent directors, indicating that the executive effect outweighs the monitoring effect.
References
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A mathematical theory of communication
TL;DR: This final installment of the paper considers the case where the signals or the messages or both are continuously variable, in contrast with the discrete nature assumed until now.
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Law and Finance
Rafael La Porta,Rafael La Porta,Florencio Lopez de Silanes,Florencio Lopez de Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
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Law and Finance
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