Do Women Directors Add Value? A Study of India Inc.

2022 ◽  
pp. 411-420
Author(s):  
Supriti Mishra ◽  
Pitabas Mohanty
Keyword(s):  
Women Directors

scholarly journals The Market Reaction to the Appointment of Women on Corporate Boards: Evidence from the Italian Listed Companies

2017 ◽  
Vol 12 (12) ◽  
pp. 64 ◽  
Author(s):  
Patrizia Pastore ◽  
Silvia Tommaso ◽  
Antonio Ricciardi
Keyword(s):  
Stock Price ◽  
Market Reaction ◽  
Abnormal Returns ◽  
Value Added ◽  
Listed Companies ◽  
Corporate Boards ◽  
Women Directors ◽  
Future Performance ◽  
Price Performance ◽  
Strategic Value

During the 2012-2016 period, a large number of Italian companies appointed women directors in their boards, an unusual and unpredictable fact in the Italian industrial system. This paper investigates if any significant reaction has consequently occurred in the Italian stock market. It assumes that a significant market reaction would indicate the investors view the female board members as a strategic value added at the decision making level. To achieve the objective, it was collected a database consisting of 76 appointments of women directors in 67 Italian listed companies over the period 2012-2016 and then it was investigated the stock price performance of those companies in that five years span. The research hypothesis is examined empirically through the event study methodology in order to check the existence of abnormal returns on the appointment of women directors. Findings suggest that investors do not strongly believe that the simple appointment of women directors would have a positive effect on the future performance of firms.

scholarly journals Presence of Women on Board: Reference to BSE-30 Companies from 2010-2014

2017 ◽  
Vol 1 (1) ◽  
pp. 24-30
Author(s):  
Nisa S
Keyword(s):  
Boards Of Directors ◽  
Gender Diversity ◽  
Corporate Boards ◽  
Women Directors ◽  
Global Workforce ◽  
Talent Pool ◽  
Women Employees ◽  
Board Performance ◽  
Changing Demographics

The need for gender diversity in the board rooms is getting accepted at corporate levels both national and international. Any change which is brought about voluntarily is more effective and long lasting. Gender representation on corporate boards of directors refers to the proportion of men and women who occupy board member positions. Studies have shown that even though there is no real dearth of talent pool, India, comparatively, has significantly a very low percentage of women representation on boards. No one doubts the importance of diversity in boardrooms, especially in improving corporate governance. With the changing demographics of the global workforce and the fact that women will control 75% of discretionary spending by 2028, globally companies cannot underestimate the importance of improving the gender balance on their boards. Women are increasingly becoming a major driver of the economy, both as contributors and as customers; it is appropriate that they be a part of the team leading companies. Past researches have shown that boards with more women members act as a motivator to other women employees within the organization. Continuing reliance on existing directors is likely to dilute the quality of board members. Broadening the talent pool by including women directors will help boards get skilled and competent members with a diversity of perspectives and leadership styles who can significantly contribute to board performance. The following study was conducted to assess the presence of women on board in BSE 30 listed companies from 2010 to 2014.

scholarly journals The Impact of Board Composition on Firm Performance with Reference to Selected Indian Companies

2020 ◽  
Vol 8 (6) ◽  
pp. 2818-2824
Keyword(s):  
Firm Performance ◽  
Significant Relationship ◽  
Financial Services ◽  
Stock Exchange ◽  
Independent Directors ◽  
Board Composition ◽  
Women Directors ◽  
Board Size ◽  
Size Number ◽  
The Impact

This study examines effects of board composition on firm performance among 24 selected companies which are listed on the National Stock Exchange. It strives to understand the influence of corporate governance by testing 3 variables of board composition namely – board size, number of independent directors and the number of female directors on a company’s profitability measured through the tool – Tobin’s Q. One-way Anova test is used to establish a relationship between each of the three variables of board composition with firm profits. The study is conducted over a period of 5 years from 2013 to 2018 and concentrates on the following sectors - Auto, Financial Services, FMCG, IT, Media, Metal, Pharma, and Realty. The results revealed a significant relationship between board size and number of independent directors with firm profits which meant a firm with a greater sized board or more independent directors also showed higher profits in comparison. While, no significant relationship was found between the number of women directors on a firms’ board and firm performance.

scholarly journals Three Essays on Corporate Governance in China

2021 ◽  
Author(s):  
◽  
Zonghao Chen
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
State Ownership ◽  
Independent Directors ◽  
Women Directors ◽  
Director Compensation ◽  
Public Firms ◽  
Listed Firms ◽  
Director Characteristics ◽  
Chinese Public

<p>This thesis consists of three empirical papers on corporate governance in Chinese listed firms. The first essay examines the influence of director characteristics and ownership structure on director compensation. Over the period 2005 through 2015, we find that director compensation in Chinese listed firms is influenced by both director characteristics and ownership structure. We measure director compensation by both the propensity to be paid and the level of compensation. For independent directors, we find that director busyness, tenure, and ownership concentration positively influence and state-ownership negatively influences director compensation. For non-independent directors, we find that tenure positively influences and that both state-ownership and related directors negatively influence director compensation. Lastly, our evidence suggests that women directors in China are not underpaid.  The second essay examines the influence of rookie independent directors on board functions and firm performance in Chinese public companies from 2008 to 2014. We find that rookie independent directors attend more board meetings than seasoned independent directors. Independent directors with higher board meeting attendance are more likely to remain in the firm in the following year (lower turnover rate). This influence of board attendance on re-appointment is stronger for rookie independent directors. Further, we find that boards with more rookie independent directors tunnel less to controlling shareholders, suggesting that rookie independent directors are efficient monitors. Lastly, we find that firms with more rookie independent directors are associated with higher accounting returns.  In the third essay, we investigate the influence of board networks on directors’ career outcomes in Chinese public firms from 2005 to 2014. We find that board connections increase compensation for independent directors. We find that board connections are positively associated with director turnover for non-related directors, but negatively associated with director turnover for related directors. Further, we find that board connections lead to additional future directorships. Overall, we find that board connections both directly lead to higher compensation and indirectly through labor mobility and additional board seats.</p>

Legitimacy profiles of women directors on top French company boards

2015 ◽  
Vol 34 (7) ◽  
pp. 803-820 ◽  
Author(s):  
Val Singh ◽  
Sebastien Point ◽  
Yves Moulin ◽  
Andrès Davila
Keyword(s):  
Management Development ◽  
Annual Reports ◽  
Academic Excellence ◽  
Gender Quotas ◽  
Corporate Boards ◽  
Women Directors ◽  
Corporate Board ◽  
Content Type ◽  
Female Directors ◽  
Short Space

Purpose – The purpose of this paper is to question the profiles of female directors on top French company boards. It explores the legitimacy attributes of current female directors to identify the profiles sought recently, as firms approach the need to make many new appointments to fulfill gender quotas for supervisory boards, given that the proportion of women on a corporate board must reach 40 percent by 2017, with an intermediate level of 20 percent by 2014. Design/methodology/approach – The authors gathered numerical and qualitative biographical data on all SBF 120 (French stock exchange index) firms’ female directors from annual reports and web sites over seven years (from 2003 to 2009). The authors constructed an SPSS database to categorize the individuals into various orders of legitimacy. Findings – Drawing on director bio-data, the authors extend previous work on four legitimacy assets (family ownership; academic excellence; strong ties to the State; and top career), by adding a fifth asset (representative director), and contribute a gender dimension to the literature on personal legitimacy. Owning-family ties and academic excellence are still particularly salient in explaining legitimacy of women directors. A new source of female directors since 2005 is the pool of foreign women, outside the elite Grandes Ecoles system. Research limitations/implications – The authors had data for directors of 115 companies out of the SBF 120 firms. The authors also lacked data for seven women out of 144 appointed during the period, despite efforts to track down data from public sources. Practical implications – These legitimacy profiles present different challenges for management development as those responsible for appointing several women to their boards in a short space of time will find out. Social implications – The authors highlight that with the diminishing role of family members on large corporate boards, more women directors need to be found, developed and mentored. If this approach is followed, new female directors with solid achievements can be appointed, without having their legitimacy as directors challenged by resistant males. Women will thus be able to take their legitimate place in French boardrooms and contribute their diverse experiences and knowledge. Originality/value – This paper questions the legitimacy assets of female directors, which can be clustered into three groups: combined elite education and top corporate career; owning-family membership; and representative directors. These legitimacy profiles present different challenges for management development as those responsible for appointing several women to their boards in a short space of time will find out.

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