Chapter 7 Women on Boards of Directors and Firm Performance: Evidence from Denmark and Norway

2012 ◽  
pp. 211-234 ◽  
Author(s):  
Harald Dale-Olsen ◽  
Pål Schøne ◽  
Mette Verner
Keyword(s):  
Firm Performance ◽  
Boards Of Directors ◽  
Women On Boards

Leveraging Women on Boards in Asia

2021 ◽  
pp. 238-252
Author(s):  
Narupon Duangwises
Keyword(s):  
Firm Performance ◽  
Financial Performance ◽  
Empirical Data ◽  
Boards Of Directors ◽  
Female Representation ◽  
Firm Financial Performance ◽  
Women On Boards ◽  
Female Director ◽  
The Relationship

Diverse boards have been seen as providing impetus for initiating change. This study focuses on the relationship between female representation on boards of directors and its effect on firm performance, based on evidence from the Thailand. The authors use empirical data on SET 100 Index firms observed in 2015 to 2019. The result indicate that at least one female director in the board is associated with the firm financial performance, while the female CEO/Chairman or higher percentage of females in board having no firm performance association.

scholarly journals Women On Boards Of Directors: Effects On Firm Social Performance In The Basic Materials And Financial Services Sectors

2011 ◽  
Vol 22 (1) ◽  
Author(s):  
Mel E. Schnake ◽  
Robert J. Williams ◽  
William Fredenberger
Keyword(s):  
Firm Performance ◽  
Financial Services ◽  
Boards Of Directors ◽  
Social Performance ◽  
Future Research ◽  
Board Size ◽  
Board Characteristics ◽  
Female Directors ◽  
Women On Boards ◽  
The Impact

<p class="MsoNormal" style="text-align: justify; margin: 0in 34.2pt 0pt 0.5in;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman;">This study examined relationships between the number of female board members, board tenure, and board size on the number of 10K investigations that were instigated against<span style="mso-spacerun: yes;">&nbsp; </span>firms in the basic materials and financial services sectors of the economy.<span style="mso-spacerun: yes;">&nbsp; </span>After controlling for the effects of firm size, we found evidence of an interaction effect between the number of female directors and average board tenure for firms in the financial services sector, such that a higher number of women on boards coupled with longer average board tenure results in higher firm social performance (i.e., the fewer the number of 10K investigations brought against the firm).<span style="mso-spacerun: yes;">&nbsp; </span>No link was found between female directors and average board tenure for the basic materials firms.<span style="mso-spacerun: yes;">&nbsp; </span>Further, no interactive patterns were observed between female directors and board size in either sector.<span style="mso-spacerun: yes;">&nbsp; </span>Our findings suggest that future board research may benefit from a &ldquo;contingency approach,&rdquo; as this study has provided some evidence that the relationships between board characteristics and firm performance may not be generalizable from one sector to another.<span style="mso-spacerun: yes;">&nbsp; </span>Future research should carefully consider how the sector or industry may affect the impact of board characteristics on firm performance.</span></span></p>

scholarly journals The gender composition of the board and firm performance. The role of regulatory measures

2015 ◽  
Vol 13 (1) ◽  
pp. 1385-1395 ◽  
Author(s):  
Giuseppina Iacoviello ◽  
MariaСaterina Mazzei ◽  
Giovanni Riccardi
Keyword(s):  
Firm Performance ◽  
Boards Of Directors ◽  
Gender Composition ◽  
Gender Quotas ◽  
Female Representation ◽  
Top Executives ◽  
The Board Of Directors ◽  
Women On Boards ◽  
Regulatory Measures ◽  
The Relationship

The gender composition of the board of directors can affect the quality of its monitoring role and thus the financial performance of the firm. The relationship between female representation and firms’ performance represents a crucial issue in the debate on the effects of board gender quotas. The evidence on this relationship is mixed. Many studies analyze whether female top executives and women on boards of directors have a significant effect on firm performance. Many governments have introduced regulations regarding the gender composition of the boards of directors of private firms in order to improve equality of opportunity. This study examines the relationship between management diversity and firm performance for the 180 companies listed during 2008 - 2014. No evidence suggests that regulatory measures, on average, improve firm performance.

scholarly journals Women on Boards and Firm Performance: A Microeconometric Search for a Connection

2020 ◽  
Vol 13 (9) ◽  
pp. 218
Author(s):  
Marek Gruszczyński
Keyword(s):  
Firm Performance ◽  
Gender Diversity ◽  
Annual Reports ◽  
Company Performance ◽  
Corporate Boards ◽  
Econometric Evidence ◽  
Women On Boards ◽  
Modern Business ◽  
Improved Performance ◽  
Female Presence

This paper discusses questions of the gender diversity of corporate boards vis-à-vis firm performance. Typically, researchers have asked if a female presence is associated with improved performance and more transparent governance. The paper’s first part reports on several econometric attempts in the quest to prove the existence of such an association. The primary outcome is that the results vary over geographical, cultural, and time settings. The study presented in the second part examines European firms’ annual reports from 2015. Binomial models, multiple regression, and quantile regression are applied resulting in the finding that female presence on a board is not significantly related to firm performance for this sample. Together with the picture that emerged from the paper’s first part, this result leads to the possibility that the search for an association between women on boards and company performance is not fundamental. Nevertheless, modern business societies worldwide may need to boost the female presence on managerial bodies. Current econometric evidence indicates that this is not harmful to corporate results.

Board gender diversity: performance and risk of Brazilian firms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mauro Mastella ◽  
Daniel Vancin ◽  
Marcelo Perlin ◽  
Guilherme Kirch
Keyword(s):  
Firm Performance ◽  
Boards Of Directors ◽  
Gender Diversity ◽  
Ordinary Least Squares ◽  
Firm Risk ◽  
Content Type ◽  
Study Approach ◽  
Female Presence ◽  
Board Gender Diversity ◽  
The Impact

Purpose This study aims to intend to check if female board representation affects performance and risk and to analyse the evolution of the demographic aspects of the presence of women on boards in Brazil. Design/methodology/approach The authors used a sample of 150 Brazilian publicly traded companies from 2010–2018, with different measures of firm performance, firm risk and women’s presence on the board. The study approach is based on a set of ordinary least squares, quantile and panel data regressions. Findings The presence of women on the board has a positive effect on all of our accounting and market performance measures. However, the result of the impact on risk is not conclusive. The study also found that the number of females on the board has a more significant effect at the lower levels of firm performance measured by return on equity, but at the higher levels when measured by Tobin’s Q. Regarding return on assets, the more significant effect happened on the extremes of the performance distribution. The study findings point that market investors place more value in female presence on the board than in director positions. Originality/value By estimating the impact of women’s presence on the boards of directors in firm performance and risk, this study aimed to verify this impact in different aspects of the company. In addition, the authors did so in a sample with many years, making it possible to evaluate the historical evolution of the feminine presence in the boards of administration as well as in the groups of directors, assisting Brazilian legislators with new evidence about the possible impacts of Draft Law 7179/2017.

scholarly journals The decrease in diversification and corporate governance: evidence from Japanese firms

2009 ◽  
Vol 6 (4) ◽  
pp. 28-39
Author(s):  
Hidetaka Aoki
Keyword(s):  
Firm Performance ◽  
Capital Market ◽  
Firm Value ◽  
Boards Of Directors ◽  
Manufacturing Firms ◽  
Business Units ◽  
Unrelated Diversification ◽  
Japanese Firms ◽  
Bubble Economy ◽  
Main Bank

This paper analyzes the effects of firm performance and governance factors on the decrease in diversification of Japanese firms in the 1990s. We focus on the cases of the decrease in diversification, because many previous studies proved that diversification caused firm value discount. Adjusting an excessive unrelated diversification would be an important topic, because the problems of low synergy between business units, inefficiency in management and so on were more serious in this type of diversification. The findings of this study are as follows. In the first half of the 1990s, immediately after the collapse of bubble economy, lower firm performance and main bank relationship encouraged firms to decrease the level of diversification of their businesses. On the other hand, in the latter half of the 1990s when the decrease in diversification itself was activated, higher performing non-manufacturing firms and manufacturing firms with lower profitability but facing higher growth in their main business tried to decrease diversification in order to strengthen the competitiveness in main businesses. Also, this kind of decrease in diversification was supported by the governance characteristics such as insider majority smaller boards of directors and the pressure from capital market.

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