Gender Diversity Goals, Supply Constraints, and the Market for Seasoned Female Directors: The U.S. Evidence

2020 ◽  
Author(s):  
Patricia Boyallian ◽  
Sudipto Dasgupta ◽  
Swarnodeep HomRoy
Keyword(s):  
Gender Diversity ◽  
Female Directors ◽  
The U.S

Do Female Directors on Corporate Boards Make a Difference in Family Owned Businesses?

2019 ◽  
Vol 19 (1) ◽  
pp. 85-102 ◽  
Author(s):  
Barbara Sveva Magnanelli ◽  
Luigi Nasta ◽  
Elisa Raoli
Keyword(s):  
Firm Performance ◽  
Family Firms ◽  
Negative Impact ◽  
Gender Diversity ◽  
Family Businesses ◽  
Corporate Boards ◽  
Listed Firms ◽  
Female Directors ◽  
And Performance ◽  
Gender Quota

ABSTRACT This paper investigates how the presence of female directors on corporate boards impacts the performance of family firms. This study enriches the literature on gender diversity on corporate boards and its effects on firm performance by focusing on a country in which family businesses are dominant. The empirical analysis is conducted on a sample of 165 Italian-listed firms from 2011 to 2016, representing the period during which the mandatory gender quota law was introduced and implemented in Italy. The results show a positive relationship between the presence of women on corporate boards and firm performance, specifically in family owned businesses. These findings lead to the conclusion that female directors do not have a negative impact on firm performance. And, given the domination of family businesses and a mandatory gender quota law in Italy, this study makes a regulatory and performance assessment not previously examined in the literature. JEL Classifications: M1; M12; M48; M21.

scholarly journals Board gender diversity and firm performance: evidence from the Russian agri-food industry

2020 ◽  
Vol 23 (1) ◽  
pp. 35-53 ◽  
Author(s):  
Alisher Tleubayev ◽  
Ihtiyor Bobojonov ◽  
Taras Gagalyuk ◽  
Thomas Glauben
Keyword(s):  
Firm Performance ◽  
Large Scale ◽  
Positive Impact ◽  
Critical Mass ◽  
Gender Diversity ◽  
Policy Makers ◽  
Global Food Security ◽  
Female Directors ◽  
Corporate Executives ◽  
Board Gender Diversity

This study provides pioneering empirical evidence on board gender diversity and firm performance relationship for the case of large-scale agri-food companies in Russia. While Russia plays an important role in the global food security, its domestic agri-food production is heavily dependent on large scale producers. Our findings suggest a strong positive link between the percentage of female directors in boardrooms and firm performance. Moreover, in line with critical mass theory, boards with three or more female directors have greater impact on firm performance compared to boards with two or less female directors. Further analysis shows that the presence of female directors in the company has a positive impact on firm performance, mainly due to their executive, rather than monitoring effects. The paper shed light on gender diversity of Russian corporate boardrooms and provides empirical recommendations for policy makers as well as corporate executives in Russia.

Improving Gender Diversity in the U.S. Coast Guard: Identifying Barriers to Female Retention

2019 ◽  
Author(s):  
Kimberly Curry Hall ◽  
Kirsten Keller ◽  
David Schulker ◽  
Sarah Weilant ◽  
Katherine Kidder ◽  
...  
Keyword(s):  
Gender Diversity ◽  
Coast Guard ◽  
The U.S

scholarly journals Beyond gender diversity: How specific attributes of female directors affect earnings management

2018 ◽  
Vol 50 (3) ◽  
pp. 255-274 ◽  
Author(s):  
Ammar Ali Gull ◽  
Mehdi Nekhili ◽  
Haithem Nagati ◽  
Tawhid Chtioui
Keyword(s):  
Earnings Management ◽  
Gender Diversity ◽  
Female Directors

scholarly journals Does gender diversity on the board reduce agency cost? Evidence from Pakistan

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ali Amin ◽  
Ramiz Ur Rehman ◽  
Rizwan Ali ◽  
Collins G. Ntim
Keyword(s):  
Gender Diversity ◽  
Business Environment ◽  
Agency Cost ◽  
Agency Conflicts ◽  
Content Type ◽  
Listed Firms ◽  
Financial Firms ◽  
Female Directors ◽  
Board Gender Diversity ◽  
The Impact

Purpose This study aims to examine the effects of board gender diversity on agency costs in non-financial firms listed on the Pakistan Stock Exchange (PSX). Design/methodology/approach Multiple regression analysis is used to determine the impact of board gender diversity on agency cost. The research used panel data consisting of 2,062 firm-year observations of 226 non-financial firms listed on the PSX from 2008 to 2019 to test the proposed hypothesis. In addition, the Blau and the Shannon indices were used to checking for robustness. Findings The results indicate that female presence on the board significantly reduces the agency cost and, hence, mitigates the principal-agent conflict. Moreover, consistent with the critical mass theory, it was found that boards with three or more female directors have a stronger impact on reducing the agency cost, as compared to two or fewer female directors on the board. Research limitations/implications The sample was restricted to non-financial firms listed on the PSX only; therefore, the results reflect the attributes of Pakistan’s business environment. A similar analysis in the context of other countries may generate different results. Practical implications The findings imply that female directors play an important role in reducing agency conflicts between shareholders and managers by enhancing monitoring through effective governance mechanisms. The policymakers, therefore, should focus on female career development and encourage professional training programmes to generate a fair, competitive environment for senior female management. Originality/value This study attempts to fill the literature gap in that no similar study covers the non-financial firms’ listed firms in Pakistan. The paper supports the reforms made by the code of corporate governance by making the placement of female directors mandatory on Pakistani corporate boards. Overall, support is provided for the view that regulators should favour gender quotas regarding the composition of the board management team of listed firms to reduce agency conflicts and gain shareholder confidence.

Female directors and the cost of debt: does gender diversity in the boardroom matter to lenders?

2019 ◽  
Vol 34 (4) ◽  
pp. 374-392 ◽  
Author(s):  
Muhammad Usman ◽  
Muhammad Umar Farooq ◽  
Junrui Zhang ◽  
Muhammad Abdul Majid Makki ◽  
Muhammad Kaleem Khan
Keyword(s):  
Least Squares ◽  
Gender Diversity ◽  
Ordinary Least Squares ◽  
Cost Of Debt ◽  
Least Squares Regression ◽  
Two Stage ◽  
Loan Default ◽  
Content Type ◽  
Female Directors ◽  
The Cost

Purpose This paper aims to investigate the question concerning whether gender diversity in the boardroom matters to lenders or not? Design/methodology/approach To answer this question, the authors use the data from 2009 to 2015 of all A-share listed companies on the Shanghai and Shenzhen stock exchanges. The authors use ordinary least squares regression and firm fixed effect regression to draw our inferences. To check and control the issue of endogeneity the authors use one-year lagged gender diversity regression, two-stage least squares regression, propensity score matching method and Heckman two-stage regression. Findings The results suggest that the presence of female directors on the board reduces managerial opportunistic behavior and information asymmetry and, consequently, creditors’ perceptions about the probability of loan default and the cost of debt. The authors find that lenders charge 4 per cent less from borrowers that have at least one female board member than they do from borrowers with no female board members. The authors also find that the board structure (i.e. gender diversity) of government-owned firms also matters to lenders, as government-owned firms that have gender-diverse boards have a lower cost of debt (i.e. 5 per cent lower interest rate). Practical Implications The findings have implications for individual borrowers and for regulators. For example, borrowers can get debt financing at lower rates by altering their boards’ composition (i.e. through gender diversity). From the regulatory perspective, the results support recent legislative initiatives around the world regarding female directors’ representation on boards. Originality Value This paper makes several contributions. First, beyond the recent studies on boardroom gender, the authors investigate the relationship between gender diversity in the boardroom and the cost of debt. Second, the authors extend the literature on the association between government ownership and cost of debt by first time providing evidence that the board composition (e.g. gender diversity) of government-owned firms also matters to the lenders. The other contributions are discussed in the introduction section.

Female directors and risk-taking behavior of Indian firms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shreya Biswas
Keyword(s):  
Risk Taking ◽  
Fixed Effects ◽  
Critical Mass ◽  
Gender Diversity ◽  
Dynamic Panel Data ◽  
Fixed Effects Model ◽  
Firm Level ◽  
Content Type ◽  
Female Directors ◽  
Risk Taking Behavior

PurposeThis study examines whether female directorship on board is related to firm's risk-taking behavior in India.Design/methodology/approachThe study considers the top 500 listed companies in India during the period 2013 to 2018 for the analysis. The paper employs fixed effects as well as a dynamic panel data model to address the bias in the fixed effects model when the lagged risk outcome is included as an explanatory variable.FindingsThe study finds that the presence of female directors on board is unrelated to the firm's risk-outcomes and the risk-adjusted return earned by the shareholders. The results are in line with the tokenism theory of board diversity. Having a higher share of female independent directors is also unrelated to the risk-taking behavior of firms. The findings are in contrast to the critical mass theory and the agency theory of gender diversity. The study does not rule out the possibility of female directors' risk-preferences being similar to those of male directors.Practical implicationsThe findings suggest that regulations related to having independent female directors may not add value for the shareholders in the short run. The business case for such stringent regulations in India on the gender diversity of boards remains unclear.Originality/valueThis is the first study to analyze the relationship between gender diversity of boards and firm-level risk in India. Most of the studies have focused on gender diversity and firm performance in India. However, modern portfolio theory suggests that both risk and return are important as shareholders care about risk-adjusted returns.

Corporate governance and the quality of CSR disclosure: lessons from an emerging economy

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Husam Ananzeh
Keyword(s):  
Corporate Governance ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Negative Relationship ◽  
Chief Executive ◽  
Board Members ◽  
Board Diversity ◽  
Content Type ◽  
Female Directors

Purpose This paper is motivated by the absence of rules that govern the practice of corporate social responsibility disclosure (CSRD). The purpose of this paper is to investigate the corporate governance factors that impact the quality of CSRD. This study further examines the moderating role of family ownership and educational qualifications of female directors on the relation between board gender diversity and CSRD quality. Design/methodology/approach This study adopts a sample of 94 non-financial companies listed on the Amman Stock Exchange to collect data on CSRD based on a checklist of 41 items for seven years from 2010–2016. The quality of CSRD is measured using a four-dimensional method that encompasses relative quantity, disclosure intensity, degree of accuracy and management outlook. Findings This study finds that CSRD quality is far from satisfactory in Jordan. The results also suggest that board size, auditor type, company size and profitability are positively associated with CSRD quality. On the other hand, factors such as chief executive officer duality, board diversity, ownership concentration and financial leverage are negatively associated with CSRD quality. In addition, the results of the empirical analysis suggest that the negative relationship between the quality of CSRD and the presence of female board members is stronger for family-owned companies. By contrast, the negative relationship between the quality of CSRD and the presence of female board members is weakened when the company has more educated, skilled and qualified female directors. Originality/value The originality of this study is manifested in the development of a quantitative measurement of CSRD quality.

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