Corporate Female Leadership Effects Considering PSI20 and IBEX35 Companies' Performance

2019 ◽  
pp. 280-301
Author(s):  
Mara Madaleno ◽  
Elisabete S. Vieira ◽  
João P. C. Teodósio
Keyword(s):  
Board Of Directors ◽  
Performance Measures ◽  
Positive Influence ◽  
Performance Measure ◽  
Female Leadership ◽  
Accounting Performance ◽  
The Board Of Directors ◽  
Female Presence ◽  
The Relationship ◽  
Measures Of Performance

Using a sample of 47 Portuguese and Spanish firms for the period 2010 to 2017, the authors study the relationship between female presence on board and firm's accounting (ROA and ROE) and market-based (MTB and Tobin's Q) performance. They find that women on the board of directors is positively related to firm's performance, as well as the gender of the CFO and the proportion of women on the listed key professionals, when we consider the market measures of performance, not being so consistent for accounting performance measures. Results were sensitive to the performance measure used. The results reinforce the political options of European Commission gender established quotas, revealing that in the Iberian countries these quotas are not being effectively implemented, even if results suggest that women on board in fact exert positive influence over market performance. This also led us to think that financial markets may also react in a positive way when the CFO of the company is a woman instead of a man, despite the sample limitations both in terms of gender and number of firms.

Corporate Female Leadership Effects Considering PSI20 and IBEX35 Companies' Performance

2021 ◽  
pp. 711-731
Author(s):  
Mara Madaleno ◽  
Elisabete S. Vieira ◽  
João P. C. Teodósio
Keyword(s):  
Board Of Directors ◽  
Performance Measures ◽  
Positive Influence ◽  
Performance Measure ◽  
Female Leadership ◽  
Accounting Performance ◽  
The Board Of Directors ◽  
Female Presence ◽  
The Relationship ◽  
Measures Of Performance

Using a sample of 47 Portuguese and Spanish firms for the period 2010 to 2017, the authors study the relationship between female presence on board and firm's accounting (ROA and ROE) and market-based (MTB and Tobin's Q) performance. They find that women on the board of directors is positively related to firm's performance, as well as the gender of the CFO and the proportion of women on the listed key professionals, when we consider the market measures of performance, not being so consistent for accounting performance measures. Results were sensitive to the performance measure used. The results reinforce the political options of European Commission gender established quotas, revealing that in the Iberian countries these quotas are not being effectively implemented, even if results suggest that women on board in fact exert positive influence over market performance. This also led us to think that financial markets may also react in a positive way when the CFO of the company is a woman instead of a man, despite the sample limitations both in terms of gender and number of firms.

Female board participation and firm’s financial performance: a panel study from a Latin American economy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pamela Leyva-Townsend ◽  
Wilson Rodriguez ◽  
Sandra Idrovo ◽  
Fredy Pulga
Keyword(s):  
Financial Performance ◽  
Board Of Directors ◽  
Latin American ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Content Type ◽  
Firm Financial Performance ◽  
The Board Of Directors ◽  
Female Presence ◽  
The Relationship

Purpose This study aims to elucidate the relationship between women's participation on the board of directors and the company's financial performance in a sample of 45 Colombian companies listed on the Colombia Stock Exchange (CSE) (Bolsa de Valores de Colombia). Design/methodology/approach Using 50,214 financial records of 45 companies listed on the CSE during 2008–2016, the authors performed panel data regressions to explore the relationship between the measures of gender diversity on boards and the impact on corporate financial performance. Findings The authors show that the participation and presence of at least one woman on the board of directors are positively associated with firm financial performance as measured by return on equity (ROE), but not as measured by Tobin’s Q. This second indicator is positively associated with firm financial performance when there are at least three female directors on boards of 10 or more individuals. Practical implications The findings also provide evidence supporting the development of managerial and organizational mechanisms that strengthen female presence at the highest level of governance. Originality/value The study demonstrates that female presence on boards has a positive impact on firms’ financial performance, but the degree of diversity impacts differently ROE and Tobin’s Q. These findings are based on a study of an emerging economy in Latin America, and data on similar economies are scarce.

Implementing Reforms

2017 ◽  
Author(s):  
Nils Brunsson
Keyword(s):  
Board Of Directors ◽  
Government Service ◽  
Radical Reform ◽  
Administrative Reforms ◽  
The Board Of Directors ◽  
The Relationship ◽  
A Company

This chapter continues to analyze the relationship between decision and action using a case study on Swedish Rail (Statens Järnvägar, SJ). In February 1987, the board of directors of SJ met to consider a plan drawn up by an international consultancy company to implement a radical reform, the ‘New SJ’. The basic idea was to make the company more businesslike. SJ was to be run as a company and not as a government service, and its corporate aim was to be a profitable business. The chapter addresses the question of why reforms may be difficult to implement. It suggests that there are certain fundamental and common characteristics of administrative reforms which make them difficult to implement by nature.

scholarly journals IFRS adoption and CEO compensation: evidence from listed banks in Nigeria

2019 ◽  
Vol 14 (3) ◽  
pp. 1-8 ◽  
Author(s):  
Stephen Ojeka ◽  
Alex Adegboye ◽  
Dorcas Titilayo Adetula ◽  
Kofo Adegboye ◽  
Inemesit Udoh
Keyword(s):  
Financial Reporting ◽  
Ceo Compensation ◽  
Panel Data Analysis ◽  
Fixed Effect Model ◽  
Positive Influence ◽  
Performance Measure ◽  
Governance Mechanism ◽  
Accounting Performance ◽  
Ifrs Adoption ◽  
Ceo Pay

The study investigates the influence of International Financial Reporting Standards adoption, using accounting performance measure, to determine the CEO pay in listed banks in Nigeria. The audited annual financial statements of listed banks in Nigeria covering the period of 2009–2015 are analyzed. Fixed effect model, viz panel data analysis is adopted to establish the findings. The findings indicate that adoption of IFRS in Nigeria results in an inverse relationship with accounting performance in determining the CEO compensation after controlling for firm and corporate governance mechanism. However, the adoption of IFRS shows significant positive influence on the CEO pay. This result has policy implication, which encourages the regulatory agencies like Central Bank of Nigeria to monitor the compliance of all banks in Nigeria to the IFRS adoption.

scholarly journals Pengaruh Dewan Direksi, Komisaris Non Independen, dan Kepemilikan Manajerial pada Kinerja Perusahaan Manufaktur di BEI

2020 ◽  
Vol 30 (8) ◽  
pp. 1985
Author(s):  
I Made Dany Yadnyapawita ◽  
Ayu Aryista Dewi
Keyword(s):  
Data Analysis ◽  
Linear Regression ◽  
Board Of Directors ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Company Performance ◽  
Manufacturing Companies ◽  
Food And Beverage ◽  
The Board Of Directors ◽  
The Relationship

The purpose of this study was to determine the effect of the Board of Directors, Non Independent Commissioners, and Managerial Ownership to Manufacturing Company Performance on the Indonesia Stock Exchange. This research was conducted at food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange in the period 2014-2018. Data analysis uses multiple linear regression to determine the relationship between more than two variables. Based on the results of the study stated the Board of Directors statistically has no significant effect to company performance (ROA). Non independent commissioners statistically has no effect to company performance (ROA), Managerial ownership has no statistically significant effect to company performance (ROA). Keywords: Board Of Directors; Independent Commissioners; Managerial Ownership; Company Performance.

The Effect of Company Size on the Relationship between Corporate Governance and Corporate Performance in the Iraqi Stock Exchange

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Ghazwan Al-Shiblawi ◽  
Dalal Mahdi ◽  
Mohammed Mahdi
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Significant Relationship ◽  
Corporate Performance ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Company Size ◽  
Statistical Population ◽  
The Board Of Directors ◽  
The Relationship

The aim of the present study is to assess The Effect of Company Size on the Relationship between Corporate Governance and Corporate Performance in the Iraqi Stock Exchange. The statistical population under study is listed companies of  Iraq Stock Exchange and the number of companies studied in Iraq is 35, from 2015-2019. The results concluded that there is a statistically significant relationship between the change (increase) of institutional ownership and the performance of the company, and this relationship is direct, as well as the relationship between the change (increase) of institutional ownership and the performance of the company. It can change under the influence of the company's size, and this relationship is negative, meaning the larger the company's size, the weaker the relationship. At the same time, the existence of a relationship between changing the composition of the members of the Board of Directors and the performance of the company was not supported, as well as between changing (increasing) the independence of the Board of Directors and the performance of the company, in addition to the relationship between changing the composition of the Board of Directors. The independence of the Board of Directors and the performance of the company is not affected by the change in the size of the company

Board performance and its relation to dividend payout: evidence from Malaysia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ravichandran Subramaniam ◽  
Mahenthiran Sakthi
Keyword(s):  
Board Of Directors ◽  
Capital Market ◽  
Performance Measure ◽  
Corporate Boards ◽  
Minority Shareholders ◽  
Dividend Payout ◽  
Content Type ◽  
Return On Capital ◽  
The Board Of Directors ◽  
Board Performance

PurposeTo examine the board of directors’ performance and if higher performance helps protect minority shareholders in an emerging capital market. Additionally, we determine if the different types of company ownership moderate the level of protection to minority shareholders.Design/methodology/approachThe study develops a measure of board performance with their compensation. And it tests its association with the dividend payout decision of 300 of the largest Malaysian public listed companies (referred to as PLCs) over the period 2008 to 2014.FindingsThe results find that higher board productivity in terms of return on capital employed is associated with higher dividend payout. Additionally, the study finds that the board performance measure interacts with race, ethnicity and gender of the board of directors and CEO duality to affect the dividend payout decision of Malaysian PLCs.Research limitations/implicationsIt is a single-country study of large Malaysian PLCs. And it uses only the governance mechanisms that have been shown in emerging capital markets to have the most significant effect on affecting the relationship between board performance and dividend payout.Practical implicationsThe findings show the importance of inclusivity and diversity in governing State-controlled firms in an emerging capital market.Originality/valueThe findings suggest improving corporate boards’ performance, protecting minority shareholders and contributing to the corporate governance literature. Notably, the study highlights boardroom diversity’s importance to enhance the boards of State-controlled firms’ performance.

scholarly journals Role of Board- Manager Relation on Cooperative Performance

2018 ◽  
Vol 6 ◽  
pp. 60-77
Author(s):  
Dhaneshwar Rakhal
Keyword(s):  
Board Of Directors ◽  
General Meeting ◽  
Interdisciplinary Studies ◽  
Return On Assets ◽  
Mutual Help ◽  
Secondary Sources ◽  
Wide Range ◽  
Credit Cooperatives ◽  
The Board Of Directors ◽  
The Relationship

Cooperatives are based on the philosophy of equality and mutual help i.e. 'All for each and each for all'. They cover a wide range of development services in Nepalese context. The members of a cooperative elect a board of directors in its general meeting for the day to day operation. The board prepares policy and procedures, and appoints manager(s) to implement the policies and run the program. One of the internal issues in saving and credit cooperatives is the relationship between managers and the board of directors which affects on the performance level of the cooperative. In this regard, the main objective of this paper is to assess the relationship between managers and the board of directors, and its impact on the performance of saving and credit cooperatives in Pokhara. The study also covers the managers' feelings of job satisfaction, career development opportunities, and responsibilities of board of directors and managers. Out of 212 savings and credit cooperatives in Pokhara Sub-metropolitan, 77 cooperatives were selected as sample. A questionnaire survey with the mangers was carried out to derive the primary information, and annual audited reports are used as secondary sources of data. The results indicate that board-manager relation does not affect the responsibilities of board of directors and managers, and academic qualifications of managers are positively related to performance of the cooperatives. Finally the paper concludes that the board manager relationship is positively related to return on assets of the cooperatives. Janapriya Journal of Interdisciplinary Studies, Vol. 6 (December 2017), page: 60-77

Politicians on the Board of Directors: Do Connections Affect the Bottom Line?

2005 ◽  
Vol 31 (3) ◽  
pp. 464-481 ◽  
Author(s):  
Amy J. Hillman
Keyword(s):  
Board Of Directors ◽  
Resource Dependence ◽  
Resource Dependence Theory ◽  
Bottom Line ◽  
Dependence Theory ◽  
The Board Of Directors ◽  
Regulated Industries ◽  
The Government ◽  
The Relationship

Resource dependence theory emphasizes the importance of linking firms with external contingencies that create uncertainty and interdependence. A critical source of external interdependency and uncertainty for business is government. One way to link a firm to the government is appointing ex-politicians to the board of directors. This study compares the boards of two groups of firms—those from heavily and less regulated industries—and finds the former group has more politician directors. Firms with politicians on the board are associated with better market-based performance across both groups, although the relationship is more pronounced within heavily regulated industries.

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