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1
Burke, Ronald J. "Why aren't More Women on Corporate Boards?: Views of Women Directors." Psychological Reports 79, no. 3 (December 1996): 840–42. http://dx.doi.org/10.2466/pr0.1996.79.3.840.
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This study examined views of 280 women directors as to why so few women sit on corporate boards. They served on Canadian corporate boards of directors and completed anonymous questionnaires. Women directors wanted more women on boards. Attitudes of male CEOs and board Chairmen were seen as the biggest obstacle.
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Tinsley, Catherine H., James B. Wade, Brian G. M. Main, and Charles A. O’Reilly. "Gender Diversity on U.S. Corporate Boards." ILR Review 70, no. 1 (September 28, 2016): 160–89. http://dx.doi.org/10.1177/0019793916668356.
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Despite rhetoric supporting the advancement of women on corporate boards, meager evidence supports significant progress over the past decade in the United States. The authors examine archival board data (for more than 3,000 U.S. publicly traded firms) from 2002 to 2011 and find that a female is most likely to be appointed to a corporate board when a woman has just exited the position. A similar propensity occurs to reappoint a male when a man leaves, although the effect is smaller than for women. The authors argue that this “gender-matching heuristic” can impede progress in attaining gender diversity, regardless of intention, because it emphasizes the replacement of existing women rather than changing board composition. The authors replicate this effect in follow-up laboratory studies and show that “what works” to increase the representation of women on boards, irrespective of gender matching, is to increase the number of women in the candidate pool.
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Kim, Daehyun, and Laura T. Starks. "Gender Diversity on Corporate Boards: Do Women Contribute Unique Skills?" American Economic Review 106, no. 5 (May 1, 2016): 267–71. http://dx.doi.org/10.1257/aer.p20161032.
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We show that gender diversity in corporate boards could improve firm value because of the contributions that women make to the board. Prior studies examine valuation effects of gender-diverse boards and reach mixed conclusions. To help resolve this conundrum, we consider how gender diversity could affect firm value, that is, what mechanisms could explain how female directors benefit corporate board performance. We hypothesize and provide evidence that women directors contribute to boards by offering specific functional expertise, often missing from corporate boards. The additional expertise increases board heterogeneity which Kim and Starks (2015) show can increase firm value.
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Pastore, Patrizia, and Silvia Tommaso. "Women on corporate boards. The case of ’gender quotas’ in Italy." Corporate Ownership and Control 13, no. 4 (2016): 132–55. http://dx.doi.org/10.22495/cocv13i4p13.
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This paper investigates whether gender quotas have had success so far in their primary goal of reducing gender disparities in Italian corporate boards. Debate about gender equality on boards gained momentum and global prominence over the last years attracting attention of both researchers and practitioners worldwide. Despite a remarkable progress in education and their participation in the labor market, women still face large barriers to advance into upper management and boardrooms and gaps remain. Women are still under-represented in senior executive and board positions worldwide even if there is wide variation across countries. The present is a qualitative study that aims to contribute to the ongoing international debate about gender diversity on corporate boards (or lack thereof), providing current evidence from Italy, four years after the entry into force of Law 120/2011, establishing legislated quotas in order to ensure gender-balanced corporate boards. Using the samples of Italian listed companies and government-controlled companies tracked by Consob and Cerved respectively, findings show a substantial progress of female representation in Italian corporate boards (including governing and auditing boards) over the period 2008-2015 and reflect the extent to which women are shattering the glass ceiling, right before and after the implementation of the new (although controversial) gender quotas regulation. However, even though the number of women who sit on corporate boards has increased, it is necessary to ensure that the appointment of women is a board’s genuine intention to become gender diverse and more effectiveness rather than evidence of a result driven by tokenism, designed to enhance corporate reputation and image.
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Torchia, Mariateresa, Andrea Calabrò, Morten Huse, and Marina Brogi. "Critical mass theory and women directors’ contribution to board strategic tasks." Corporate Board role duties and composition 6, no. 3 (2010): 42–51. http://dx.doi.org/10.22495/cbv6i3art4.
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In this article we offer an empirical test of the critical mass arguments in the discussion of women on corporate boards. The literature in the women on corporate board debate concludes that there must be at least three women on a board before the women really make a difference. These arguments are frequently used in the public debate about the understanding the impact of women on corporate boards, but they have never really been empirically tested on a large sample. In this paper we use a sample of 317 Norwegian firms. Our dependent variable is board strategic involvement. The findings support the critical mass arguments. This study offers useful insights to policy-makers interested in defining legislative measures mandating the presence of women directors in corporate boards by showing that “at least three women” may be particularly beneficial in terms of contribution to board strategic tasks.
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Cook, Alison, and Christy Glass. "Women on corporate boards: Do they advance corporate social responsibility?" Human Relations 71, no. 7 (November 10, 2017): 897–924. http://dx.doi.org/10.1177/0018726717729207.
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Do women board directors change how companies do business? Firms face growing pressure to appoint more women to their boards of directors, yet little is known about the factors that enable female directors to impact their organizations. This study analyzes the representational thresholds that facilitate women’s leadership in the area of corporate social responsibility. We test the predictions of token theory and critical mass theory to evaluate the ability of women to impact firm outcomes based on their numerical representation on the board of directors. Our analysis focuses on board composition and organizational outcomes in the Fortune 500 from 2001 to 2010. Our findings challenge the theoretical assumptions that solo and token women are unable to exert significant influence over their organizations, and underscore the importance of board diversity for today’s firms.
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Dang, Rey, Duc Khuong Nguyen, and Linh-Chi Vo. "Does The Glass Ceiling Exist? A Longitudinal Study Of Womens Progress On French Corporate Boards." Journal of Applied Business Research (JABR) 30, no. 3 (April 24, 2014): 909. http://dx.doi.org/10.19030/jabr.v30i3.8576.
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n this article, we conduct a longitudinal study of womens progress on French corporate boards of directors. We particularly focus on the extent to which women directors have circumvented the glass ceiling. Using a sample of SBF 120 companies over a 10-year period from 2000 to 2009, our results provide evidence of a significant increase in the number of women on French corporate boards. However, the corporate glass ceiling hypothesis is consistently rejected whatever the considered measure of female directors; i.e., the number of board seats held by women, the number of firms with a critical mass of female directors, and the number of directorships held by each women director.
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Badru, Bazeet Olayemi, Nurwati A. Ahmad-Zaluki, and Wan Nordin Wan-Hussin. "Women on corporate boards and allocation of capital raised through IPOs." Management Decision 57, no. 3 (March 11, 2019): 547–68. http://dx.doi.org/10.1108/md-11-2017-1121.
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Purpose The purpose of this paper is to examine whether the differences in men and women, such as risk aversion in decision making, can influence the amount of capital that the board of directors can allocate for investment opportunities. Design/methodology/approach This study sampled 212 IPOs over the period of 2005–2015 and employed the OLS and the quantile regression techniques to examine the impact of female directors on capital allocation. Findings The results show that women on corporate boards have a positive influence on the amount of capital an IPO company can allocate for investment opportunities. These findings suggest that the investment strategies of women in an emerging financial market, like Malaysia, may differ from women in other financial markets. Practical implications The presence of women on corporate boards plays an important role in board involvement in a company’s strategic decision at the time of the IPO. Therefore, regulators and IPO issuers should pay close attention to the corporate governance structure of a company at the time of an IPO. In addition, investors and other stakeholders of a company may consider women on corporate boards as an important factor in financing and investment decisions. Originality/value Despite several studies that have examined the influence of women on corporate boards on corporate outcomes, globally, the presence of women on corporate boards and their influence on corporate decision-making related to allocation of capital to investment opportunities, have not been fully explored in the IPO literature.
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Grosvold, Johanne, Bruce Rayton, and Stephen Brammer. "Women on Corporate Boards." Business & Society 55, no. 8 (July 27, 2016): 1157–96. http://dx.doi.org/10.1177/0007650315613980.
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Gennari, Francesca. "Women on boards and corporate social responsibility." Corporate Board role duties and composition 12, no. 1-1 (2016): 101–8. http://dx.doi.org/10.22495/cbv12i1c1art3.
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Data by EU Commission show a low representation of women on boards. The scope of this article is to read contemporary and according to a managerial approach the possible causes of this situation: the availability of skills possessed by women to cover top positions, the presence of binding or self-regulatory rules and the corporate culture towards CSR approach. Our research is focused on EU countries, where the gender equality on board is currently matter of attention and regulatory interventions. We conclude that the scarce presence of women in the boardrooms is not ascribable to a scarcity of expertise, but it is associated with a social background and a corporate culture not inspired by corporate global responsibility values. Regulatory interventions may accelerate the consciousness of gender balance on boards, but without companies’ commitment in CSR matters and without a clear vision of corporate global responsibility (including economic, social and environmental aspects), they tend to become additional tasks in the management of corporate compliance risk.
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Burke, Ronald J. "Benefits of Women on Corporate Boards of Directors as Reported by Male CEOs." Psychological Reports 75, no. 1 (August 1994): 329–30. http://dx.doi.org/10.2466/pr0.1994.75.1.329.
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Women currently represent only five percent of members of corporate boards of directors. This study examined views of 66 male CEOs, each with women on their boards of directors, regarding benefits of having women as members of boards. Areas of potential benefit from having women as board directors and their influence were positively correlated.
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S, Nisa. "Presence of Women on Board: Reference to BSE-30 Companies from 2010-2014." International Journal of Accounting & Finance Review 1, no. 1 (October 27, 2017): 24–30. http://dx.doi.org/10.46281/ijafr.v1i1.15.
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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.
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Srivastava, Varnita, Niladri Das, and Jamini Kanta Pattanayak. "Women on boards in India: a need or tokenism?" Management Decision 56, no. 8 (August 13, 2018): 1769–86. http://dx.doi.org/10.1108/md-07-2017-0690.
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Purpose The purpose of this paper is to examine the significance of gender diversity on corporate boards in India in the light of recent regulatory reform introduced in the Companies’ Act, 2013 which mandated the presence of at least one woman on the corporate boards of all the listed firms. Design/methodology/approach Based on a panel of 300 firm-year observations for 15 years from 2001 to 2015, regression analysis has been conducted to analyze the relation between gender-related variables of corporate boards with firm-specific financial characteristic, cost of equity (COE) and return on assets (ROA) of firms listed in CNX Nifty, a major financial market index of India. Findings The analysis indicates that boards with gender diversity explain a slightly more than 5.5 percent change in a firm’s COE and have a much higher impact of 45 percent on a firm’s ROA. The presence of female directors on the boards and their independence have a negative association with the COE, whereas the level of involvement of female directors on different committees has a positive association with the ROA. Practical implications The findings may help theorists in defining the right mix of female on the corporate boards in an emerging economy. Also, by taking input from the findings, regulators and industry can formulate policies to foster gender diversity on corporate boards in India. Originality/value This study considers the recent regulatory norm introduced in India. This issue has still not been discussed and analyzed by researchers in India. It attempts to explain the impact a gender diverse board can make on a firm’s performance. It also makes valuable recommendations to improve the norms intended to more effectively foster gender diversity on corporate boards in India.
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Zelechowski, Deborah Dahlen, and Diana Bilimoria. "Characteristics of CEOs and corporate boards with women inside directors." Corporate Board role duties and composition 2, no. 2 (2006): 14–21. http://dx.doi.org/10.22495/cbv2i2art2.
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Women corporate inside (executive) directors constitute an elite minority of leaders of large corporations. This study examines the characteristics of CEOs and boards of Fortune 1000 firms that had women who held the dual leadership positions of corporate director and executive officer in 1998 in order to determine whether firms with women insiders had substantially different characteristics than firms without. We find that compared with firms without women inside directors, firms with women inside directors were characterized by CEOs with longer board tenure, more family ties, and fewer director interlocks, and by boards that were larger, with more insiders, and that utilize a management Chair of the board. Corporate governance implications are drawn for the presence of women at the top of the executive hierarchy.
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Bretz, E. A., and L. Ceppert. "Technical women on corporate boards." IEEE Spectrum 36, no. 2 (February 1999): 50–56. http://dx.doi.org/10.1109/6.744876.
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Oyotode-Adebile, Renee M., and Zubair Ali Raja. "Board gender diversity and US corporate bonds." International Journal of Managerial Finance 15, no. 5 (May 9, 2019): 771–91. http://dx.doi.org/10.1108/ijmf-10-2018-0290.
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Purpose The purpose of this paper is to examine the impact of board gender diversity on bond terms and bondholders’ returns. Design/methodology/approach The authors perform pooled OLS regression, simultaneous regressions and propensity score matching to a panel data set of bond data for 319 US firms from 2007 to 2014. Findings The authors find that firms with gender-diverse boards have lower yields, higher ratings, larger issue size and shorter maturity. They also find that bondholders require fewer returns from firms with gender-diverse boards. However, the effect is more pronounced when women, constitutes at least 29.67 percent of the board. Originality/value This analysis supplements the findings that board gender diversity is essential for bondholders. It shows that bondholders should look at board gender diversity as a criterion to invest because bonds issued by firms with gender-diverse board have less risk. For practitioners, this study shows that more women participation on boards leads to a reduction in borrowing costs.
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Du Plessis, Jean, James O'Sullivan, and Ruth Rentschler. "Multiple Layers of Gender Diversity on Corporate Boards: To Force or Not to Force?" Deakin Law Review 19, no. 1 (August 1, 2014): 1. http://dx.doi.org/10.21153/dlr2014vol19no1art207.
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This article examines diversity on corporate boards, focussing on gender diversity and taking both contemporary and historical perspectives. Australia forms a particular focus of this article, but, as far as mandatory quota legislation is concerned, other jurisdictions provide comparisons. The authors illustrate how Australian corporate board gender diversity is starting from a low base in contrast to some other types of boards. Arguments for and against more women on boards are analysed in order to provide a comprehensive examination of extant research. The article also examines briefly whether a business case can be made for board gender diversity within the wider framework of board diversity. The authors acknowledge that there are unanswered questions about the right gender balance on boards and whether, without mandatory quota legislation, a voluntary system can achieve best practice targets. They explore the notion of critical mass - the idea that, upon board representation reaching approximately 15 per cent, efforts to further redress the imbalance may lose momentum. Their conclusion is that, in the Australian jurisdiction, progress is being made belatedly towards increasing gender diversity on corporate boards. However, substantial challenges are envisaged if significant progress is not made imminently to increase the number of women serving on corporate boards.
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Ahmed, Ammad, Helen Higgs, Chew Ng, and Deborah Anne Delaney. "Determinants of women representation on corporate boards: evidence from Australia." Accounting Research Journal 31, no. 3 (September 3, 2018): 326–42. http://dx.doi.org/10.1108/arj-11-2015-0133.
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Purpose This paper aims to investigate the determinants of women representation on Australian corporate boards under the ASX’s “if not, why not” corporate governance framework. It further aims to improve the study of Geiger and Marlin (2012) by using a theoretically sound two-limit Tobit model to examine the determinants. Design/methodology/approach This study uses the two-limit Tobit model to examine the determinants of women representation on ASX 500 boards. This approach is used due to the censored nature of the dependent variable. Findings This study finds that the two-limit Tobit model is an appropriate methodology to accommodate the censored dependent variable. It further finds that firm size, women as chair of boards, corporate governance index, Global Reporting Initiative signatory, debt ratio, average board age, BIG4 auditors, chief executive officer tenure and shareholder concentration are major determinants of women on boards. Research limitations/implications The use of only ASX 500 companies and the sample years (2011-2014) may limit the generalisation of the findings. Originality/value This is the first extensive longitudinal Australian study to examine the drivers of women representation on corporate boards. It is also the first of its kind to use the two-limit Tobit model to consider these determinants.
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Mumu, Jinnatul Raihan, Paolo Saona, Md Shariful Haque, and Md Abul Kalam Azad. "Gender diversity in corporate governance: a bibliometric analysis and research agenda." Gender in Management: An International Journal 37, no. 3 (October 22, 2021): 328–43. http://dx.doi.org/10.1108/gm-02-2021-0029.
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Purpose This paper aims to examine literature on corporate governance from the gender perspective adopting the two novel approaches: bibliometric analysis and content analysis. Design/methodology/approach For citation mapping and comprehensive content analysis, total 393 Web of Science indexed journal articles were selected. Initially, this study identifies the most productive authors, journal sources, countries and affiliation within the study topic. Findings Findings from the intellectual structure explore four underlying research stems in the corporate governance and gender literature: participation of women on corporate boards and their characteristics, women directors and their roles in board across different countries, gender diversity in the board and corporate social responsibility and firm financial performances, risks and stock prices. Originality/value From the content analysis, it is revealed that corporate governance and gender studies have predominantly investigated the gender diversity issues as a catalyst of corporate governance, with a focus on women on corporate boards and firm financial performance, risks and stock price, while the area of board gender diversity and corporate social responsibility remains relatively under-researched.
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Zanardo, Alessandra. "Achieving Gender Balance in Corporate Boards: The Italian Experience." European Company Law 10, Issue 3 (June 1, 2013): 109–15. http://dx.doi.org/10.54648/eucl2013021.
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The introduction of gender quotas or other forms of positive action to address gender imbalance on corporate boards is nowadays common to a number of European countries. In Italy, women accessing corporate board positions are still the exception. The discussed gender quota legislation aims at reducing women's under-representation in decision-making processes and at promoting more diversification on corporate boards as a means of good corporate governance.
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Maria Cristina G. Bautista, Marlene M. De Leon, and Rudyard Jose R. Nano IV. "Women on Boards of Philippine Corporations: Quantitative Explorations." International Journal of Business and Society 21, no. 1 (April 25, 2021): 369–86. http://dx.doi.org/10.33736/ijbs.3258.2020.
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This inductive study explored the likelihood and correlates of gender diversity in corporate boards in the Philippines. The improvement of gender diversity on boards is of advocacy and policy interest as the country emergesto middle-high income status. Logistic regression analyses from individuals’ (in a directors’ talent pool) responses to an online survey showed that females had a likely odds of 0.10 to be on the boards, compared to males. For every one female getting onto boards, 9 would be unable to.Females with advanced degrees were 7x likely to be on boards than female and male counterparts. The odds of a board seat is significantly likely for individuals in some industries compared to a referent industry (government). At the firm level, controlling other variables in the model, as the size of boards are increased by a unit, the odds of having a woman on board increase 1.3 times.This implies that the likelihood of having a woman board of director rises if the size of boards is raised by a third. Corroboration from text mining technique applied to survey responses showed strong correlation across academic degrees (both bachelor’s and advanced), industry, and job title; pointing that having more women in C-roles increase the odds of increasing their numbers on corporate boards. Gender diversity on boards have been studied largely fromthedeveloped economy lens and/or international comparisons. These quantitative explorations showed pathways that can advance not only understanding and support for extant theories (human capital, resource dependence), but also point to further work (institutional, industry) that can provide levers for policy and advocacy, for countries with similar challenges.
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Arayssi, Mahmoud, Mustafa Dah, and Mohammad Jizi. "Women on boards, sustainability reporting and firm performance." Sustainability Accounting, Management and Policy Journal 7, no. 3 (September 5, 2016): 376–401. http://dx.doi.org/10.1108/sampj-07-2015-0055.
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Purpose As pressures mount for women directors on corporate boards (WDOCBs) from different stakeholders, companies become more interested in finding out how WDOCBs impact sustainability disclosure. The purpose of this paper is to investigate the effect of gender-diverse boards on the association between sustainability reporting and shareholders’ welfare. Design/methodology/approach This paper examines the implications of women on board for firm-related factors, particularly environmental, social and governance (ESG) disclosure and firm performance. The firms studied are all listed in the Financial Times Stock Exchange 350 index between 2007 and 2012. Bloomberg social disclosure score is used and panel data through a regression model are applied. Findings The results reveal that the presence of WDOCBs favorably influences on firm’s risk and performance through promoting a firm’s investment in effectual social engagements and reporting on them. The desirable effect of WDOCB on the ESG-performance relationship leads to increased risk-adjusted and buy-and-hold abnormal returns and reduced firm risks, measured by both volatility of returns and systematic risk. Originality/value The research contributes to the literature on the relationship between women participation on corporate boards and firms’ good citizenship and enhanced shareholders’ welfare. The empirical findings contribute to providing statistical and economical validity to the UK Corporate Governance Code 2014 recommendation on the importance of board gender diversity for effective board functioning.
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Ravaonorohanta, Nivo. "Gender-diverse boards get better performance on mergers and acquisitions." Corporate Ownership and Control 17, no. 4, Special Issue (2020): 222–33. http://dx.doi.org/10.22495/cocv17i4siart1.
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In recent years, the composition of boards, particularly the appointment of female directors to the boardroom has attracted significant political and social debate. Despite several studies that have examined links between the representation of women on boards and the corporate performance, research on the board gender diversity in merger contexts is limited. We assess whether the presence of women on corporate boards affects merger and acquisition (M&A) performance. Using acquisition bids by public Canadian companies during 2012-2017, we find that an increasing number of female directors in acquiring companies is associated with an enhanced merger performance and a reduced bid premium. After controlling for gender diversity on executive teams, the value added by having women on boards is particularly noticeable when acquiring firms have few women in the executive teams, and where overconfidence is prevalent. Thus, there is a substitutive relation between gender diversity on the board and gender diversity on the executive team.
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Dobson, John, and Mahdi Rastad. "Women on Boards." Business and Professional Ethics Journal 37, no. 1 (2018): 1–12. http://dx.doi.org/10.5840/bpej201792964.
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In recent years, the US, UK, and Continental Europe have pursued board gender diversity through markedly different means. Several European countries have imposed mandatory quotas, whereas the UK and US are relying on the endogenous mechanisms of social pressure and shareholder proposals respectively. Despite their obvious allure as a means of bringing about rapid change, evidence is mounting that European board gender diversity quotas may yield various deleterious side effects; and quotas may not be as successful in their core aim of promoting gender diversity as initial broad statistical measures indicated. In this paper we critique the European quota regime, and consider US shareholder proposals as an alternative change mechanism for improving gender diversity in corporate boards. We note the lack of shareholder representative democracy in Europe and conclude with the policy recommendation that, rather than extending quotas, European governments should focus on empowering shareholders.
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Horak, Sven, and Jingjing Cui. "Financial performance and risk behavior of gender-diversified boards in the Chinese automotive industry." Personnel Review 46, no. 4 (June 5, 2017): 847–66. http://dx.doi.org/10.1108/pr-10-2015-0274.
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Purpose Recent legislation in Europe and North America encourages women’s participation in corporate boards based on the belief that gender-diversified boards contribute positively to firm performance and increased competitiveness. Contrary to the West, the women’s participation rate in business has been traditionally high in China. The purpose of this paper is to find out whether gender-diverse corporate boards of Chinese automotive firms perform better financially than gender-homogeneous boards. Design/methodology/approach By drawing on data from the Chinese Government and Bloomberg, the authors compare and analyze the differences in financial performance (return on equity, asset growth, sales growth) and risk behavior (debt risk, R&D expenditure) of Chinese automotive firms with and without women on their corporate board. Findings There is significant evidence that firms with women on the board perform better across all three categories, with the exception of return on equity, for which they found no significant differences among the analyzed firms. Practical implications While women’s participation in corporate boards in China is low, the results of this study suggest to policy makers and firms alike to implement measures that support gender-diversified boards in order to take advantage of their potential to increase corporate performance. Originality/value So far, the performance of corporate boards of countries with a traditionally high share of female participation in the workforce has rarely been analyzed. Research focusing on the Chinese automotive industry is new and underrepresented, although China is the largest automotive market worldwide and a key industry of the domestic economy. This investigation contributes to the literature stream on board diversity in as well as to industry-related studies. With the example of the Chinese automotive industry, it provides empirical evidence of better performance of firms with gender-diversified boards within the categories tested.
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Musviyanti, Musviyanti, Yana Ulfah, and Yanzil Azizil Yudaruddin. "Women on board, firm size and cash holding: Empirical evidence from the developing country." Journal of Governance and Regulation 10, no. 3 (2021): 177–85. http://dx.doi.org/10.22495/jgrv10i3art16.
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Effective corporate board supervision might be a viable solution to the agency problem of excessive cash holdings (Fama & Jensen, 1983). Thus, this study aims to examine how the participation of women on corporate boards affects cash management. The study looks at how the size of a company affects the relationship between female board members and cash holdings, especially at high and low cash holding levels. A total of 373 publicly-listed companies in seven industries from 2008 to 2017 were chosen as research samples using purposeful sampling. Furthermore, static panel data processing was also used. The results showed that women on boards had a favorable and important impact. This study discovered a positive and significant WOB (women on board) coefficient, implying that companies with women on board had relatively more cash on hand. This result supports the trade-off and gender role theory predictions. However, the relationship between firm size and cash keeping is negative, but insignificant for all models. Different impacts were discovered by separating a sub-sample of companies with high and low cash holding rates. Women on the board of companies with large cash holding have a significant negative effect on cash holding. The partnership between women on boards and cash holding yielded negligible results. These findings have implications for regulators and corporate decision-makers in terms of board gender equality.
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De Masi, Sara, Agnieszka Słomka-Gołębiowska, and Andrea Paci. "Women Do the Job: The Reasons to Set Quota for Women on Boards." International Journal of Business and Management 13, no. 12 (November 15, 2018): 167. http://dx.doi.org/10.5539/ijbm.v13n12p167.
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In 2012 Italy introduced quota to increase the number of women on corporate boards. The aim of our research is to shed more lights on how women on boards, after the enforcement of quota law, improve the board functions and the board structure. Our study focuses on all Italian FTSE MIB companies from 2008 to 2015. Italy is a country where the percentage of female directors was very low before quota. Female directors, when present, were linked through a family connection to the controlling shareholder. Our research demonstrates that a higher percentage of women on boards, after the quota, leads to a higher board members attendance and more board meetings, thus a better board monitoring. We document that, after quota, one more women to the board results in increasing the board involvement in strategy and the independence of audit committee. Our findings provide empirical support on the effectiveness of female directors, suggesting important implications of the quota legislation on the “type” of women elected.
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Chandler, Andrea. "Women on Corporate Boards: A Comparison of Parliamentary Discourse in the United Kingdom and France." Politics & Gender 12, no. 03 (June 13, 2016): 443–68. http://dx.doi.org/10.1017/s1743923x15000574.
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In 2013 the European Commission presented a draft directive calling for member states to increase the presence of women on corporate boards. Some countries, such as France, have taken a quota approach by passing legislation requiring corporations to increase the numbers of women on their boards over time, while the governments of other states, such as the United Kingdom, have preferred measures to encourage corporations to have more inclusive boards. While there is a growing literature on the impact that an increased presence of women can have on corporate boards, as well as a solid feminist literature on the role of quotas in political structures, there has been relatively little attention to the specific ways in which political actors have viewed the question of women on corporate boards. This article compares the ways in which quotas for women in corporate boards have been examined by the legislatures of the United Kingdom and France, with attention also to parliamentary debates in Canada and Russia. It is hypothesized that variations in political discourse help explain why conservative governments adopted such different approaches toward gender balance on corporate boards.
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Hasbolah, Farhana, Mohamad Hafiz Rosli, and Siti Aisyah Omar. "A Preliminary Study Of Academicians’ Perception Towards Women PN Boards In Malaysian Public Listed Companies." JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi 8, no. 1 (December 8, 2020): 1–8. http://dx.doi.org/10.30656/jak.v8i1.2399.
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Gender diversity in the corporate board is still an issue for certain countries including Malaysia. The Malaysian Code of Corporate Governance (MCCG) 2017 anticipates 30% of women to be on the corporate board. However, recently the number of women on board reported is still lower. This study aims to examine the perception of academician towards women on board (WOB). The survey questionnaires were sent among academicians. The result indicates that the academicians believe that the appointment of women on boards will improve and enhance the companies’ performance. There are equal opportunities for men and women to be in management positions. The finding of this study will assist the policymakers and companies especially in formulating women policy to support the national agenda.
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Burke, Ronald J. "Women on Corporate Boards of Directors." Women in Management Review 9, no. 1 (February 1994): 27–31. http://dx.doi.org/10.1108/09649429410051006.
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Burke, Ronald J. "Women on Corporate Boards of Directors." Women in Management Review 9, no. 5 (September 1994): 3–10. http://dx.doi.org/10.1108/09649429410066974.
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Burke, Ronald J. "Women on Corporate Boards of Directors." Equal Opportunities International 12, no. 6 (June 1993): 5–13. http://dx.doi.org/10.1108/eb010613.
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Bellato, Leticia L. N. "Determinants of Companies’ Board Composition in Emerging Markets." International Journal of Business Administration 12, no. 5 (September 2, 2021): 17. http://dx.doi.org/10.5430/ijba.v12n5p17.
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This paper examines the determinants of female board representation for a sample of Brazilian listed companies for the year of 2018. Using count data models, we find that greater firm size, performance and board size lead to higher woman representation on companies’ boards. Also, that private control is associated with a lower number of women on boards. Most studies related to board composition focus on independent directors and are conducted in a developed countries’ setting. This work contributes to the extant literature in understanding what drives woman representation on corporate boards in an emerging market context and also would help to support the definition and implementation of gender diversity policies by showing possible impacts.
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Caserio, Carlo, and Sara Trucco. "Corporate governance and company performance in Italy: Corporate law and regulation perspective." Corporate Law and Governance Review 1, no. 1 (2019): 24–35. http://dx.doi.org/10.22495/clgrv1i1p3.
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This paper proposes an extensive analysis of corporate governance and corporate board practices in Italy, under different perspectives. First of all, through a literature review, the research aims to analyze the main effects of laws and regulations on corporate board practices in the Italian setting by taking into account the most important corporate board models in different types of companies. This study also highlights the different functions and responsibilities assigned to the boards, bodies and boards’ members, according to the governance system implemented – classic/traditional, dualistic, monistic. For each of these systems, the main issues are presented and the most important critical points are illustrated. Regarding the functions and the responsibility of the board members, the link between the board governance and company performance is discussed on the basis of the main literature, as well as the laws concerning the participation of women to the boards’ activities. Furthermore, the effects of gender diversity on company performance is analysed taking into account the main studies on this topic. Finally, the paper presents some conclusions and future research areas on the aforementioned topics: it proposes future empirical analysis on the effects that different governance systems, different board compositions and different roles of directors, as required by the law, may have on the performance of listed/unlisted companies and on family/non-family companies.
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De Anca, Celia, and Patricia Gabaldon. "Female directors and the media: stereotypes of board members." Gender in Management: An International Journal 29, no. 6 (July 29, 2014): 334–51. http://dx.doi.org/10.1108/gm-07-2013-0079.
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Purpose – This paper aims to analyze the research in this field on the portrayal of women and the effect this has on boards and corporate image, as well as to propose a theoretical framework for further research on the effects of media stereotypes. The theoretical model aims to analyze the media’s effect on female board members, and how this helps in the process of changing stereotypes or whether it consolidates existing preconceptions. Design/methodology/approach – This paper reviews the existing literature on the subject and proposes a theoretical model for future research, contributing thus in opening a new line of research in the field of the roles of women on boards. Findings – The conclusions reached will have important consequences for the future of women on boards in relation to three fundamental issues: the types of women that join boards of directors, the type of female profile companies search for and the roles women are expected to play on those boards. Research limitations/implications – The theoretical framework developed encourages corporate governance agents, business leaders and institution to reflect on potential gender biases. Practical implications – The theoretical framework developed encourages corporate governance agents, business leaders and institutions and media agents to reflect on potential gender biases. Originality/value – An important body of literature already exists showing how the portrayal of women can reinforce or eliminate barriers to access membership of a board of directors. There is also a solid body of literature showing the media’s effect on transmitting or changing preconceived ideas about women in business, as well as the potential impact of appointing them – through the influence of different stakeholders – on a company’s image. However, there has been little substantial research carried out on the media’s effect on gender diversity on boards.
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Dang, Rey, Anne-Francoise Bender, and Marie-Jose Scotto. "Women On French Corporate Board Of Directors: How Do They Differ From Their Male Counterparts?" Journal of Applied Business Research (JABR) 30, no. 2 (February 27, 2014): 489. http://dx.doi.org/10.19030/jabr.v30i2.8420.
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Our research aims at exploring individuals characteristics of women on Boards in the French context. In the first part of our paper, we discuss the different theoretical frameworks which supported the business case of gender diversity on Boards of Directors and expose our hypothesis regarding differences in women and men characteristics. The second part presents our methods, measurements and data. Then, we focus on our empirical study. Our sample consists of the French Index SBF 120 companies. We studied the profile of 1,250 directors collecting information from the firms annual reports of year 2010, using various scales defined by previous research on that field in the AngloSaxon literature. Our findings confirm that integrating women on boards has an impact on the Human and Social Capital of Boards but not as much as might have been expected. It is worth noting that men and women board members seem to build their human and social capital through the same educational process in France. Nonetheless, our work shows significant differences between men and women regarding professional experience and board member status.
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Goksu, Gonca Gungor, and Maria Luisa Esteban Salvador. "Do countries with different cultural, social and religious backgrounds behave the same way concerning women’s representation on corporate boards?" Global Journal of Business, Economics and Management: Current Issues 7, no. 2 (January 2, 2018): 253–64. http://dx.doi.org/10.18844/gjbem.v7i2.2948.
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This study focuses on female representation on corporate boards in Turkey and Spain, two countries in which clear differences exist in social, cultural and religious contexts. Using data from the most influential companies in the two states, we have investigated the presence of women in the boardrooms in 2014. We present new evidence on the comparison of outcomes of women’s participation on boards. Results show differences in the involvement of women on the boards of major companies in Turkey and Spain. Statistical analysis suggests that the presence of women on the most powerful boards of directors of Spanish companies is higher than that of Turkish companies, and there are statistically significant differences between the two countries. This article offers insights to policy makers interested in analysing whether differences, values and beliefs between countries could influence the role of women in the decision-making process of the upper echelons of business.
Keywords: Turkey, Spain, board of directors, female directors, corporate governance.
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Venchiarutti, Angelo, and Paola Monaco. "Women on Corporate Boards: A Comparative Appraisal of Italian Law." European Business Law Review 28, Issue 4 (August 1, 2017): 523–45. http://dx.doi.org/10.54648/eulr2017026.
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Both within and outside Europe, the number of women sitting on corporate boards is very low. In spite of the rising number of women earning post-graduate degrees in law, business and administration, only a minority of them ends up sitting on companies’ corporate boards. Against this context, the aim of this article is to study the Italian approach to this problem, and to set it against the framework of the solutions adopted in Europe. The articles starts by analyzing the initiatives carried out by the European Union with the goal of promoting equal treatment between genders on corporate boards. After the survey of the soft and hard measures undertaken by some European countries to tackle gender imbalance on boards, the paper will analyze the legislative reform recently adopted by the Italian Parliament. The conclusion will focus on the effectiveness of European positive actions to tackle gender inequality in corporate boards
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Kaur, Amanpreet, and Balwinder Singh. "Construing Reputation from Gender Diversity on Boards." Paradigm 21, no. 2 (December 2017): 111–25. http://dx.doi.org/10.1177/0971890717736195.
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Corporate managers across the globe are on their toes to build favourable corporate reputation. Researchers have extricated many factors affecting corporate reputation. However, the role of gender diversity in enhancing corporate reputation is relatively an exotic area of research in emerging economies like India where women face vulnerable discrimination while contesting for board seats. The present study aims to unravel the relevance of female directors in convalescing corporate reputation by analysing data of 437 Indian companies in 2012, just prior to enactment of Companies Act, 2013. It was found that 60 per cent of the sample companies lack gender diversity and in fact employ no women director on the board. Results of multivariate regression analysis reveal that the presence of female on the board is perceived as a positive quality signal so as to enhance corporate reputation. The findings confer a motivation among Indian corporate managers to promptly adhere to the provisions of New Companies Act, 2013, mandating one woman director in boardroom, so as to procure benefits in terms of favourable corporate reputation. Baffled stakeholders can interpret women directors on the board as a clue to better governance and thereby perceive such companies propitiously.
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De Masi, Sara, Agnieszka Słomka-Gołębiowska, and Andrea Paci. "Women on boards and monitoring tasks: an empirical application of Kanter's theory." Management Decision 59, no. 13 (January 25, 2021): 56–72. http://dx.doi.org/10.1108/md-10-2019-1450.
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PurposeThis paper examines the relationship between women on boards and board monitoring tasks depending on group categories identified in the Kanter's theory.Design/methodology/approachUsing a sample of the largest listed companies in Spain, Italy and France during the period 2007–2017, this study tests the effect of women's presence based on the following board categories: (1) skewed boards with a percentage of women that is less than 20%; (2) tilted boards with a percentage of women that ranges from 20% to 33%; (3) tilted boards with a percentage of women that is more than 33%; and (4) balanced boards with an equal or quasi-equal gender distribution. The authors use the case of the gender board quota regulation in different European Union countries.FindingsThe results suggest that tilted boards engage in stronger firm monitoring and that the effect of women on board monitoring tasks is positive and statistically significant when the percentage of female directors reaches the threshold of 33%.Practical implicationsThe outcomes of this study help policymakers identify the minimum threshold that quota regulations should mandate in order for boards to be effective.Originality/valueThis paper moves forward the ongoing debate about the effect of women on corporate boards, shifting the focus from the ratio or presence of female directors to the size of the group they form within the board. To the best of authors’ knowledge, this is the first study to test Kanter's theory by investigating the relationship between women on boards and board monitoring.
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Jizi, Mohammad Issam, and Rabih Nehme. "Board gender diversity and firms’ equity risk." Equality, Diversity and Inclusion: An International Journal 36, no. 7 (September 18, 2017): 590–606. http://dx.doi.org/10.1108/edi-02-2017-0044.
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Purpose There is a growing attention toward the importance of women’s participation on corporate boards in enhancing board governance and decision-making quality. The literature lacks sufficient empirical evidence on the relationship between women’s involvement on boards and firms’ risk. The purpose of this paper is to investigate the influence of board gender diversity on firms’ risk. Design/methodology/approach This paper explores the influence of women’s participation on corporate boards on firms’ stock return volatility. The examined firms are all non-financial firms listed on the FTSE 350 index between 2008 and 2013. The Bloomberg database is used to collect the needed variables. Panel data are employed through a regression model to estimate relationships. One-step Arellano and Bond and the generalized method of moments are used to control for reverse causality and the existence of endogenous variables. Findings The results suggest that women’s participation on corporate boards favorably impacts firms’ risk by reducing firms’ stock return volatility. The authors also find that the influence of women on reducing stock return volatility is higher in four particular industries recognized by their close proximity to consumers (consumer goods, consumer services, health care, and utilities). Originality/value The study contributes to the growing literature on women on boards and offers solid empirical evidence of the correlation between board gender diversity and firms’ risk. The empirical results provide economical and statistical validity to the “voluntary business-led” approach of Davies reports and to the recommendation by the UK Corporate Governance Code 2014 on the favorable influence of board gender diversity for effective functioning.
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Saeed, Abubakr, Amna Yousaf, and Jaithen Alharbi. "Family and state ownership, internationalization and corporate board-gender diversity." Cross Cultural & Strategic Management 24, no. 2 (May 2, 2017): 251–70. http://dx.doi.org/10.1108/ccsm-11-2015-0159.
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Purpose In times of vivid debates on the inclusion of women on boards, the purpose of this paper is to shed a new light on the composition of boardrooms in emerging market firms by investigating how family and state ownership affect board-gender diversity in the emerging economies. Design/methodology/approach This study uses Tobit regression to examine the effect of firm ownership on board-gender diversity. A panel data set of Chinese and Indian firms for the period 2004-2013 is used to conduct this study. Findings The results show a negative and significant impact of family and state ownership on the proportion of women directors. However, this relationship is seen to be reverse if the firm is operating in international markets. Notably, a negative relationship was seen to persist between ownership structure and board-gender diversity for both female executive and independent board members, whereas a positive impact of internationalization was observed only for independent female directors. Originality/value This research addresses the board-gender diversity issue in emerging economies by focusing on firm characteristics which are unique to their business context. Further, this study identifies the conditions under which emerging market firms assimilate or proscribe women on their boards by recognizing the salient features of firms from emerging markets. Hence, in doing so, new evidence is added to the studies on the determinants of board-gender diversity. Lastly, it advances the earlier literature based on resource dependency and agency views and demonstrates the importance of internationalization for the inclusion of women on corporate boards.
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Karim, Sitara, Norlida Abdul Manab, and Rusmawati Binti Ismail. "Legitimising the Role of Corporate Boards and Corporate Social Responsibility on the Performance of Malaysian Listed Companies." Indian Journal of Corporate Governance 12, no. 2 (November 1, 2019): 125–41. http://dx.doi.org/10.1177/0974686219881092.
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The prime objective of this study is to investigate the legitimate role of corporate boards and corporate social responsibility on the performance of Malaysian listed companies during 2006–2017. Elements of corporate boards include board size, board independence and board diversity, whereas corporate social responsibility (CSR) dimensions constitute marketplace, environment, community and workplace. Both accounting-based (return on assets [ROA], return on equity [ROE]) and market-based (earnings per share [EPS]) performance measures have been employed for measuring performance. Pooled ordinary least squares method (OLS) and multiple regressions are used to estimate the dataset. Findings reveal larger board size and higher board independence positively affect firm performance and significantly legitimise the board role in firms. However, the presence of women on Malaysian corporate boards does not legitimate the performance due to their lower percentage on board, hence insignificantly affecting firm value. Additionally, out of four CSR dimensions, only marketplace is positively and significantly related to EPS and negatively and significantly related to ROA. Conversely, environment, community and workplace are insignificantly related to all performance measures, leaving firms in a questionable legitimate state. This study embraces support from agency theory, resource dependence theory, legitimacy theory and stakeholder theory. However, this research raises questionable insights for regulatory bodies and academicians in the form of corporate legitimacy.
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Uzelac, Ozren, and Marijana Dukić Mijatović. "Gender Diversity in Corporate Governance in Serbia: Legal Issues and Potential Remedies." Kultura polisa 19, no. 4 (December 21, 2022): 46–64. http://dx.doi.org/10.51738/kpolisa2022.19.4r.46udm.
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The status of gender diversity in corporate governance (i.e., women's right to be part of corporate bodies) is a very important issue worldwide, including in Serbia. The paper examines women's rights from a historical perspective to address the problem of their social under-representation, especially when it comes to their social role outside the family. Additionally, we investigate the EU and Serbian legal framework for encouraging women's participation on corporate boards, including their status in the Serbian banking and insurance industry. Retrospection, compilation, deduction and induction methods were used in the paper. An in-depth analysis shows that women constitute at least one-third of the membership (at least in one executive board), in the majority of Serbian banks and insurance companies. We notice that the Serbian Gender Equality Act does not encourage greater women’s participation in corporate boards. Thus, there is a need for immediate legal action to mandate women's representation on corporate boards, and to require additional explanation if this legal provision is violated. The traditional understanding of the position of women in society has remained unchanged, but it is noticeable that the accessibility of corporate management to women is improving, although perhaps not enough and equally in all countries and industries.
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Joecks, Jasmin, Kerstin Pull, and Katrin Scharfenkamp. "Perceived roles of women directors on supervisory boards: Insights from a qualitative study." German Journal of Human Resource Management: Zeitschrift für Personalforschung 33, no. 1 (July 19, 2018): 5–31. http://dx.doi.org/10.1177/2397002218783925.
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The (under-)representation of women on corporate boards is much debated among the public as well as in academia. In our exploratory article, we contribute to the literature by investigating women directors’ perceived roles by interviewing female as well as male board members and by employing the critical incident technique to address potential problems of social acceptancy. In the perception of board members, women directors fulfil three roles: they widen the boards’ perspectives and thus act as (unique) experts, they objectify discussions and they act as mediators.
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Handa, Rekha, and Balwinder Singh. "Women directors and IPO underpricing: evidence from Indian markets." Gender in Management: An International Journal 30, no. 3 (May 5, 2015): 186–205. http://dx.doi.org/10.1108/gm-02-2014-0011.
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Purpose – This paper aims to fill the gap of the relatively under-researched impact of women directors on initial public offering (IPO) underpricing in developing countries. Gender diversity is an important emerging issue within the corporate governance literature. Recently, there has been a growing thrust on gender-diverse boards. However, their proportion on corporate boards is low worldwide. The paper examines the influence of women directors on the underpricing phenomenon pervasive in the IPO context. Design/methodology/approach – Gender diversity is an important emerging issue within the corporate governance literature. Recently, there has been a growing thrust on gender diverse boards. However, their proportion on corporate boards is low worldwide. The impact of women directors on IPO underpricing in developing countries remains relatively under-researched. This paper aims to fill this gap in research. The paper examines the influence of women directors on the underpricing phenomenon pervasive in the IPO context. Findings – The results suggest that the subscription ratio, listing delay and block holder ownership positively influence raw returns and market-adjusted excess returns. The proportion of women directors showed negative non-significant impact on both type of returns. We did not find evidence of the other explanatory variables included in the model. Research limitations/implications – The relatively low proportion of female directors may be the reason for some of the non-significant findings. Future research with a good gender balance on boards is likely to help generalising the findings. Other confounding factors also need to be included in the model for deeper explanations of the phenomenon. Practical implications – The study highlights the existence of a “glass ceiling” in Indian corporate settings, where women have to make a tough fight. This barrier must be removed to unleash the real talent of women as directors and see this talent reflected in returns. Social implications – The paper highlights both the need to better manage the gender balance in corporate board rooms and the need to incorporate women’s talents in corporate and investment decisions. Originality/value – The paper highlights the significant gender gap in IPO directorial positions in developing countries such as India. It explores female directors’ contributions in initial pricing performance, which remain unaddressed in this part of the world. Insights into this sensitive issue in an emerging economy such as India can provide important inputs.
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Modiba, Emeldah M., and Collins C. Ngwakwe. "Women on the corporate board of directors and corporate sustainability disclosure." Corporate Board role duties and composition 13, no. 2 (2017): 32–37. http://dx.doi.org/10.22495/cbv13i2art3.
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This research examined whether an improved participation of women in the board of directors has any relationship with sustainability disclosure. Accordingly, the objective of this research was to examine the relationship between the number of women on the board of directors and social investment disclosure and energy disclosure in the sample of companies. The paper used a quantitative approach and data were collected from the archives of sustainability reports of five companies that formed the sample. The panel-data regression analysis was used in data arrangement. Five sample of companies over five years produced a (5 x 5) panel resulting in 25 observations. Data was tested at an alpha of 0.05. Results from all the analysis showed a P value below the research alpha (P < 0,05) indicating a significant relationship. Therefore, findings from the panel-data regression analysis disclosed a positive relationship between the number of women on the board of directors and corporate disclosure on social investment and energy consumption. Further analysis also disclosed that women on the board of directors are related with the overall number of women employees in the company. The paper concludes that within the sample of companies, women on the board of directors may influence sustainability disclosure such as energy and social investment. Women on the board of directors might also assist the companies to achieve gender equity employment goals. The research recommends that given the unique social and environmental proclivity of women, the corporate should recruit more women in the boards to enhance accelerated corporate sustainability performance. Further research using expanded number of companies is recommended.
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Hodigere, Renuka, and Diana Bilimoria. "Human capital and professional network effects on women’s odds of corporate board directorships." Gender in Management: An International Journal 30, no. 7 (October 5, 2015): 523–50. http://dx.doi.org/10.1108/gm-07-2015-0063.
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Purpose – The purpose of this study is to examine the importance of human capital and professional networks for women’s and men’s appointment to the boards of directors of public companies. The study provides an in-depth analysis of how human capital and professional networks contribute to women’s as compared with men’s odds of corporate board membership. Design/methodology/approach – The study analyzes the human capital and professional networks of 494 male and female corporate outside (non-executive) directors appointed between 2005 and 2010 to the boards of US public companies listed in the Standard & Poor’s 500 index. Human capital was measured as director age, education and professional experience (function and role). Professional network variables measured included composition of professional network, network centrality, constraint and cohesion. Findings – The study’s findings reveal that the characteristics that impact the appointment of women as outside directors to public company boards differ from those of men. Relative to men, certain professions such as government relations and education improve the odds of appointment of women to corporate boards, while age lowers women’s odds. The number of network ties and the degree of network cohesion were also significant in predicting the likelihood of female board appointment to public corporations relative to men’s odds. The final model was able to predict female board membership correctly only in 28 per cent of the cases, while male board membership was predicted in 89 per cent of the cases, suggesting that factors other than human capital and professional networks (e.g. their gender) impact women’s appointment to corporate boards. Originality/value – To the authors ' knowledge, this study is the first to comprehensively examine the professional network components of female and male directors along with their human capital in the analysis of their prospects for board appointment. The conceptualization of professional networks as well the depth of quantitative analysis of the network components of the study advance the extant literature on the composition of corporate boards.
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Sicoli, Graziella, Giovanni Bronzetti, Dominga Ippolito, and Giada Leonetti. "Gender diversity and governance: Analysis of Italian listed companies." Corporate Ownership and Control 17, no. 4, Special Issue (2020): 329–38. http://dx.doi.org/10.22495/cocv17i4siart10.
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In recent years, many countries have adopted different legislative and self-regulatory initiatives to be able to tackle the problem of the underrepresentation of women on boards. Also, Italy with Law No. 120/2011 introduced the gender issue adopting the normative that 1/3 of the elected members would be women. In this job, a primary aim was to study over the period 2016/2018 the impact of female presence on boards of 50 companies listed on the Italian Stock Exchange. In depth, our results confirm that Italian Law has produced significant effects on the composition of the corporate board. The result of our study shows that women positively influence corporate performance, this is perfectly in line with the literature on gender diversity. The contribution of the work is that the empirical study conducted on the 50 companies listed on the Milan Stock Exchange allows confirming what has been claimed in the literature and that is the importance of the female presence on the boards. An immediate reading of the data allows us to confirm that the female presence in corporate governance has a positive impact on corporate performance and productivity.
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Ararat, Melsa, and Borhan Sayedy. "Gender and Climate Change Disclosure: An Interdimensional Policy Approach." Sustainability 11, no. 24 (December 16, 2019): 7217. http://dx.doi.org/10.3390/su11247217.
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This paper investigates the impact of corporate boards’ gender diversity on voluntary public disclosure of climate change risks in an emerging economy context in which environmental regulations are weak and markets are ineffective. The investigation relies on data from the CDP (formerly known as the Carbon Disclosure Project) as a corporate sustainability reporting initiative supported by institutional investors, based on a sample of Turkish firms that were invited to disclose their climate change risks and greenhouse gas emissions over the period of 2010–2019 through the CDP platform. We report that the presence of women on board committees, as a proxy for their active involvement in corporate governance, increases the likelihood of voluntary climate change disclosure. We, on the other hand, found no evidence of a positive impact on climate change reporting with women’s overall representation in boards. These findings lend support to board reforms that aim to increase effective representation of women on boards for the better management of sustainability risks and responsiveness to stakeholder demands in countries where legislators are reluctant to introduce climate change reforms.