Firms with high innovation intensity hire directors with specific skills, and different forms of innovation require different profiles of directors. Board members may bring human and social capital that support the innovative strategies of firms. In a sample of 735 French companies, firms with high innovation intensity hire directors with specific skills, while the profiles of directors required on boards are different according to the forms of innovation implemented. Board human capital is important for innovative firms and gives them benchmarks concerning board appointment criteria.
This study examines the influence of directors' and CEOs' networks in the appointment of female directors. Building on social identity theory and social network theory, we argue that since men and women are members of different networks, recruitment practices based on networks prevent women from accessing board positions. We also examine the role of board gender diversity regulation on the influence of networks, hypothesizing that such regulations help in deinstitutionalizing 'old boys' networks', based on institutional theory. Using a sample of 32,819 new board appointments in the largest listed firms of 17 European countries, the USA and Canada, we determine whether new directors are directly linked through employment, board, charities or club memberships, to the incumbent directors or the CEO. We find that the probability that the new director appointed is a woman decreases by approximately 28% when the new director is associated with one of the incumbent directors. We also find that gender diversity regulation reduces the influence of networks in the appointment of female directors. Our results provide archival evidence that board networks hinder the recruitment of female directors and that gender diversity hard and soft laws deinstitutionalize old boys' networks.
Dans plusieurs pays européens, la représentation des femmes dans les conseils a augmenté de façon significative au cours des dernières années. Notre étude analyse comment la théorie institutionnelle contribue à expliquer la place des femmes dans les conseils d’administration européens. Nous confirmons que les pressions coercitives expliquent la croissance de la représentation des femmes directrices dans les pays européens au cours des 8 dernières années. Nous apportons la preuve de la relation entre les pressions normatives et la diversité des genres dans un pays donné. Cette étude a des implications pour les décideurs politiques qui souhaitent augmenter une mixité efficace dans les conseils. Elle montre que les lois sur les quotas de vote nécessitent le développement simultané ou préalable de contingents de femmes de talent.
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