Does gender really matter in the boardroom? Evidence from closely held family firms

González, Maximiliano; Guzmán, Alexander; Pablo, Eduardo; Dávila, María Andrea Trujillo

doi:10.1007/s11846-018-0292-1

Cited by 58 publications

(74 citation statements)

References 75 publications

(105 reference statements)

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“…In the cases where the majority of female directors on boards are representatives of controlling groups (which means that they are not independent), the potential benefits of independence on company performance via the presence of independent female directors could be reduced or forgone. Consistent with this argument, Gonzalez et al (2018) find that independent female directors have a positive effect on company performance. However, Liu et al (2014) provide evidence suggesting that the female directors who are not independent have a greater effect on company performance than do independent female directors.…”

Section: Results and Discussion: Affiliated Versus Unaffiliated Female Directorssupporting

confidence: 53%

Female board members: the effect of director affiliation

Arioglu

2020

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Purpose This study aims to investigate whether female directors have an effect on company financial performance in a patriarchal emerging country that has a collectivistic culture with a substantial gender equality gap and is characterized with a paternalistic management culture. In addition, it aims to investigate whether the affiliations of female directors matter performance-wise in a setting where the majority of the companies are ultimately controlled by large business groups including families. Design/methodology/approach The current study uses a unique hand-collected data set that covers all non-financial public companies quoted at the Borsa Istanbul between the years 2009 and 2017. To investigate the relationships between the presence and ratio of female directors and company financial performance, the current study uses the pooled ordinary least squares method, as well as the firm-fixed effects method to overcome potential omitted variables problems and various generalized method of moments methods to overcome potential reverse causality problems. Findings The findings of the current study demonstrate that the presence and percentage of female directors both have a positive effect on company financial performance in a cultural setting where the opposite might be expected. They also present evidence suggesting that the effect becomes larger as the level of the independence of female directors becomes greater. Originality/value The current study demonstrates that the presence of female directors on boards has a positive effect on company financial performance, even in a cultural setting that is very different from those of countries where the majority of previous studies on female directors are conducted on. In addition, it demonstrates how company financial performance varies with the level of the affiliation of female directors.

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Section: Results and Discussion: Affiliated Versus Unaffiliated Female Directorssupporting

confidence: 53%

Female board members: the effect of director affiliation

Arioglu

2020

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“…Second, to check the robustness of pooled OLS outcomes, as in Ararat and Yurtoglu (2020), we estimate the panel data fixed-effects (FE) and random-effects (RE). To control if unobservable heterogeneity is correlated with the independent variables, we employ the Hausman test to select the appropriate method among fixed and random-effects, similar to Akram et al (2020); Chauhan and Dey (2017); Garanina and Muravyev (2020); González et al (2020); Martínez and Rambaud (2019) and Zalata et al (2019). Moreover, under Yang et al (2019), we incorporate several substitute control variables to distinguish how the influence of board diversity changes over with their inclusion.…”

Section: Econometric Approachmentioning

confidence: 99%

Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector

et al. 2021

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The essence of this study is to investigate the influence of the board gender diversity on firms’ accounting and market-based performance using a sample of Standard & Poor’s 500 companies belonging to the information technology sector over 12 years. Using the pooled ordinary least squares (OLS) method, the outcomes provide evidence for a positive influence of women on corporate boards on both measures of company performance, except for the percentage of female executives in the case of return on assets (ROA). After estimating the fixed effects and random-effects through panel data, the econometric outcomes show no statistically significant association among board gender diversity and ROA but a positive influence of the number and percentage of women on board on price-to-earnings ratio.

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“…In the context of weaker investor protection, board diversity has higher influence on firm performance (Adams & Ferreira, 2009; Bennouri et al, 2018; Martín‐Ugedo et al, 2018). Likewise, studies show the relationship between gender diversity and firm performance differs between family owned and nonfamily owned firms (González, Guzmán, Pablo, & Trujillo, 2017; Moreno‐Gómez & Calleja‐Blanco, 2018; Vieira, 2018). This view is supported by Vieira (2018), who finds that female directors have a more positive impact on the performance of family firms relative to nonfamily firms.…”

Section: Introductionmentioning

confidence: 99%

Female directors and firm performance: Evidence from the Great Recession

et al. 2019

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Empirical evidence suggests that the effect of board gender diversity on firm performance remains inconclusive. We argue that, during the times of crisis, firms likely need more monitoring and different advice than they normally do, thereby highlighting the role of female directors, who bring new ideas and different perspectives to the table. Consistent with this argument, the results show that the presence of female directors on the board significantly improved firm performance during the Great Recession of 2008, but such benefits from board gender diversity are not found outside the crisis period. In particular, during the Great Recession, an increase in the percentage of female directors by one standard deviation is associated with a rise in the return on assets of 8.41%. Several robustness checks confirm the results, including an instrumental-variable analysis and a dynamic panel generalized method of moments. There is also evidence that the beneficial role of female directors during the crisis is not sufficiently reflected in the stock markets.

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Does gender really matter in the boardroom? Evidence from closely held family firms

Cited by 58 publications

References 75 publications

Female board members: the effect of director affiliation

Female board members: the effect of director affiliation

Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector

Female directors and firm performance: Evidence from the Great Recession

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