Gender Inclusiveness and Female Representation on the Board of Directors of the Benefit Company Model: Evidence from Italy

Abstract

This study aims to analyse whether firms adopting the institutional and organizational model of a benefit company (BC) increase the appointment of women to their board of directors (BoD) by applying the theoretical models of reputation management and resource dependence theory. A sample of 354 Italian firms adopting the BC model and a control group of 600 firms over the period of 2009–2018 were analysed. A fractional regression probit model was used to analyse the effect of the institutional form of the BC on the presence of women on BoDs. The findings, generally robust regarding different econometric specifications dealing with potential endogeneity, confirmed that a firm’s adoption of the BC model positively affects the likelihood of the firm increasing the presence of women on its BoD. This evidence justifies the actions of those stakeholders in firms that are actively involved in corporate social responsibility (CSR) processes, seeking increased reputation and legitimacy by increasing the number of female directors in the firm. The study contributes new insights into the relationship between CSR and the appointment of women on BoDs in the new and emerging business context of hybrid organizational models. Additionally, the study advances our knowledge about the heterogeneous and reversed associations between the institutional model of the BC and the choice of specific corporate governance mechanisms in the form of the appointment of women on BoDs to increase the reputation and legitimacy of firms.

Mind the Gap! Working Toward Gender Equity in Pediatric and Congenital Heart Disease: Present and Future

“…Evidence from medicine and other fields has shown that gender diversity results in better decision making and outcomes. 1 , 2 , 3 Furthermore, gender equity has been shown to result in more effective health policy development and patient care. 4 , 5 Pediatric cardiology is a unique field, with origins in the brilliant insight and collaboration of Dr Maude Abbott, a pathologist and Dr Helen Taussig, a clinician and educator who started the first pediatric cardiology fellowship‐training program.…”