Market reactions to the appointment of women to the boards of Malaysian firms

Ismail, Ku Nor Izah Ku; Manaf, Kamarul Bahrain Abdul

doi:10.1016/j.mulfin.2016.04.004

Cited by 42 publications

(45 citation statements)

References 44 publications

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“…12, No. 12;2017 these findings are consistent with those of Ku Ismail and Manaf (2016), Campbell and Mínguez-Vera (2008, 2010, Ding and Charoenwong (2013). In these three studies, positive market reactions are reported during the event period.…”

Section: Results Of the Event Studysupporting

confidence: 76%

“…At the current evaluation step of the study, we believe that the investors have not been influenced by the gender itself but skills, capabilities and reputation of the new (male or female) directors are the main keys factors, agreeing with the conclusion of Ku Ismail and Manaf (2016 …”

Section: Introductionsupporting

confidence: 74%

“…But, it constituted a useful break with the past and it could affect positively the future performance of the Italian companies. companies operational and financial performance (ROA, ROE, ROI, ROS, Tobin's Q), an under-explored field is the stock markets' reactions to women's appointments to the boards (Bonnier & Bruner, 1988;Charitou, Patis, & Vlittis, 2010;Dobbin & Jung, 2011;Dunn, 2012;Fredericks, 2014;Ku Ismail & Manaf, 2016). To our knowledge, positive abnormal returns have been scored following the appointment of women directors in Singapore (Kang, Din, & Charoenwong, 2010;Ding & Charoenwong, 2013) and in Spain (Campbell & Mínguez-Vera, 2010).…”

Section: Introductionmentioning

confidence: 99%

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The Market Reaction to the Appointment of Women on Corporate Boards: Evidence from the Italian Listed Companies

Pastore¹,

Tommaso²,

Ricciardi³

2017

IJBM

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During the 2012-2016 period, a large number of Italian companies appointed women directors in their boards, an unusual and unpredictable fact in the Italian industrial system. This paper investigates if any significant reaction has consequently occurred in the Italian stock market. It assumes that a significant market reaction would indicate the investors view the female board members as a strategic value added at the decision making level. To achieve the objective, it was collected a database consisting of 76 appointments of women directors in 67 Italian listed companies over the period 2012-2016 and then it was investigated the stock price performance of those companies in that five years span. The research hypothesis is examined empirically through the event study methodology in order to check the existence of abnormal returns on the appointment of women directors. Findings suggest that investors do not strongly believe that the simple appointment of women directors would have a positive effect on the future performance of firms.

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Section: Results Of the Event Studysupporting

confidence: 76%

Section: Introductionsupporting

confidence: 74%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

The Market Reaction to the Appointment of Women on Corporate Boards: Evidence from the Italian Listed Companies

Pastore¹,

Tommaso²,

Ricciardi³

2017

IJBM

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“…As such, it is expected to influence the CEO succession of the firm. Recent studies suggest that gender diversity can strengthen the monitoring function and other important board functions such as selecting a successor CEO (Alves et al, 2015;Boivie et al, 2016;Ku Ismail & Abdul-Manaf, 2016). Female directors appear to have superior monitoring ability and are also able to think more independently; and they are not influenced by the usual old-boys' club syndrome common with the men (Abdullah, 2014;Alves, Couto, & Francisco, 2015;Nguyen, Locke, & Reddy, 2014).…”

Section: Female Directorsmentioning

confidence: 99%

Outsider vs insider: Does firm governance matter?

Abdullahi

Ishak

Sawandi

2018

BEH

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As CEO turnover occurs, the company may select an insider or outsider as a successor. This study attempts to ascertain whether firm performance, female directors, board religiosity and blockholder ownership influence the decision to appoint an internal or external candidate. Results from logistic regression analysis on 72 succession events over a five-year period (2011 to 2015) reveal that firms which are controlled by blockholders and those with females on their boards tend to select an outsider as the successor. Meanwhile, firms that have Muslims on their boards are more likely to select insiders as successors. This study implies that poor firm performance does not necessarily lead to outside CEO selection choice. On the overall, the findings indicate that blockholder ownership and gender diversity in the boardroom matter in the Nigerian corporate landscape.JEL Classifications: M41, M42, M48, G34, G38

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“…Many of the studies examine if women directors improve firm performance (for e.g. Abdullah et al, 2016) and firm value (Ku Ismail & Abdul Manaf 2016). One most recent studies that examines the effects of women directors on CSR disclosure is by Alazzani, Wan-Hussin and Jones (2014).…”

Section: Introductionmentioning

confidence: 99%

The moderating effect of culture on the relationship between women directors and CSR disclosure in Malaysia

Rahman

Ismail

2018

AJAG

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This study examines the moderating effect of culture on the relationship between women directors and CSR disclosure. The reason for examining this issue is twofold. First, the effort and focus to improve the representation of women on corporate boards in Malaysia is continually being discussed since 2011. Thus, having women on corporate boards may affect company's CSR disclosure differently if compared to when boards are dominated by men. Second, having multiethnic boards may also influence the decision-making process in that different ethnic groups would react differently in the decision making process related to CSR disclosures, for example it is assumed that boards dominated by Malays would react differently if compared to boards dominated by other ethnic groups. Data for this study is collected from company's annual report for the year 2013. Three hundred (300) companies were used as the sample of this study. Two theories were applied in this study: transformational leadership theory and cultural theory. Using a hierarchical regression analysis, this study finds that culture influences CSR disclosure, and moderates the effects of women directors on companies' CSR disclosure. The moderating effect could be interpreted that women directors positively influence companies' CSR disclosure and are able to exercise their transformational leadership style when boards are dominated by Malay directors. The findings of this study support the efforts taken by the government at increasing the Malay (or Bumiputra) and women participation at decision-making level.

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Market reactions to the appointment of women to the boards of Malaysian firms

Cited by 42 publications

References 44 publications

The Market Reaction to the Appointment of Women on Corporate Boards: Evidence from the Italian Listed Companies

The Market Reaction to the Appointment of Women on Corporate Boards: Evidence from the Italian Listed Companies

Outsider vs insider: Does firm governance matter?

The moderating effect of culture on the relationship between women directors and CSR disclosure in Malaysia

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