Women on board: Does boardroom gender diversity affect firm risk?

Sila, Vathunyoo; Gonzalez, Angelica; Hagendorff, Jens

doi:10.1016/j.jcorpfin.2015.10.003

Cited by 565 publications

(579 citation statements)

References 99 publications

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“…Furthermore, we applied a system GMM estimation for dynamic panels following Sila et al (). We found that gender diversity on the board of directors is associated with firms' environmental performance, which is consistent with our main result (Table Model 1) and further supports Hypothesis .…”

Section: Resultsmentioning

confidence: 99%

Board gender diversity and environmental performance: An industries perspective

2019

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This study investigates whether gender diversity on the board of directors in the United States is associated with firms' environmental performance. Under the theoretical framework of resource dependence theory, we argue that gender diversity brings a greater variety of skills to the board. Diversity allows for a healthy mix of knowledge and experience to improve the decision‐making process of the board. Using propensity score matching and controlling for endogeneity, this study uses a more rigorous statistical model than previous work. It also uses content analysis of directors' biographies to provide evidence of the role that gender diversity plays. We find gender diversity is positively associated with firms' environmental performance scores primarily in the more environmentally impacting industries. Therefore, our research provides valuable direction for those firms working to improve both their boards' gender diversity and their environmental performance. Our findings also offer insight into the mixed results of previous studies.

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Section: Resultsmentioning

confidence: 99%

Board gender diversity and environmental performance: An industries perspective

2019

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“…Sila, Gonzalez and Hegendorff, 2016). For example, it may be caused by board selection procedures that only select minority directors who are very similar in outlook to Caucasian directors.…”

Section: Resultsmentioning

confidence: 99%

Does Board Ethnic Diversity Impact Board Monitoring Outcomes?

Guest

2019

British J of Management

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This study investigates whether board ethnic diversity is associated with stronger board monitoring outcomes. We explore a range of outcomes -CEO compensation, accounting misstatements, CEO turnover-performance sensitivity and acquisition performance -but find no evidence to support this. We also find no evidence that board ethnic diversity improves overall firm performance, even for those firms with higher agency problems. Our results are robust across different methodologies and have important practical implications, by informing the current public policy debate on board ethnic diversity.

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“…Similarly, Gupta et al's (2015) ten-year study of US listed firms reveals that while board diversity garners increased social returns the same may not necessarily hold in respect of financial returns. Moreover, Sila et al (2016) show that female board presence has limited effect on a firm's equity risk level. Faccio et al (2016) demonstrate that female-led firms fare better in survival terms than male-led entities.…”

Section: H2 Csr Ratings Are Increasing In Firms With Greater Board Gmentioning

confidence: 97%

The role of board gender and foreign ownership in the CSR performance of Chinese listed firms

McGuinness

Vieito

Wang

2017

Journal of Corporate Finance

589

473

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China's recent promotion of Corporate Social Responsibility (CSR) has coincided with a marked increase in the number of Chinese listed firms attracting female board members and foreign equity investors. Using Rankins' (RKS) ratings over the 2009 to 2013 period, we show that greater gender balance in top-management supports stronger CSR performance. This finding broadens gender-based accounts emphasizing social networks (Westphal and Milton, 2000), Critical Mass Theory (Kramer et al., 2006;Bear et al., 2010;and Soares et al., 2011) and team dynamics (Woolley et al., 2010;and Hoogendoorn et al., 2013). Findings also reveal stronger CSR performance in firms with a female CEO. Female leadership thus appears to be just as important as gender mix in driving CSR change.CSR ratings are also increasing in foreign ownership levels. We examine whether a political-networking motivation underlies foreign investment (Du and Girma, 2010;Liu et al., 2014a;Lin et al., 2015;and Jiang and Kim, 2015). We argue that qualified foreign institutional investors (QFIIs) deploy socialengagement in non-SOEs to build competitive advantage. But in SOEs, where strong political networks already exist, QFIIs have less incentive to boost CSR ratings. However, results indicate little difference in the social ratings of QFII-invested SOEs and non-SOEs.Additionally, we confirm the Barnea and Rubin (2010) contention of an inversion in social ratings at entrenched managerial ownership levels. Non-linear rating effects also emerge in relation to state ownership (Li et al., 2013). Finally, CSR performance exhibits positive (negative) relation with a listed entity's size and age (leverage and lagged return-on-equity) but virtually no connection with independent board representation.

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Women on board: Does boardroom gender diversity affect firm risk?

Cited by 565 publications

References 99 publications

Board gender diversity and environmental performance: An industries perspective

Board gender diversity and environmental performance: An industries perspective

Does Board Ethnic Diversity Impact Board Monitoring Outcomes?

The role of board gender and foreign ownership in the CSR performance of Chinese listed firms

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