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Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity

Journal of management and governance, 2016-09, Vol.20 (3), p.447-483 [Peer Reviewed Journal]

Springer Science+Business Media New York 2015 ;Springer Science+Business Media New York 2016 ;ISSN: 1385-3457 ;EISSN: 1572-963X ;DOI: 10.1007/s10997-014-9307-8

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Title:
Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity
Author: Terjesen, Siri ; Couto, Eduardo Barbosa ; Francisco, Paulo Morais
Subjects: Accounting/Auditing ; Board of directors ; Boards of directors ; Business Administration ; Business and Management ; Capital expenditures ; Corporate governance ; Dependency theory ; Economics and Business ; Effectiveness ; Ekonomi och näringsliv ; Executives ; Female directors ; Females ; Financial performance ; Firm performance ; Företagsekonomi ; Gender ; Hypotheses ; Independent directors ; Industrial Organization ; Males ; Management ; Return on assets ; Samhällsvetenskap ; Social Sciences ; Sociology ; Studies ; Tobin’s Q ; Women
Is Part Of: Journal of management and governance, 2016-09, Vol.20 (3), p.447-483
Description: This study empirically analyzes whether gender diversity enhances boards of directors’ independence and efficiency. Using data from 3,876 public firms in 47 countries and controlling for a wide set of corporate governance mechanisms, we find that firms with more female directors have higher firm performance by market (Tobin’s Q) and accounting (return on assets) measures. The results also suggest that external independent directors do not contribute to firm performance unless the board is gender diversified. These results hold with respect to different estimation models and robustness tests. Overall, our findings provide evidence that the female directors enhance boards of directors’ effectiveness. Finally, we find that firms that are concerned with board independence, and that firms in more complex environments are more likely to have gender-balanced boards.
Publisher: New York: Springer US
Language: English
Identifier: ISSN: 1385-3457
EISSN: 1572-963X
DOI: 10.1007/s10997-014-9307-8
Source: ProQuest Central

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Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity

Springer Science+Business Media New York 2015 ;Springer Science+Business Media New York 2016 ;ISSN: 1385-3457 ;EISSN: 1572-963X ;DOI: 10.1007/s10997-014-9307-8

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