Board gender diversity and firm risk: international evidence

IF 2.8 3区 管理学 Q2 BUSINESS, FINANCE
Zhongtian Li, Jing Jia, L. Chapple
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引用次数: 3

Abstract

Purpose This paper aims to uncover the global trend on the relationship between board gender diversity and firm risk. In addition, this paper investigates how country characteristics affect the relationship between board gender diversity and firm risk. Design/methodology/approach This study uses a large sample of firms in 45 countries for the period from 2002 to 2018. Ordinary least square regression is used as a baseline methodology, along with firm fixed effects. Difference-in-differences regression, two-stage least squares regression (instrumental variables approach) and change-on-change regression are adopted to better mitigate endogeneity. Findings This study finds that board gender diversity is associated with lower firm risk worldwide. In addition, the negative effect of board gender diversity on firm risk is more pronounced for firms that can more easily attract female directors, and for countries with lower power distance and greater preference for individualism. Practical implications The findings offer insights into the intense debate in recent years among academics and practitioners on the effect of board gender diversity on firm outcomes. Shareholders and directors may take the findings into account when they consider appointing female directors. The findings should be of interest to policymakers in countries that have not yet promoted board gender diversity. Originality/value By using an international sample with board gender quotas in different countries, this paper provides novel and persuasive evidence regarding the impact of board gender diversity on firm risk. This paper also adds to the literature by showing that the relationship between board gender diversity on firm risk is influenced by country characteristics.
董事会性别多样性与公司风险:国际证据
目的本文旨在揭示董事会性别多样性与企业风险关系的全球趋势。此外,本文还研究了国家特征如何影响董事会性别多样性与企业风险之间的关系。设计/方法/方法本研究使用了2002年至2018年期间45个国家的大样本公司。普通最小二乘回归被用作基线方法,以及固定效应。采用差分回归、两阶段最小二乘回归(工具变量法)和变化对变化回归来更好地缓解内生性。研究发现,董事会性别多样性与全球范围内较低的公司风险有关。此外,董事会性别多样性对公司风险的负面影响在更容易吸引女性董事的公司,以及权力距离较低、更倾向于个人主义的国家更为明显。实际含义这些发现为近年来学术界和从业者关于董事会性别多样性对公司业绩的影响的激烈辩论提供了见解。股东和董事在考虑任命女性董事时,可以将调查结果考虑在内。这些发现应该引起尚未促进董事会性别多样性的国家的政策制定者的兴趣。独创性/价值通过使用不同国家董事会性别配额的国际样本,本文为董事会性别多样性对企业风险的影响提供了新颖而有说服力的证据。本文还补充了文献,表明董事会性别多样性与企业风险之间的关系受到国家特征的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
5.40
自引率
13.80%
发文量
45
期刊介绍: The key areas addressed are: ■Audit and Assurance (financial and non-financial) ■Financial and Managerial Reporting ■Governance, controls, risks and ethics ■Organizational issues including firm cultures, performance and development In addition, the evaluation of changes occurring in the auditing profession, as well as the broader fields of accounting and assurance, are also explored. Debates concerning organizational performance and professional competence are also covered.
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