Women directors, board attendance, and corporate financial performance

IF 4.6 3区 管理学 Q1 BUSINESS
Jasmin Joecks, Kerstin Pull, Katrin Scharfenkamp
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引用次数: 0

Abstract

Research Question/Issue

Using insights from an in-depth qualitative interview study, we propose an input-process-output model where the link between women directors (input) and corporate financial performance (output) is mediated by board attendance and where board attendance serves as a proxy of several intermediate but latent board processes. Further, we dig deeper into the nonlinearities of female boardroom representation by analyzing in how far the postulated mediation depends on the number of women in the boardroom.

Research Findings/Insights

Analyzing quantitative data from German supervisory boards over an 11-year period, we find the link between women directors and corporate financial performance to be partially mediated by board attendance, and we find the mediation to depend on whether there is more than just one “token” woman in the boardroom. When there is only one woman in the boardroom, her presence is positively linked to board attendance, but the higher board attendance does not to translate into a better corporate financial performance.

Theoretical/Academic Implications

Our study contributes to theory, by inductively enriching our understanding of how and when women directors and corporate financial performance are linked.

Practitioner/Policy Implications

Our study encourages firms to appoint more than one woman to the boardroom to profit from an enhanced board attendance that will then also translate into a better corporate financial performance.

女性董事、董事会出勤率和公司财务业绩
研究问题/议题 通过深入的定性访谈研究,我们提出了一个投入-过程-产出模型,在该模型中,女性董事(投入)与公司财务业绩(产出)之间的联系是以董事会出席率为中介的,而董事会出席率则是若干中间但潜在的董事会过程的代理变量。此外,我们还通过分析假定的中介作用在多大程度上取决于董事会中的女性人数,来深入探讨女性董事会代表的非线性问题。 研究结果/见解 通过分析德国监事会 11 年间的定量数据,我们发现女性董事与公司财务业绩之间的联系部分受到董事会出席率的影响,而且我们发现这种影响取决于董事会中是否有不止一位 "象征性 "的女性。当董事会中只有一名女性时,她的存在与董事会出席率呈正相关,但董事会出席率越高,公司财务业绩越好。 理论/学术意义 我们的研究通过归纳丰富了我们对女性董事与公司财务业绩之间如何以及何时存在联系的理解,从而为理论做出了贡献。 实践者/政策启示 我们的研究鼓励企业任命一名以上的女性进入董事会,从而从提高董事会出席率中获益,进而转化为更好的企业财务业绩。
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来源期刊
CiteScore
7.00
自引率
11.30%
发文量
79
期刊介绍: The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.
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