Strategy disclosure and cost of capital: The key role of women directors for family firms

IF 9.5 1区 管理学 Q1 BUSINESS
Rafaela Gjergji , Luigi Vena , Giovanna Campopiano , Salvatore Sciascia , Alessandro Cortesi
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引用次数: 0

Abstract

This paper investigates whether and to what extent strategy disclosure influences the cost of capital, comparing family and non-family firms and considering the proportion of women directors. We theorize that voluntary strategy disclosure may be either beneficial or detrimental depending on the perceptions by financial stakeholders about the role of governance attributes. These stakeholders might, indeed, assess strategy disclosure differently based on their stereotyped view of the family firm status and women’s involvement on the board of directors. By referring to a sample of 93 listed Italian small and medium-sized enterprises, we show that, unlike with their non-family counterparts, strategy disclosure increases the cost of capital for family firms. However, an increasing proportion of women directors softens this negative effect. Moreover, when a critical mass of women directors is appointed to the board, the strategy disclosure becomes beneficial for family firms too. We consequently offer a threefold contribution to the literature on gender diversity, family business and corporate voluntary disclosure.

战略披露与资本成本:女性董事对家族企业的关键作用
本文通过比较家族企业和非家族企业,并考虑女性董事的比例,研究战略披露是否以及在多大程度上影响资本成本。我们的理论是,自愿战略披露可能有利也可能有害,这取决于金融利益相关者对治理属性作用的看法。事实上,这些利益相关者可能会根据他们对家族企业地位和女性参与董事会的刻板印象,对战略披露做出不同的评估。通过参考 93 家意大利上市中小企业的样本,我们发现,与非家族企业不同,战略披露会增加家族企业的资本成本。然而,女性董事比例的增加会弱化这种负面影响。此外,当董事会任命了足够数量的女性董事时,战略披露也会对家族企业有利。因此,我们对有关性别多元化、家族企业和企业自愿披露的文献做出了三方面的贡献。
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来源期刊
CiteScore
11.40
自引率
19.40%
发文量
53
期刊介绍: The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.
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