Female CEO and FinTech performance: Are senior directors more inclusive?

IF 5.5 Q1 BUSINESS

Corporate Governance-The International Journal of Business in Society Pub Date : 2023-08-30 DOI:10.1108/cg-01-2023-0004

Valeria Stefanelli, F. Manta, A. D’Amato

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Abstract

Purpose This paper aims to investigate the relationship between gender diversity in CEO positions and FinTech profitability by exploring the moderating role of the average board age on such a relationship. Design/methodology/approach A unique data set of Italian FinTech companies during the 2017–2019 period was used in an ordinary least square model specification. The model is designed to assess the relationship between the presence of a female CEO and FinTech profitability and the moderating role of the average age of governing board members. Findings The results of this study indicate that when the average age of the FinTech firm’s board members is relatively low, the profitability of those firms with female CEOs was not significantly different from the profitability of firms with male CEOs. However, among FinTech firms with relatively older board members, the profitability of those firms with a female CEO was lower. This empirical result seems to suggest that older board directors are less prone to recognize female CEO leadership qualities. This supports the need for FinTech firms to adopt good practices in board composition that favor gender inclusion and diversity on board. Originality/value The novelty of this study within the literature is that the empirical analysis added new evidence on the relationship between Female CEO and performance by exploring the moderating role of the average age of board members. Moreover, the empirical results of this study suggest specific conditions that could improve the profitability of female-led firms by removing the apparent biased perceptions about the quality of women in leadership among older board members.

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女性CEO与金融科技业绩:高级董事是否更具包容性?

本文旨在通过探讨董事会平均年龄对CEO职位性别多样性与金融科技公司盈利能力之间关系的调节作用，研究CEO职位性别多样性与金融科技公司盈利能力之间的关系。设计/方法/方法2017-2019年期间意大利金融科技公司的独特数据集用于普通最小二乘模型规范。该模型旨在评估女性首席执行官的存在与金融科技公司盈利能力之间的关系，以及董事会成员平均年龄的调节作用。研究结果表明，当金融科技公司董事会成员的平均年龄较低时，女性ceo的公司的盈利能力与男性ceo的公司的盈利能力没有显著差异。然而，在董事会成员年龄相对较大的金融科技公司中，女性首席执行官的公司盈利能力较低。这一实证结果似乎表明，年龄较大的董事会董事不太容易认可女性CEO的领导品质。这表明，金融科技公司有必要在董事会组成方面采取有利于董事会性别包容和多元化的良好做法。原创性/价值本研究在文献中的新颖之处在于，实证分析通过探索董事会成员平均年龄的调节作用，为女性CEO与绩效之间的关系提供了新的证据。此外，本研究的实证结果表明，特定的条件可以通过消除老年董事会成员对女性领导质量的明显偏见来提高女性领导公司的盈利能力。

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

Corporate Governance-The International Journal of Business in Society BUSINESS-

CiteScore

11.20

自引率

33.90%

发文量

期刊介绍： Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.