女性董事会影响财务成果吗?印第安人的证据

Q3 Business, Management and Accounting
Ashok Kumar, N. Nigam, Kirtivardhan Singh
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引用次数: 4

摘要

本文研究了女性董事对印度公司财务结果-回报和风险的影响。它采用固定效应和随机效应Tobit回归来检验女性董事对公司财务结果(回报和风险)、控制发起人持股、杠杆、公司成长和年龄、董事会规模和董事会会议的影响。该研究没有发现对代理和资源依赖理论的任何支持,因为大多数印度董事会中女性董事的比例太小,无法产生太大影响。然而,它对减少会计利润和股票回报的变化具有调节作用。达到董事会女性成员的监管配额,投资者也会获得更高的市场回报,这表明了一种信号效应。该研究增加了对配额诱导的女性董事对公司财务结果影响的理解。然而,监管机构在强制任命女性成员进入董事会时应谨慎行事,因为她们可能缺乏经验或缺乏有效影响董事会进程所需的基础。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do Women Directors Impact Financial Outcomes? The Indian Evidence
This article investigates the impact of women directors on financial outcomes—return and risk of Indian companies. It applies fixed and random effects Tobit regressions to examine the effect of female directors on financial outcomes (returns and risk) of the firm, controlling promoters’ shareholding, leverage, firm growth and age, board size and board meetings. The study does not find any support to agency and resource dependence theories because the proportion of women directors in most Indian boards is too small to make much impact. However, it has a moderating influence to reduce variations in accounting profits and stock returns. The investors reward also meeting the regulatory quota of woman member on the boards by higher market returns indicating a signalling effect. The study adds an understanding of quota induced women directors’ influence on the firm’s financial outcomes. However, the regulators should be cautious in mandating induction of women members on the boards as they might be inexperienced or lack the needed grounding to effectively influence board processes.
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来源期刊
Indian Journal of Corporate Governance
Indian Journal of Corporate Governance Business, Management and Accounting-Business and International Management
CiteScore
2.00
自引率
0.00%
发文量
10
期刊介绍: Indian Journal of Corporate Governance is a bi-annual refereed journal that provides a forum for discussions and exchanging views on a wide range of corporate governance issues ranging from board practices, independent directors, whistle blower policies and shareholder activism on one hand to media’s role in corporate governance, corporate social responsibility and sustainability reporting on the other. It comprises of research articles, concept papers, case studies and reports providing a blend of theory and practices of corporate governance globally to cater to the interests of practitioners, academics, researchers and policy makers.
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