自愿性别多样性目标及其对企业绩效和企业价值的影响

Pub Date : 2023-07-27 DOI:10.2308/jiar-2021-010

Ana Marques, Olga Pascaru

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引用次数: 0

摘要

英国监管机构建议，到2020年，英国大型公司33%的董事会成员为女性。我们利用这一背景来调查是否可以在不设定配额的情况下实现更大的女性代表性和任何相关的经济利益。利用英国《金融时报》证券交易所（FTSE）350家公司2012年至2018年的数据，我们发现近年来女性在董事会中的代表性显著增加，而且这些年性别多样性的增长率更高。我们的研究结果还表明，董事会性别多样性与财务业绩和公司价值呈正相关。然而，这种联系是近几年才存在的。最后，资本市场参与者对非执行女性董事会成员的评价高于执行女性董事。数据可用性：数据可从文本中引用的公共来源获得。JEL分类：G30；G38；M41。

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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Voluntary Gender Diversity Targets and Their Impact on Firm Performance and Firm Value

Regulators in the United Kingdom recommend that 33 percent of board members of large U.K. firms be female by 2020. We use this setting to investigate whether greater female representation and any associated financial benefits can be achieved without establishing quotas. Using data between 2012 and 2018 for the Financial Times Stock Exchange (FTSE) 350 firms, we find a significant increase in female representation on boards in recent years, and the rate of increase in gender diversity is higher in these years. Our results also indicate that board gender diversity is positively associated with both financial performance and firm value. However, this association exists only in recent years. Finally, capital market participants value nonexecutive female board members more than executive female board members. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G30; G38; M41.

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