性别、董事会和营运资金

IF 1 Q3 ECONOMICS

Global Economy Journal Pub Date : 2021-12-24 DOI:10.1142/s2194565921500147

Matthew Imes, Ofra Bazel-Shoham

{"title":"性别、董事会和营运资金","authors":"Matthew Imes, Ofra Bazel-Shoham","doi":"10.1142/s2194565921500147","DOIUrl":null,"url":null,"abstract":"This paper examines the effects of gender board diversity on working capital. The study uses a sample of S&P1500 firms, resulting in 9,157 firm-year observations from 2005 to 2019. Our findings show that greater gender diversity on corporate boards is associated with lower liquidity ratios, including lower non-cash ones. The results are robust to a battery of gender board diversity definitions and to a 2SLS analysis which employs the gender ratio in the county’s population in which the firm is headquartered as an instrumental variable. Based on additional tests of the effects of gender board diversity on managerial efficiency ratios, we conclude that the results are driven by superior monitoring associated with gender diversity on the board.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"22 1","pages":""},"PeriodicalIF":1.0000,"publicationDate":"2021-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"GENDER, BOARD, AND WORKING CAPITAL\",\"authors\":\"Matthew Imes, Ofra Bazel-Shoham\",\"doi\":\"10.1142/s2194565921500147\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper examines the effects of gender board diversity on working capital. The study uses a sample of S&P1500 firms, resulting in 9,157 firm-year observations from 2005 to 2019. Our findings show that greater gender diversity on corporate boards is associated with lower liquidity ratios, including lower non-cash ones. The results are robust to a battery of gender board diversity definitions and to a 2SLS analysis which employs the gender ratio in the county’s population in which the firm is headquartered as an instrumental variable. Based on additional tests of the effects of gender board diversity on managerial efficiency ratios, we conclude that the results are driven by superior monitoring associated with gender diversity on the board.\",\"PeriodicalId\":44015,\"journal\":{\"name\":\"Global Economy Journal\",\"volume\":\"22 1\",\"pages\":\"\"},\"PeriodicalIF\":1.0000,\"publicationDate\":\"2021-12-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Global Economy Journal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1142/s2194565921500147\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Economy Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/s2194565921500147","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 1

摘要

本文考察了董事会性别多样性对营运资金的影响。该研究使用了标准普尔1500公司的样本，得出了从2005年到2019年的9157个公司年观察结果。我们的研究结果表明，公司董事会性别多元化程度越高，流动性比率越低，包括非现金比率也越低。对于性别董事会多样性的一系列定义，以及采用公司总部所在县的人口性别比例作为工具变量的2SLS分析，结果都是稳健的。基于对董事会性别多样性对管理效率比率影响的额外测试，我们得出结论，这些结果是由与董事会性别多样性相关的卓越监控推动的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

GENDER, BOARD, AND WORKING CAPITAL

This paper examines the effects of gender board diversity on working capital. The study uses a sample of S&P1500 firms, resulting in 9,157 firm-year observations from 2005 to 2019. Our findings show that greater gender diversity on corporate boards is associated with lower liquidity ratios, including lower non-cash ones. The results are robust to a battery of gender board diversity definitions and to a 2SLS analysis which employs the gender ratio in the county’s population in which the firm is headquartered as an instrumental variable. Based on additional tests of the effects of gender board diversity on managerial efficiency ratios, we conclude that the results are driven by superior monitoring associated with gender diversity on the board.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Global Economy Journal ECONOMICS-

CiteScore

1.60

自引率

14.30%

发文量

期刊介绍： The GEJ seeks to publish original and innovative research, as well as novel analysis, relating to the global economy. While its main emphasis is economic, the GEJ is a multi-disciplinary journal. The GEJ''s contents mirror the diverse interests and approaches of scholars involved with the international dimensions of business, economics, finance, history, law, marketing, management, political science, and related areas. The GEJ also welcomes scholarly contributions from officials with government agencies, international agencies, and non-governmental organizations. One over-arching theme that unites IT&FA members and gives focus to this journal is the complex globalization process, involving flows of goods and services, money, people, and information.