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Does a high women quota in supervisory boards influence firm success?

Bettina C.K. Binder (Hochschule Pforzheim, Pforzheim, Germany)

EuroMed Journal of Business

ISSN: 1450-2194

Article publication date: 11 October 2018

Issue publication date: 30 October 2018




The purpose of this paper is to investigate the relationship between the success of the 50 EURO STOXX companies as measured by the earnings before taxes (EBT) and the percentage of female members on their supervisory boards.


The paper relies on data extracted from the annual reports of the 50 EURO STOXX companies in 2015 and from financial websites.


The paper provides the existence of a weak correlation between companies’ performance as measured by EBT and the percentage of women on supervisory boards.

Research limitations/implications

This study has two main limitations: first, a single key performance indicator was used to measure firms’ success; and second, the study offers insights related only to the year 2015. The analysis could be extended over a larger time span while some other variables could be considered in a more holistic approach.

Practical implications

The paper raises awareness that there is much to be done with regard to the presence of women on boards, and readers, investors and business owners gain an insight on the business environment and women active on European corporate boards.


By concentrating on the companies of the EURO STOXX 50 Index, the study offers a good image of the European business environment.



Binder, B.C.K. (2018), "Does a high women quota in supervisory boards influence firm success?", EuroMed Journal of Business, Vol. 13 No. 3, pp. 291-314.



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