Search results

Highlights the historical set‐up of Canadian boards of directors, why and how women were first appointed to corporate boards. Examines factors related to women serving on corporate boards, detailing advantages and barriers to the appointments. Reports on a survey of Canadian Chief Executive Officers (CEOs) which considers factors related to the appointment of women to corporate boards. Results indicated the CEOs′ opinions on, for example, how important a variety of qualifications is to the appointment of female directors; the women with difficulties in finding women with these qualifications; preferred candidate profiles; issues which would benefit from a female perspective; effects of women on boards and companies; and the question of why there are not more women directors. Finally, with the survey as a background, looks at why there are so few women on the boards of directors of Canadian private sector organizations; and the future prospects of women as board members.

There is a large literature advocating the importance of a greater proportion of women directors on boards of publicly listed firms. The purpose of this paper is to examine the numbers and proportions of women directors, including women executive directors, on listed Australian Real Estate Management and Development (REMD) companies to identify how prevalent women directors are on such boards.

The study examines the numbers and proportions of women directors for 35 REMDs in 2011 and compares this to the broad board composition data on 1,715 Australian Stock Exchange listed entities. Statistically significant findings are evident due to the identified low proportions.

The study finds that of all the Financials Sub Industry sector groups, REMDs have the lowest proportion of female directors on theirs boards – eight women on each of 35 company boards compared to 159 men on these 35 boards at 2011. Of the eight, there were only two women executive directors on boards compared to 50 men. Statistically, it appears that having women directors on REMD boards is not considered important. Even at December 2014, there are only ten women on seven company boards and only one remaining executive director of an REMD company.

Given that female board representation is positively related to accounting returns and that there is a growing voice for legislation to impose mandatory proportions of women directors on boards around the world, it may be in the interests of REMD boards to consider appointing more women more quickly.

The study is the first to examine the numbers and proportions of women directors amongst REMD companies to identify the paucity of such women directors.

This study aims to examine whether a change in the regulatory requirement toward gender quota for corporate leadership significantly affects the demand and therefore, it increases the presence of women directors and women CEOs. Examining the supply-side, the study also examines whether the supply for women directors and women CEOs based on the presence of qualified women who currently hold upper, middle, or lower management positions is positively related with the presence of women directors and women CEOs. Furthermore, based on the critical mass hypothesis, this study examines whether the presence of women CEOs and critical mass for women directors bring significant impacts on firms' financial and environmental, social and corporate governance (ESG) performance during the subsequent period.

Using the multivariate regression analysis, this study empirically examines the impact of the shift in the demand for women directors and CEOs from the enactment of the Greek Law 4403/2016 on gender quota for corporate leadership. This study also examines the impact of the supply for women in corporate leadership, measured by the percentage of women who hold upper, middle, or lower management positions, on the presence of women directors and CEOs. Then, this study examines the impact of women directors and women CEOs on firms' subsequent financial and ESG performance.

Based on a sample of 71 publicly listed Greek firms and 20 Cyprus listed firms as a control group during 2006–2019, the study finds evidence that both the supply-side and the demand-side bring positive effects on greater women participation in corporate boards. However, there is no evidence that the supply and demand affect the presence of women CEOs. The presence of women CEOs has a positive effect on ESG through environmental and social pillars. The study finds evidence to support the critical mass hypothesis that firms with three or more women boards tend to have higher financial and ESG performance.

Understanding the supply and demand for gender diversity in corporate leadership in countries that are considered as lagging is critical to foster the global objective to level the playing field for women to participate in corporate management leadership as important part the United Nations Sustainable Development Goal (UNSDG) 5.5. The positive impact of women directors on corporate financial and social performance can be achieved, especially when the critical mass is reached. This highlights the importance of greater gender representations in corporate boards and top executive level in order to make a meaningful social change.

This study demonstrates that the supply of women who currently hold corporate management positions has positive influence on the presence of women boards. This study also demonstrates that a national legislation that promotes gender diversity for corporate board has a positive impact on board gender diversity among Greek listed firms. This study also highlights the importance of integrating the critical mass perspective in considering the impact of supply and demand for women in corporate leadership on firms' financial and ESG performance.

The interest in promoting diversity in corporate governance is increasing gender equality on boards. Even so, previous research shows that women are underrepresented on boards of directors. This study aims to explore how an increasing presence of women on boards reduces gender pay disparity among nonexecutive directors (NEDs).

This study explores how an increasing presence of women on boards reduces gender pay disparity among NEDs.

The results indicate that for boards to reduce the gender pay disparity among NEDs, women need to reach a critical mass of 33% of board members. In addition, this study finds that women’s presence on influential committees further reduces the gender pay disparity among NEDs.

The study uses critical mass and social identity theories to explain the impact of women directors on NEDs’ remuneration in a sample of 365 companies listed on the London Stock Exchange over 16 years (1999–2015). The findings indicate the importance of reducing gender pay disparity as a tool to promote gender equality on boards.

This study provides evidence on the importance of corporations including gender diversity on board committees to reduce gender pay disparities at the board level.

In addition, this study finds that women’s presence on influential committees further reduces gender pay disparity among NEDs.

The purpose of this paper is to examine whether the differences in men and women, such as risk aversion in decision making, can influence the amount of capital that the board of directors can allocate for investment opportunities.

This study sampled 212 IPOs over the period of 2005–2015 and employed the OLS and the quantile regression techniques to examine the impact of female directors on capital allocation.

The results show that women on corporate boards have a positive influence on the amount of capital an IPO company can allocate for investment opportunities. These findings suggest that the investment strategies of women in an emerging financial market, like Malaysia, may differ from women in other financial markets.

The presence of women on corporate boards plays an important role in board involvement in a company’s strategic decision at the time of the IPO. Therefore, regulators and IPO issuers should pay close attention to the corporate governance structure of a company at the time of an IPO. In addition, investors and other stakeholders of a company may consider women on corporate boards as an important factor in financing and investment decisions.

Despite several studies that have examined the influence of women on corporate boards on corporate outcomes, globally, the presence of women on corporate boards and their influence on corporate decision-making related to allocation of capital to investment opportunities, have not been fully explored in the IPO literature.

Through an analysis of 15 Latin American countries, the purpose of this paper is to explore the importance of several institutional variables (economic, regulatory, and cultural), which affect women’s careers towards being members of boards of directors in the region.

Based on primary and secondary information, the authors carry out multivariate analyses to understand the institutional reasons affecting the reduced presence of women on boards of directors in the region.

Their findings reveal differences within the region, the importance of protecting women’s professional careers in the labour market, and the effect of cultural dimensions, such as masculinity and power distance.

The analysis provides an updated cross-section of the institutional and cultural conditions of the 15 countries, considering the limitations to developing data in the region.

Latin America has witnessed important changes in the dynamics of the labour market over recent decades: women’s participation in the labour force is on the increase, and corporate strategy is evolving towards the incorporation of practices and initiatives to manage the diversity of their talents. However, the presence of women in leadership positions is a pending subject. This study, in part, reveals the institutional origin of gender inequality on boards of directors in the region. The analysis provides essential tools for public policy and for companies to help promote female leadership in the region.

Recent debate and research on the scarce participation of women on corporative boards of directors have revealed a growing interest in analysing the causes of such issues despite the progress recorded in terms of gender equity in most societies. Studies on the topic in Latin America are scarce and the aim of this paper is to help to fill part of this gap.

El presente trabajo explora en quince países de América Latina la importancia de distintas variables institucionales (económicas regulatorias y culturales) que afectan a las carreras de las mujeres hacia los consejos de administración en la región.

A partir de información primaria y secundaria, los autores desarrollan diversos análisis multivariantes para entender las razones institucionales que afectan tras la reducida presencia de mujeres en los consejos de la región.

Los resultados de los análisis realizados muestran las diferencias dentro de la región así como la importancia de de analizar las carreras profesionales de las mujeres en el mercado de trabajo y el efecto de las dimensiones culturales como la masculinidad y la distancia al poder.

El análisis muestra un corte transversal de la realidad institutional y cultural de los 15 países lo más actual posible, teniendo en cuenta las limitaciones en el desarrollo de datos en la región.

En América Latina, se han producido cambios importantes en la dinámica del mercado laboral en las últimas décadas: las tasas de participación de mujeres en la fuerza de trabajo están en aumento y las estrategias empresariales van evolucionando hacia la incorporación de prácticas e iniciativas que tienden a gestionar la diversidad de sus talentos. Sin embargo la presencia de mujeres en puestos de liderazgo empresarial es una asignatura pendiente. El presente trabajo muestra en parte el origen institucional de las desigualdades de género en los consejos de administración en la región. Este análisis provee de herramientas esenciales para la política púlica y las empresas en la búsqueda de la promoción del liderazgo femenino en la región.

Recientes debates e investigaciones sobre la escasa incorporación de mujeres en los consejos directivos en las corporaciones, han evidenciado el creciente interés por analizar las causas de estas cuestiones a pesar de los avances registrados en términos de equidad de género en la mayoría de las sociedades. Sin embargo, hay una escasez de estudios en esta área en América Latina. El presente artículo busca llenar en parte ese hueco.

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.

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.

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.

Increasing research attention has been devoted to understanding the roles and responsibilities of boards of directors of North American corporations (Gillies, 1992; Lorsch & Maclver, 1989; Fleischer, Hazard & Klipper, 1988). This has resulted, in part, from increased interest in corporate governance. Scholars continue to explore and debate the question of who controls and is responsible for the activities and performance of corporations in a democratic society (Vance, 1983; Worthy & Neushel, 1982). In addition, the veil of privacy that had historically been accorded CEOs and board members is slowly being lifted. As a result, information about the membership and working of corporate boards of directors is starting to accumulate (Gillies, 1992). Corporate boards of directors also came under increased scrutiny and criticism during the 1980s because of specific decisions made by them (e.g. hostile takeovers, mergers and acquisitions, golden parachutes, excessive levels of executive compensation) and the generally low performance levels of North American organisations in the international marketplace. The latter has resulted in several suggestions for improving the effectiveness of corporate boards (Barrett, 1993; Patton & Baker, 1987; Salmon, 1993; Leighton & Thain, 1993). Suggestions have included the separation of the CEO/Board chairman roles, improved selection of directors, training of directors, clarifying roles and responsibilities of directors (and CEOs), and replacing directors who are not performing well.

This paper examines the relationship between women on boards and board monitoring tasks depending on group categories identified in the Kanter's theory.

Using a sample of the largest listed companies in Spain, Italy and France during the period 2007–2017, this study tests the effect of women's presence based on the following board categories: (1) skewed boards with a percentage of women that is less than 20%; (2) tilted boards with a percentage of women that ranges from 20% to 33%; (3) tilted boards with a percentage of women that is more than 33%; and (4) balanced boards with an equal or quasi-equal gender distribution. The authors use the case of the gender board quota regulation in different European Union countries.

The results suggest that tilted boards engage in stronger firm monitoring and that the effect of women on board monitoring tasks is positive and statistically significant when the percentage of female directors reaches the threshold of 33%.

The outcomes of this study help policymakers identify the minimum threshold that quota regulations should mandate in order for boards to be effective.

This paper moves forward the ongoing debate about the effect of women on corporate boards, shifting the focus from the ratio or presence of female directors to the size of the group they form within the board. To the best of authors’ knowledge, this is the first study to test Kanter's theory by investigating the relationship between women on boards and board monitoring.

The purpose of this paper is to examine the significance of gender diversity on corporate boards in India in the light of recent regulatory reform introduced in the Companies’ Act, 2013 which mandated the presence of at least one woman on the corporate boards of all the listed firms.

Based on a panel of 300 firm-year observations for 15 years from 2001 to 2015, regression analysis has been conducted to analyze the relation between gender-related variables of corporate boards with firm-specific financial characteristic, cost of equity (COE) and return on assets (ROA) of firms listed in CNX Nifty, a major financial market index of India.

The analysis indicates that boards with gender diversity explain a slightly more than 5.5 percent change in a firm’s COE and have a much higher impact of 45 percent on a firm’s ROA. The presence of female directors on the boards and their independence have a negative association with the COE, whereas the level of involvement of female directors on different committees has a positive association with the ROA.

The findings may help theorists in defining the right mix of female on the corporate boards in an emerging economy. Also, by taking input from the findings, regulators and industry can formulate policies to foster gender diversity on corporate boards in India.

This study considers the recent regulatory norm introduced in India. This issue has still not been discussed and analyzed by researchers in India. It attempts to explain the impact a gender diverse board can make on a firm’s performance. It also makes valuable recommendations to improve the norms intended to more effectively foster gender diversity on corporate boards in India.