Women on board: does boardroom gender diversity affect firm risk?

Sila, Vathunyoo, Gonzalez, Angelica and Hagendorff, Jens ORCID: https://orcid.org/0000-0002-3567-7826 2016. Women on board: does boardroom gender diversity affect firm risk? Journal of Corporate Finance 36 , pp. 26-53. 10.1016/j.jcorpfin.2015.10.003

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Abstract

We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and for gender and risk being influenced by unobservable firm factors. We find no evidence that female boardroom representation influences equity risk. We also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HM Sociology
Uncontrolled Keywords:	board of directors; gender diversity; equity risk; endogeneity
Publisher:	Elsevier
ISSN:	0929-1199
Date of First Compliant Deposit:	30 March 2016
Date of Acceptance:	2 October 2015
Last Modified:	06 Nov 2023 13:37
URI:	https://orca.cardiff.ac.uk/id/eprint/79848

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