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Women in Top Management and Agency CostsAnthony F. Jurkusaffiliation not provided to SSRN Jung Chul ParkAuburn University Lorraine S. Woodardaffiliation not provided to SSRN February 28, 2008 Abstract: This study investigates gender diversity among the top managers of Fortune 500 firms and its effect on agency costs. The study finds that firms with a greater percentage of female officers present lower agency costs but that the negative relation is not robust when considering the endogeneity of diversity. Moreover, the study finds that external governance influences the relationship. Although increasing diversity does not reduce agency costs for all firms, the evidence shows that diversity is significantly negatively related to agency costs in firms in less competitive markets. The results suggest that increasing diversity in management can have beneficial effects for firms where strong external governance is absent.
Number of Pages in PDF File: 24 Keywords: Gender diversity, Female officers, Agency costs, Corporate governance, Firm performance JEL Classification: M14, M54, G34 working papers seriesDate posted: January 22, 2008 ; Last revised: March 24, 2011Suggested CitationContact Information
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