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Women in Top Management and Agency Costs

Anthony F. Jurkus

affiliation not provided to SSRN

Jung Chul Park

Auburn University

Lorraine S. Woodard

affiliation not provided to SSRN

February 28, 2008

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 series

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Date posted: January 22, 2008 ; Last revised: January 28, 2015

Suggested Citation

Jurkus, Anthony F. and Park, Jung Chul and Woodard, Lorraine S., Women in Top Management and Agency Costs (February 28, 2008). Available at SSRN: http://ssrn.com/abstract=1085109 or http://dx.doi.org/10.2139/ssrn.1085109

Contact Information

Anthony F. Jurkus
affiliation not provided to SSRN ( email )
Jung Chul Park (Contact Author)
Auburn University ( email )
303 Lowder Hall
Auburn, AL 36849
United States
334-844-3003 (Phone)
334-844-4960 (Fax)
HOME PAGE: http://harbert.auburn.edu/directory/jung-chul-park
Lorraine S. Woodard
affiliation not provided to SSRN
Feedback to SSRN

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