Abstract

http://ssrn.com/abstract=1107721
 
 

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Citations (96)



 


 



Women in the Boardroom and Their Impact on Governance and Performance


Renee B. Adams


University of New South Wales; Financial Research Network (FIRN); European Corporate Governance Institute (ECGI)

Daniel Ferreira


London School of Economics & Political Science (LSE) - Department of Finance; European Corporate Governance Institute (ECGI); Centre for Economic Policy Research (CEPR)

October 22, 2008


Abstract:     
We show that female directors have a significant impact on board inputs and firm outcomes. In a sample of US firms, we find that female directors have better attendance records than male directors, male directors have fewer attendance problems the more gender-diverse the board is, and women are more likely to join monitoring committees. These results suggest that gender-diverse boards allocate more effort to monitoring. Accordingly, we find that CEO turnover is more sensitive to stock performance and directors receive more equity-based compensation in firms with more gender-diverse boards. However, the average effect of gender diversity on firm performance is negative. This negative effect is driven by companies with fewer takeover defenses. Our results suggest that mandating gender quotas for directors can reduce firm value for well-governed firms.

Number of Pages in PDF File: 45

Keywords: Board of Directors, Board Effectiveness, Gender, Diversity

JEL Classification: G12, G30, G34, J16, J33

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Date posted: March 26, 2008 ; Last revised: July 23, 2012

Suggested Citation

Adams, Renee B. and Ferreira, Daniel, Women in the Boardroom and Their Impact on Governance and Performance (October 22, 2008). Available at SSRN: http://ssrn.com/abstract=1107721 or http://dx.doi.org/10.2139/ssrn.1107721

Contact Information

Renée B. Adams (Contact Author)
University of New South Wales ( email )
Sydney, NSW 2052
Australia
+61(2)93854280 (Phone)

Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia
HOME PAGE: http://www.firn.org.au

European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Daniel Ferreira
London School of Economics & Political Science (LSE) - Department of Finance ( email )
Houghton Street
London, WC2A 2AE
United Kingdom
(+44) 20 7955 7544 (Phone)
HOME PAGE: http://personal.lse.ac.uk/FERREIRD/
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Centre for Economic Policy Research (CEPR) ( email )
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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