Abstract

http://ssrn.com/abstract=1159472
 
 

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Gender Diversity in Corporate Governance and Top Management


Claude Francoeur


HEC Montréal

Réal Labelle


HEC Montréal - Stephen A. Jarislowsky Chair in Governance

Bernard Sinclair-Desgagne


HEC Montréal; CIRANO; CIRPÉE; Ecole Polytechnique de Paris

July 13, 2008

Journal of Business Ethics, Vol. 81, 2008

Abstract:     
This article examines whether and how the participation of women in the firm's board of directors and senior management enhances financial performance. We use the Fama and French (1992, 1993) valuation framework to take the level of risk into consideration, when comparing firm performances, whereas previous studies used either raw stock returns or accounting ratios. Our results indicate that firms operating in complex environments do generate positive and significant abnormal returns when they have a high proportion of women officers. Although the participation of women as directors does not seem to make a difference in this regard, firms with a high proportion of women in both their management and governance systems generate enough value to keep up with normal stock-market returns. These findings tend to support the policies currently being discussed or implemented in some countries and organizations to foster the advancement of women in business.

Number of Pages in PDF File: 13

Keywords: gender diversity, corporate governance

JEL Classification: G30, G34, J16

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Date posted: July 14, 2008 ; Last revised: December 16, 2009

Suggested Citation

Francoeur, Claude and Labelle, Réal and Sinclair-Desgagne, Bernard, Gender Diversity in Corporate Governance and Top Management (July 13, 2008). Journal of Business Ethics, Vol. 81, 2008. Available at SSRN: http://ssrn.com/abstract=1159472

Contact Information

Claude Francoeur
HEC Montréal ( email )
3000, Chemin de la Côte-Sainte-Catherine
Montreal H3T 2A7, Quebec
Canada
Réal Labelle (Contact Author)
HEC Montréal - Stephen A. Jarislowsky Chair in Governance ( email )
3000, Chemin de la Côte-Sainte-Catherine
Montreal, Quebec H3T 2A7
Canada
514 340 6374 (Phone)
Bernard Sinclair-Desgagne
HEC Montréal ( email )
3000, ch. de la Côte-Ste-Catherine
Montréal, Quebec H3T 2A7
Canada
CIRANO
2020 rue University, 25th floor
Montréal, Quebec
Canada
CIRPÉE
2020 rue University, 25th floor
Montréal, Quebec
Canada
Ecole Polytechnique de Paris
Ecole Polytechnique
Department of Economics
Paris, 75005
France
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