The Role of Women in the Italian Network of Boards of Directors, 2003-2010

Rivista di Politica Economica, 110 (4-6), 161-185 (2012)

28 Pages Posted: 31 Aug 2012 Last revised: 3 Apr 2015

See all articles by Carlo Drago

Carlo Drago

University of Rome "Niccolò Cusano"

Francesco Millo

Bonfiglioli Group

Roberto Ricciuti

University of Verona - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute)

Paolo Santella

Single Resolution Board

Date Written: July 2, 2012

Abstract

We use a new dataset composed of Italian listed firms to analyze the network of women in boards, and to evaluate their effect on company value and performance. In particular, we use Social Network Analysis to analyze the growth of the female directorship network. We find that interlocking directorate has a negative impact on equity value and firm performance, which is consistent with economic theory and previous literature findings. Furthermore, female interlocking directorship has no effect on firm value and performance, possibly because extraction of private benefit of control is gender-neutral.

Keywords: Corporate Governance, Interlocking Directorships, Company Performance, Social Network Analysis, Board Diversity

JEL Classification: C14, C23, G34, L14, M21

Suggested Citation

Drago, Carlo and Millo, Francesco and Ricciuti, Roberto and Santella, Paolo, The Role of Women in the Italian Network of Boards of Directors, 2003-2010 (July 2, 2012). Rivista di Politica Economica, 110 (4-6), 161-185 (2012), Available at SSRN: https://ssrn.com/abstract=2138355

Carlo Drago

University of Rome "Niccolò Cusano" ( email )

Via Don Carlo Gnocchi, 3
Rome, 00166
Italy

Francesco Millo

Bonfiglioli Group ( email )

Via papa giovanni XXIII 7 c/o Bonfiglioli RIduttor
Lippo di Caldereara, Bologna, Bologna 40012
Italy

Roberto Ricciuti (Contact Author)

University of Verona - Department of Economics ( email )

Via dell'Artigliere, 8
37129 Verona
Italy

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

Paolo Santella

Single Resolution Board

Rue de la Science 27
Bruxelles, 1000
Belgium

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