Women in Finance

61 Pages Posted: 27 Aug 2016 Last revised: 18 Aug 2017

See all articles by Renee B. Adams

Renee B. Adams

University of Oxford; ABFER

Tom Kirchmaier

London School of Economics - Centre for Economic Performance; Copenhagen Business School

Date Written: September 1, 2016


Across countries, banks have less gender diverse boards than other firms. Bank board diversity is particularly low in countries with greater gender gaps in PISA math scores and lower average math scores. We find similar results using state-level NAEP math scores in the United States. The influence of math scores appears to transcend standard cultural explanations. Female directors are more likely to have an MBA in banks, especially in countries with greater gender gaps in math scores. Our evidence suggests that differences in educational outcomes for boys and girls may have long-lasting implications for their career development.

Keywords: Mathematics; Gender Gaps; Finance; Banks; STEM; Board; Diversity; Growth; PISA; NAEP

JEL Classification: J16; J22; G34; G38

Suggested Citation

Adams, Renée B. and Kirchmaier, Tom, Women in Finance (September 1, 2016). SWIFT Institute Working Paper Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 479/2016, Available at SSRN: https://ssrn.com/abstract=2798571 or http://dx.doi.org/10.2139/ssrn.2798571

Renée B. Adams

University of Oxford ( email )

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Tom Kirchmaier (Contact Author)

London School of Economics - Centre for Economic Performance ( email )

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HOME PAGE: http://sites.google.com/site/tomkirchmaier/home

Copenhagen Business School ( email )

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Frederiksberg C, DK - 2000

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