Gender Diversity on Corporate Boards: An Empirical Analysis in the EU Context

In Creating Corporate Sustainability. Gender as an Agent for Change, Beate Sjåfjell and Irene Lynch Fannon (eds), Cambridge University Press, 2018

University of Oslo Faculty of Law Research Paper No. 2018-11

Posted: 16 May 2018

Date Written: May 16, 2018

Abstract

This study aims to explore how multilevel factors impacts on the percentage of women on the board of directors. For that end, this work uses a panel dataset for listed firms of the EU countries during the period 2002 to 2013 and applies Generalized Least Square Random Effect estimator in order to address the potential unobserved heterogeneity. The results reveal that board size, firm size, effective programs of equal opportunity in the workforce, industry, country and time have become relevant factors to explain the variability of the percentage of women on the boards. In contrast, the corporate policy and actions for maintaining well-balanced boards do not facilitate additional women’s recruitment to board of directors. It seems that the firms may adopt a balanced board policy in a symbolic way, without a clear objective to achieve a more balanced gender representation on company boards.

Keywords: gender diversity, board of directors, institutional theory, diversity policy, equal opportunity workforce

Suggested Citation

Ferrero-Ferrero, Idoya and Fernández Izquierdo, Maria Angeles and Munoz-Torres, Maria Jesus, Gender Diversity on Corporate Boards: An Empirical Analysis in the EU Context (May 16, 2018). In Creating Corporate Sustainability. Gender as an Agent for Change, Beate Sjåfjell and Irene Lynch Fannon (eds), Cambridge University Press, 2018, University of Oslo Faculty of Law Research Paper No. 2018-11, Available at SSRN: https://ssrn.com/abstract=3179440

Idoya Ferrero-Ferrero (Contact Author)

Jaume I University ( email )

Castellon
E-12071 Castello de la Plana, Castellón de la Plana 12071
Spain

Maria Angeles Fernández Izquierdo

Jaume I University ( email )

Campus del Riu Sec
Department of Accounting and Finance
E-12071 Castello de la Plana
Spain
+34 964 728560 ? 8568 (Phone)
+34 964 758565 (Fax)

Maria Jesus Munoz-Torres

Jaume I University ( email )

Campus del Riu Sec
E-12071 Castello de la Plana, Castellón de la Plana 12071
Spain

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