Women in the boardroom and their impact on governance and performance

• 成果类型: Article
• 署名作者: Adams, Renee B.; Ferreira, Daniel
• 署名单位: University of Queensland; University of London; London School Economics & Political Science; European Corporate Governance Institute; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2008.10.007
• 发表日期: 2009
• 页码: 291-309
• 关键词: Board of directors; Board effectiveness; GENDER; diversity

摘要

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 chief executive officer 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 man dating gender quotas for directors can reduce firm value for well-governed firms. (C) 2009 Elsevier B.V. All rights reserved.