Board gender reforms and voluntary disclosure: International evidence from management earnings forecasts

IF 4.6 3区 管理学 Q1 BUSINESS Corporate Governance-An International Review Pub Date : 2024-02-25 DOI:10.1111/corg.12569
Yujie Wang, Muhammad Nadeem, Ihtisham Malik, Ling Xiong
{"title":"Board gender reforms and voluntary disclosure: International evidence from management earnings forecasts","authors":"Yujie Wang,&nbsp;Muhammad Nadeem,&nbsp;Ihtisham Malik,&nbsp;Ling Xiong","doi":"10.1111/corg.12569","DOIUrl":null,"url":null,"abstract":"<div>\n \n \n <section>\n \n <h3> Research Question/Issue</h3>\n \n <p>This study examines the relationship between boardroom gender diversity reforms (BGDRs) and corporate voluntary disclosure in the form of management earnings forecasts (MEFs) in a sample of 43 countries over the period 2000 to 2020.</p>\n </section>\n \n <section>\n \n <h3> Research Findings/Insights</h3>\n \n <p>Taking advantage of the staggered adoption of the gender diversity reforms that aim to improve women's representation on boards, we find that firms exhibit a greater propensity for and frequency of issuing MEFs. These findings hold for both governance-based and legislation-based reforms but are stronger for the latter. Furthermore, we find stronger results (a) when female directors possess higher financial expertise and serve on board sub-committees, (b) when board activity (meetings and attendance) improved following BGDRs, (c) for firms that had all-male boards before the reforms and where gender diversity increased shortly after the reforms, and (d) for countries with greater legal enforcement and gender equality. Our findings are robust using the stacked difference-in-differences approach and alternative samples, models, and fixed effects. In addition, we find that, after the reforms, there is an increase in the forecast horizon, forecast width, bad news disclosure, accuracy, and the number of disaggregated forecast items.</p>\n </section>\n \n <section>\n \n <h3> Theoretical/Academic Implications</h3>\n \n <p>Our study provides the first international and comprehensive evidence of the positive role of board gender reforms in the corporate information environment and offers vital policy implications.</p>\n </section>\n \n <section>\n \n <h3> Practitioner/Policy Implications</h3>\n \n <p>Our study informs the ongoing debate regarding the effectiveness of and business case for gender diversity reforms. By documenting a causal link between BGDRs and voluntary disclosure, our study provides important implications for policymakers, regulators, investors, and top management teams.</p>\n </section>\n </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":"32 5","pages":"890-914"},"PeriodicalIF":4.6000,"publicationDate":"2024-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/corg.12569","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance-An International Review","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/corg.12569","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

Abstract

Research Question/Issue

This study examines the relationship between boardroom gender diversity reforms (BGDRs) and corporate voluntary disclosure in the form of management earnings forecasts (MEFs) in a sample of 43 countries over the period 2000 to 2020.

Research Findings/Insights

Taking advantage of the staggered adoption of the gender diversity reforms that aim to improve women's representation on boards, we find that firms exhibit a greater propensity for and frequency of issuing MEFs. These findings hold for both governance-based and legislation-based reforms but are stronger for the latter. Furthermore, we find stronger results (a) when female directors possess higher financial expertise and serve on board sub-committees, (b) when board activity (meetings and attendance) improved following BGDRs, (c) for firms that had all-male boards before the reforms and where gender diversity increased shortly after the reforms, and (d) for countries with greater legal enforcement and gender equality. Our findings are robust using the stacked difference-in-differences approach and alternative samples, models, and fixed effects. In addition, we find that, after the reforms, there is an increase in the forecast horizon, forecast width, bad news disclosure, accuracy, and the number of disaggregated forecast items.

Theoretical/Academic Implications

Our study provides the first international and comprehensive evidence of the positive role of board gender reforms in the corporate information environment and offers vital policy implications.

Practitioner/Policy Implications

Our study informs the ongoing debate regarding the effectiveness of and business case for gender diversity reforms. By documenting a causal link between BGDRs and voluntary disclosure, our study provides important implications for policymakers, regulators, investors, and top management teams.

查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
董事会性别改革与自愿披露:来自管理层收益预测的国际证据
本研究以 43 个国家为样本,考察了 2000 年至 2020 年间董事会性别多元化改革(BGDRs)与以管理层盈利预测(MEFs)形式进行的企业自愿性信息披露之间的关系。研究结果/见解利用旨在提高女性在董事会中代表性的性别多元化改革的交错采用,我们发现企业表现出更高的发布管理层盈利预测的倾向和频率。这些发现对基于治理的改革和基于立法的改革都适用,但对后者的影响更大。此外,我们发现以下情况下的结果更强:(a) 当女性董事拥有更高的财务专业知识并在董事会小组委员会任职时;(b) 当董事会活动(会议和出席率)在《企业治理和发展报告》出台后有所改善时;(c) 对于改革前董事会全部由男性组成且改革后不久性别多元化程度有所提高的公司;(d) 对于法律执行力度和性别平等程度更高的国家。使用叠加差分法以及其他样本、模型和固定效应,我们的研究结果是稳健的。此外,我们还发现,改革后,预测范围、预测宽度、坏消息披露、准确性以及分类预测项目的数量都有所增加。 理论/学术意义我们的研究首次在国际上全面证明了董事会性别改革在公司信息环境中的积极作用,并提供了重要的政策启示。我们的研究记录了 BGDR 与自愿披露之间的因果关系,为政策制定者、监管者、投资者和高层管理团队提供了重要启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
7.00
自引率
11.30%
发文量
79
期刊介绍: The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.
期刊最新文献
Issue Information Do Board-Level Employee Representatives Increase Pay Equity in Firms? ESG Ratings and Dividend Changes: Evidence From the Initiation of Nonfinancial Agency Coverage Issue Information Government as a Source of Equity Capital for Entrepreneurs: Evidence From Entrepreneurial Exits
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1