Board gender diversity and firm performance: evidence from Latin America

IF 3.8 Q1 BUSINESS, FINANCE Journal of Sustainable Finance & Investment Pub Date : 2022-01-04 DOI:10.1080/20430795.2021.2017256
Valentina Marquez-Cardenas, J. D. González-Ruiz, Eduardo Duque‐Grisales
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引用次数: 22

Abstract

ABSTRACT This study aims at analysing the relationship between board gender diversity (BGD) and financial performance for firms with headquarters based in Latin America (LatAm). Using panel data from 243 listed firms during the period 2012–2018, we find that BGD in LatAm does not lead to any change in firm performance, mainly because the underrepresentation of women on boards in the region compared to their male counterparts. As a result, the ability to improve the firms’ reputation and the relationships with stakeholders as well as the capability to better monitor performance and bring new ideas by female board members are then unavailable to enhance the firms’ performance. The paper also analyses the moderating effect of board independence on the relationship between BGD and firm performance. These study’s findings may be used for providing a roadmap that researchers and investorss can use to improve their understanding of BGD.
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董事会性别多样性与公司绩效:来自拉丁美洲的证据
本研究旨在分析总部位于拉丁美洲的公司董事会性别多样性(BGD)与财务绩效之间的关系。利用2012-2018年期间243家上市公司的面板数据,我们发现拉丁美洲的性别性别差异并未导致公司绩效发生任何变化,主要原因是该地区董事会中女性的比例低于男性。因此,女性董事会成员改善公司声誉和与利益相关者关系的能力,以及更好地监控绩效和带来新想法的能力,都无法提高公司的绩效。本文还分析了董事会独立性对BGD与公司绩效关系的调节作用。这些研究结果可以为研究人员和投资者提供一个路线图,以提高他们对BGD的理解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
10.60
自引率
7.00%
发文量
55
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