{"title":"GENDER, BOARD, AND WORKING CAPITAL","authors":"Matthew Imes, Ofra Bazel-Shoham","doi":"10.1142/s2194565921500147","DOIUrl":null,"url":null,"abstract":"This paper examines the effects of gender board diversity on working capital. The study uses a sample of S&P1500 firms, resulting in 9,157 firm-year observations from 2005 to 2019. Our findings show that greater gender diversity on corporate boards is associated with lower liquidity ratios, including lower non-cash ones. The results are robust to a battery of gender board diversity definitions and to a 2SLS analysis which employs the gender ratio in the county’s population in which the firm is headquartered as an instrumental variable. Based on additional tests of the effects of gender board diversity on managerial efficiency ratios, we conclude that the results are driven by superior monitoring associated with gender diversity on the board.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"22 1","pages":""},"PeriodicalIF":1.0000,"publicationDate":"2021-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Economy Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/s2194565921500147","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 1
Abstract
This paper examines the effects of gender board diversity on working capital. The study uses a sample of S&P1500 firms, resulting in 9,157 firm-year observations from 2005 to 2019. Our findings show that greater gender diversity on corporate boards is associated with lower liquidity ratios, including lower non-cash ones. The results are robust to a battery of gender board diversity definitions and to a 2SLS analysis which employs the gender ratio in the county’s population in which the firm is headquartered as an instrumental variable. Based on additional tests of the effects of gender board diversity on managerial efficiency ratios, we conclude that the results are driven by superior monitoring associated with gender diversity on the board.
期刊介绍：
The GEJ seeks to publish original and innovative research, as well as novel analysis, relating to the global economy. While its main emphasis is economic, the GEJ is a multi-disciplinary journal. The GEJ''s contents mirror the diverse interests and approaches of scholars involved with the international dimensions of business, economics, finance, history, law, marketing, management, political science, and related areas. The GEJ also welcomes scholarly contributions from officials with government agencies, international agencies, and non-governmental organizations. One over-arching theme that unites IT&FA members and gives focus to this journal is the complex globalization process, involving flows of goods and services, money, people, and information.
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