{"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":1,"journal":{"name":"Accounts of Chemical Research","volume":null,"pages":null},"PeriodicalIF":16.4000,"publicationDate":"2021-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounts of Chemical Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/s2194565921500147","RegionNum":1,"RegionCategory":"化学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"CHEMISTRY, MULTIDISCIPLINARY","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：
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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