Female board directorship and firm performance: What really matters?
| Autor: | Mehdi Nekhili, Tawhid Chtioui, Moez Bennouri, Haithem Nagati |
|---|---|
| Přispěvatelé: | Pôle Finance Responsable - Rouen Business School, Rouen Business School, Dauphine Recherches en Management (DRM), Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Centre National de la Recherche Scientifique (CNRS), Pôle de Recherche - Rouen Business School, Groupe d'Analyse des Itinéraires et des Niveaux Salariaux (GAINS), Le Mans Université (UM), Centre National de la Recherche Scientifique (CNRS)-Université Paris Dauphine-PSL, emlyon business school, business school, emlyon |
| Jazyk: | angličtina |
| Rok vydání: | 2018 |
| Předmět: |
Economics and Econometrics
Accounting Sample (statistics) Affect (psychology) Human capital Female directorship 0502 economics and business Investor protection [SHS.ECO] Humanities and Social Sciences/Economics and Finance health care economics and organizations ComputingMilieux_MISCELLANEOUS 050208 finance business.industry 05 social sciences [SHS.ECO]Humanities and Social Sciences/Economics and Finance firm performance On board Negative relationship Positive relationship [SHS.GESTION]Humanities and Social Sciences/Business administration Business Women directors’ attributes [SHS.GESTION] Humanities and Social Sciences/Business administration 050203 business & management Finance Diversity (business) |
| Zdroj: | Journal of Banking & Finance Journal of Banking & Finance, 2018, 88, pp.267-291. ⟨10.1016/j.jbankfin.2017.12.010⟩ Journal of Banking & Finance, 2018, 267-291 p |
| ISSN: | 0378-4266 |
| DOI: | 10.1016/j.jbankfin.2017.12.010⟩ |
| Popis: | International audience; Using a sample of 394 French firms for the period of 2001 to 2010, we study the relationship between female directorship and firms’ accounting (ROA and ROE) and market-based (Tobin's Q) performance. We find that female directorship significantly increases ROA and ROE, and significantly decreases Tobin's Q. We postulate that these relationships are affected by the attributes of female directors. To this end, we collect a set of nine different attributes of female directors capturing their monitoring capabilities and contribution to the board's human capital (demographic and board relational attributes). We find that the positive relationship between accounting performance and female directorship remains when we include these attributes, while the negative relationship between Tobin's Q and female directorship disappears. Interestingly, the different attributes of female directors do not uniformly affect accounting and market-based performance. We explain the different relationships between attributes and firm performance by the tradeoff between the benefits and costs of diversity on board effectiveness, particularly in a low investor protection environment. |
| Databáze: | OpenAIRE |
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