Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies
Applying a mixed theoretical approach, this paper addresses the causal relationship between the presence of women on steering committees (SC) and in senior management positions and the firm’s stock return, measured through the price–earnings ratio (P/E). To do so, we disaggregate the composition of...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-01-01
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| Series: | Administrative Sciences |
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| Online Access: | https://www.mdpi.com/2076-3387/14/1/12 |
| _version_ | 1797344924665905152 |
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| author | María-Jose García-López Maria Rosario Pacheco-Olivares Hamid Hamoudi |
| author_facet | María-Jose García-López Maria Rosario Pacheco-Olivares Hamid Hamoudi |
| author_sort | María-Jose García-López |
| collection | DOAJ |
| description | Applying a mixed theoretical approach, this paper addresses the causal relationship between the presence of women on steering committees (SC) and in senior management positions and the firm’s stock return, measured through the price–earnings ratio (P/E). To do so, we disaggregate the composition of the boards of 27 IBEX 35 companies over the period 2018–2021 by gender and type of female director and analyze the relationship between the number and proportion of women on the SC, their distribution by category, and the P/E. The sample contains a total of 108 observations, and its structure follows a panel data methodology. Validation of the working hypotheses was carried out using Poisson logistic regression. The results indicate a positive and significant relationship between stock returns and the percentage of women on the SC. The results also indicate that stock returns are not significantly affected by the category distribution of female directors. |
| first_indexed | 2024-03-08T11:09:55Z |
| format | Article |
| id | doaj.art-f65a9d5830ae4c9bb228d6ca6f911a40 |
| institution | Directory Open Access Journal |
| issn | 2076-3387 |
| language | English |
| last_indexed | 2024-03-08T11:09:55Z |
| publishDate | 2024-01-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Administrative Sciences |
| spelling | doaj.art-f65a9d5830ae4c9bb228d6ca6f911a402024-01-26T14:11:19ZengMDPI AGAdministrative Sciences2076-33872024-01-011411210.3390/admsci14010012Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed CompaniesMaría-Jose García-López0Maria Rosario Pacheco-Olivares1Hamid Hamoudi2Financial Economy and Accounting Department, Universidad Rey Juan Carlos, 28032 Madrid, SpainFinancial Economy and Accounting Department, Universidad Rey Juan Carlos, 28032 Madrid, SpainFinancial Economy and Accounting Department, Universidad Rey Juan Carlos, 28032 Madrid, SpainApplying a mixed theoretical approach, this paper addresses the causal relationship between the presence of women on steering committees (SC) and in senior management positions and the firm’s stock return, measured through the price–earnings ratio (P/E). To do so, we disaggregate the composition of the boards of 27 IBEX 35 companies over the period 2018–2021 by gender and type of female director and analyze the relationship between the number and proportion of women on the SC, their distribution by category, and the P/E. The sample contains a total of 108 observations, and its structure follows a panel data methodology. Validation of the working hypotheses was carried out using Poisson logistic regression. The results indicate a positive and significant relationship between stock returns and the percentage of women on the SC. The results also indicate that stock returns are not significantly affected by the category distribution of female directors.https://www.mdpi.com/2076-3387/14/1/12corporate governancefirm performanceboard of directorsgender quotasgender diversity |
| spellingShingle | María-Jose García-López Maria Rosario Pacheco-Olivares Hamid Hamoudi Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies Administrative Sciences corporate governance firm performance board of directors gender quotas gender diversity |
| title | Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies |
| title_full | Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies |
| title_fullStr | Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies |
| title_full_unstemmed | Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies |
| title_short | Board Gender Diversity and Firm Performance: An Analysis of the Causal Relationship in Spanish Listed Companies |
| title_sort | board gender diversity and firm performance an analysis of the causal relationship in spanish listed companies |
| topic | corporate governance firm performance board of directors gender quotas gender diversity |
| url | https://www.mdpi.com/2076-3387/14/1/12 |
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