Sila, Vathunyoo, Gonzalez, Angelica and Hagendorff, Jens ORCID: https://orcid.org/0000-0002-3567-7826 2016. Women on board: does boardroom gender diversity affect firm risk? Journal of Corporate Finance 36 , pp. 26-53. 10.1016/j.jcorpfin.2015.10.003 |
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Official URL: http://dx.doi.org/10.1016/j.jcorpfin.2015.10.003
Abstract
We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and for gender and risk being influenced by unobservable firm factors. We find no evidence that female boardroom representation influences equity risk. We also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors.
Item Type: | Article |
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Date Type: | Publication |
Status: | Published |
Schools: | Business (Including Economics) |
Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HM Sociology |
Uncontrolled Keywords: | board of directors; gender diversity; equity risk; endogeneity |
Publisher: | Elsevier |
ISSN: | 0929-1199 |
Date of First Compliant Deposit: | 30 March 2016 |
Date of Acceptance: | 2 October 2015 |
Last Modified: | 06 Nov 2023 13:37 |
URI: | https://orca.cardiff.ac.uk/id/eprint/79848 |
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