Board Gender Diversity and its Effects on Capital Markets : New International Evidence

Title data

Loy, Thomas ; Rupertus, Hendrik:
Board Gender Diversity and its Effects on Capital Markets : New International Evidence.
Bayreuth , 2018 . - 56 p.

Official URL:

Abstract in another language

There is considerable cross-country and within-country variation in female board representation. We analyze the effect of board gender diversity on firms’ market performance in an international setting. Our results, controlling for the endogenous nature of board appointments, exhibit that board gender diversity has no significantly positive or negative effect on long-term changes in shareholder wealth. Moreover, we find no evidence that firms which do not cater to societal demand for increased board gender diversity are punished through lower stock returns. Rather, investors seem to value high quality directors, regardless of their gender. This study contributes to the ongoing highly politicized discussion on the effects of female board representation by providing new international evidence.

Further data

Item Type:	Working paper, discussion paper
Keywords:	Board gender equality; Capital market performance; Quasi-experimental methods
Subject classification:	JEL Classifications: G11, G30, G34, J16
Institutions of the University:	Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration X - International Financial Reporting > Chair Business Administration X - International Financial Reporting - Univ.-Prof. Dr. Rolf Uwe Fülbier Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Former Professors > Junior Professor Auditing and Financial Reporting - Juniorprof. Dr. Thomas Loy Profile Fields > Emerging Fields > Governance and Responsibility Faculties Faculties > Faculty of Law, Business and Economics Faculties > Faculty of Law, Business and Economics > Department of Business Administration Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration X - International Financial Reporting Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Junior Professor Auditing and Financial Reporting Profile Fields Profile Fields > Emerging Fields Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Former Professors
Result of work at the UBT:	Yes
DDC Subjects:	300 Social sciences > 330 Economics
Date Deposited:	09 Dec 2015 08:19
Last Modified:	04 Apr 2019 05:40
URI:	https://eref.uni-bayreuth.de/id/eprint/26430