Board gender diversity and firm performance: evidence from Latin America

Marquez-Cardenas, Valentina; González-Ruiz, Juan David; Grisales, Eduardo Alexander Duque

doi:10.1080/20430795.2021.2017256

Cited by 44 publications

(27 citation statements)

References 80 publications

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“…However, they used single‐year data, a single market‐based performance indicator (Tobin's q), and no accounting‐based performance measures, reporting a myopic conclusion. A recent study by Loy and Rupertus (2020) and Marquez‐Cardenas et al (2022) also reported no association between BGD and firm performance. However, in contrast to the above study, Loy and Rupertus (2020) sample included both emerging and developed countries, whereas Marquez‐Cardenas et al (2022) only considered Latin American firms.…”

Section: Empirical Facets Of Board Gender Diversity and Firm Financialmentioning

confidence: 94%

“…A recent study by Loy and Rupertus (2020) and Marquez‐Cardenas et al (2022) also reported no association between BGD and firm performance. However, in contrast to the above study, Loy and Rupertus (2020) sample included both emerging and developed countries, whereas Marquez‐Cardenas et al (2022) only considered Latin American firms.…”

Section: Empirical Facets Of Board Gender Diversity and Firm Financialmentioning

confidence: 94%

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Two decades of research on board gender diversity and financial outcomes: Mapping heterogeneity and future research agenda

Laique

Abdullah

Rehman

et al. 2023

Corp Soc Responsibility Env

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This study seeks to comprehend the sources of substantial heterogeneity in the findings of board gender diversity and firm financial performance over the last two decades. We present an explanatory framework primarily ignored in previous review studies and chronologically review theoretical perspectives, analytical frameworks, measures, associations, and methodologies from 1996 to 2022. We employ a four‐step systematic review methodology and a three‐point thematic analysis framework. Our findings provide an explanatory framework outlining various channels that impede and facilitate the impact of board gender diversity on firms' financial outcomes. Our review reveals a plethora of descriptive studies that focused solely on one rather than multiple theoretical perspectives, which is a potential limitation and the root cause of heterogeneity in existing study findings. Heterogeneity is also linked with differences across studies in capturing firm performance, statistical inquiry, periods of studies, study samples, gender diversity of independent board members, family or non‐family affiliations, omitted variable bias, the proportion of women directors on corporate boards, and economic contexts. Another reason for disparities in existing research is that gender diversity is not the only measure of diversity. Consequently, it is unclear when and which kind of board diversity measure should capture a firm's financial performance. We highlight the significance of the complexity perspective to address the limitation of measuring firm financial performance intently as a function of BGD from a singular theoretical perspective. Further, to better understand the antecedents of BGD, studies should use psychological and behavioural perspectives via an interview‐based research design to encapsulate the team and individual attributes of BGD. Based upon our review, we suggest that future research should consider cultural differences to understand the antecedents of BGD on firm financial performance.

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Section: Empirical Facets Of Board Gender Diversity and Firm Financialmentioning

confidence: 94%

Section: Empirical Facets Of Board Gender Diversity and Firm Financialmentioning

confidence: 94%

Two decades of research on board gender diversity and financial outcomes: Mapping heterogeneity and future research agenda

Laique

Abdullah

Rehman

et al. 2023

Corp Soc Responsibility Env

View full text Add to dashboard Cite

show abstract

“…The nexus between gender diversity and firm performance has been highlighted by several latest studies (Endraswati, 2018; Fathonah, 2018; González et al ., 2020; Marquez-Cardenas et al. , 2022; Mohammad et al ., 2018), however gender diversity in the structure of corporate governance on the financial performance tendency needs to be concluded and this research finally makes inferences that firms employing women and men (gender diversity) in the structure of corporate governance as the board of commissioners suffer from less financial distress.…”

Section: Discussionmentioning

confidence: 99%

“…In the business area, women business leaders are more likely to pay attention to social value than men (Hechvarria et al, 2017) so gender diversity is more investigated in the business sector. This research is not designed as conducted by prior studies (Allison et al, 2023;Kuzey et al, 2022;Naeem et al, 2022), and some of the findings are mixed (Abdullah, 2014;Abdullah and Ismail, 2013;Carter et al, 2010;Endraswati, 2018;Fathonah, 2018;Gonz alez et al, 2020;Marquez-Cardenas et al, 2022;Mohammad et al, 2018;Ramadhani and Adhariani, 2017;Thanh Tu et al, 2015).…”

Section: Introductionmentioning

confidence: 99%

Gender diversity and firm performances suffering from financial distress: evidence from Indonesia

Abbas

Frihatni

2023

JCMS

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PurposeThis paper aims to demonstrate gender diversity in the structure of corporate governance and test the effect of diversity on the firm performance suffering from financial distress.Design/methodology/approachThe paper is quantitative using a sample of 467 public firms in Indonesia. Data were analyzed into statistics descriptive and the hypothesis was tested using the test of logistic regression.FindingsThe preliminary results of the paper demonstrate the number of firms employing women and men in the structure of corporate governance of 13% on the commissioner board, 7% on the director board and 5% on the audit committee. Based on the test of effect, this paper further found that firms employing women and men (gender diversity) in the structure of the board of commissioners, tend to suffer from financial distress lower than firms only employing men (non-gender diversity).Research limitations/implicationsThis paper is not an effort to make the proportion of voices of women equal to men, however the representation of women at least exists in the structure of corporate governance as part of workforce diversity and inclusivity. In addition, this paper is considered not to use panel data with the purpose of avoiding repetitive data because of the use of a nominal scale in the logistic regression model.Practical implicationsThe finding of the paper is addressed to deliver insights into the current conversation on the issue of women's day with the theme of Each for Equal and to firms in positioning women in the structure of boardrooms.Originality/valueThis paper extends the limited scholarly work on the nexus between gender diversity and financial performance. The framework of social identity theory and the tenet of corporate governance are elaborated to disclose the finding that firm shareholders tend to benefit from gender diversity in the structure of the commissioner board.

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“…Figure 1 presents the industrial chain connection among crude oil, carbon emission rights, and green bonds.Crude oil This study undertook a comprehensive and holistic scientometric review of the leading studies about the dynamic relationships among green bonds, CO 2 emissions, and oil prices. Several studies related to sustainability concerns have used this method (Mejia-Escobar et al, 2020;Marquez-Cardenas et al, 2021;Mejía-Escobar et al, 2021). Due to their stronger academic reputations, the research papers reviewed were obtained from the Scopus and Web of Science (WoS) bibliographic databases.…”

Section: Literature Reviewmentioning

confidence: 99%

Dynamic relationships among green bonds, CO2 emissions, and oil prices

Marín-Rodríguez

González-Ruiz²,

Botero³

2022

Front. Environ. Sci.

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Green bonds play a pivotal role in the financing of sustainable infrastructure systems. Likewise, CO2 emissions and oil prices can cause an impact on the green bonds market. In order to better understand this issue, this study analyzes the relationship among green bonds, CO2 futures’ prices, and oil prices using a daily data set that includes 2,206 observations corresponding to daily information from 1 January 2014 to 15 June 2022. The Granger Causality Test and the Dynamic Conditional Correlation (DCC-Garch) Model were employed to conduct this analysis. Furthermore, a sensitivity analysis was performed to identify crisis periods concerning the sample period and provide an analysis of DCC-Garch results during extreme market conditions like the COVID-19 pandemic and the Russian invasion of Ukraine. The Granger Causality Test results present a unidirectional causality running from the Green Bond Index to the oil price returns. Also, there is a unidirectional causality running from the Green Bond Index to the CO2 futures’ returns. Additionally, a unidirectional causality runs from the oil price returns to the CO2 futures’ returns. The results for the DCC-Garch indicate a positive dynamic correlation between the Brent oil price return and the CO2 futures’ returns. Finally, the Green Bond Index shows a negative dynamic correlation to the oil return and the CO2 futures’ returns presenting a strong correlation in uncertainty periods.

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Board gender diversity and firm performance: evidence from Latin America

Cited by 44 publications

References 80 publications

Two decades of research on board gender diversity and financial outcomes: Mapping heterogeneity and future research agenda

Two decades of research on board gender diversity and financial outcomes: Mapping heterogeneity and future research agenda

Gender diversity and firm performances suffering from financial distress: evidence from Indonesia

Dynamic relationships among green bonds, CO2 emissions, and oil prices

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