Gender diversity and financial performance: evidence from US REITs

Schrand, Liesa; Ascherl, Claudia; Schaefers, Wolfgang

doi:10.1080/09599916.2018.1549587

Cited by 20 publications

(24 citation statements)

References 34 publications

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“…Prior literature stated that female managers and boards with more independent directors are more likely to hire females [115,116]. Besides, CEO who holds the board chairperson may enforce the female participation [117,118]. While large firms may face more pressure to appoint females to the top levels of firms, old firms have more conservative structure and they are less likely to appoint females to top levels of firms [118,119] and higher percentage of institutional owners increases the female presence [118].…”

Section: Heckman Estimation Resultsmentioning

confidence: 99%

“…Besides, CEO who holds the board chairperson may enforce the female participation [117,118]. While large firms may face more pressure to appoint females to the top levels of firms, old firms have more conservative structure and they are less likely to appoint females to top levels of firms [118,119] and higher percentage of institutional owners increases the female presence [118]. We controlled firm performance because presentation of females in top levels of firms increases the performance of firms, thus firms with high performance are more likely to present on top levels of firms [120].…”

Section: Heckman Estimation Resultsmentioning

confidence: 99%

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The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms

Ocak

Fındık

2019

Sustainability

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This study explores the effect of intangible assets and sub-components of intangible assets on sustainable growth and firm value in Turkey. The cumulative (i.e., aggregative) value of intangible assets of firms and sub-components of intangible assets were used as test variables in the current study. Further, intangible assets of the firms were divided into three sub-components using the classification of Corrado, Hulten and Sichel, namely computerized information and database, innovative property, and economic competence. Firms listed on Borsa İstanbul were analyzed to test the hypotheses. Two different measures of sustainable growth of firms and unique measure of firm value were used as dependent variables. The final sample includes 1353 observations for nine years between 2005–2013 in Turkey. Ordinary least square (OLS) and Heckman two-stage estimation procedures were employed to test the hypotheses. Estimation results of OLS and Heckman two-stage procedures show that the cumulative value of intangible assets affect the sustainable growth rates of firms and firm value positively. When the cumulative value of intangible assets was classified into three sub-components, both computerized information and database and economic competence impact the sustainable growth rates of firms and firm value.

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Section: Heckman Estimation Resultsmentioning

confidence: 99%

Section: Heckman Estimation Resultsmentioning

confidence: 99%

The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms

Ocak

Fındık

2019

Sustainability

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“…One potential reason for the conflicting results could be that there is not a linear relationship between firm performance and female representation (Gröschl and Arcot, 2014; Joecks et al , 2013; Kanter, 1977; Krishnan and Park, 2005; Richards et al , 2013; Schrand et al , 2018; Torchia et al , 2011). Torchia et al (2011) state that, under critical mass theory, instead of evaluating just the number of minorities, the size of the group also needs to be considered.…”

Section: Literature Reviewmentioning

confidence: 99%

How hospitality firm executive diversity affects firm performance

Repetti

2020

IJCHM

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Purpose Women make up approximately 47% of the workforce and 51% of hospitality employees but account for 70% of travel buying decisions. Even with these high statistics, women are still underrepresented in many high-level positions. This paper aims to evaluate the financial effects of diversity in top paying management positions within US hospitality companies from 2006 to 2018 and also evaluate the change in female representation from the Great Recession and the #metoo scandal. Design/methodology/approach Firm performance and diversity were studied using fixed effect and random effect models due to the panel nature of the data. ANOVAs and t-tests were conducted to determine the change in female representation. Findings On average, companies report 5.55 top paying executives and only 0.75 of them are female. Results show that earnings before interest and taxes, and earnings before interest, taxes, depreciation and amortization are both significantly higher with 15–30% diversity and even higher with 30–50% diversity. After the Great Recession, hospitality companies significantly increased the percentage of females in top positions from 11.5 to 14.1%, while resorts increased female representation from 7.5 to 12.2% after the #metoo scandal. Originality/value To the best of the author’s knowledge, this is the first known study to evaluate gender diversity in top hospitality executives and not just female representation. This is also the first paper to evaluate the effect of the #metoo scandal on hospitality firms’ percentage of females in top executive positions.

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“…Commercial real estate is generally recognized as one such industry (Dimovski et al , 2016; Poon and Brownlow, 2016; Staffansson Pauli, 2016a, b; Warren and Antoniades, 2016). And while several recent articles consider the economic benefits gender diversity in senior management offers commercial real estate investors such as publicly-traded real estate investment trusts (Dimovski et al , 2014; Hogan and Huerta, 2019; Schrand et al , 2018), how gender bias and unintentional discrimination manifest themselves in the industry at large remain unresolved questions in need of further exploration (Antoniades and Warren, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Does the commercial real estate industry need “more pussy on the block?”

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2019

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Purpose In a controversial 2018 interview, commercial real estate mogul Sam Zell insinuated that companies should promote their employees based exclusively on merit and avoid purposefully taking steps to get “more pussy on the block” in the name of gender equality. The comment was criticized not only for its crassness, but also for its failure to recognize the challenges many women working in the commercial real estate industry face in their efforts to obtain the same opportunities, compensation and status as similarly-qualified men. In an effort to overcome these disparities, the purpose of this paper is to focus on the pervasiveness of second-generation gender bias and stereotyping in the field through a qualitative analysis. Design/methodology/approach Semi-structured interviews were conducted with 39 women serving as local chapter presidents of a prominent commercial real estate trade group to explore the impact of gender on their career advancement and their experiences with second-generation gender bias. Findings The findings suggest unintentional discrimination often influences women’s careers by drawing their communication skills, professional credibility and commitment to the organizations for whom they work into question. Originality/value The research contributes to the existing literature by offering additional evidence that unintentional discrimination is common in male-dominated industries, such as commercial real estate. It also provides clear examples of social cues women perceive to heighten tension along gender lines and impinge upon their ability to ascend to leadership positions.

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Gender diversity and financial performance: evidence from US REITs

Cited by 20 publications

References 34 publications

The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms

The Impact of Intangible Assets and Sub-Components of Intangible Assets on Sustainable Growth and Firm Value: Evidence from Turkish Listed Firms

How hospitality firm executive diversity affects firm performance

Does the commercial real estate industry need “more pussy on the block?”

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