Sustainability of Financial Performance in Relation to Gender Diverse Boards: A Comparative Analysis of French and Romanian Listed Companies on Stock Exchanges

Suciu, Anda Adelina; Păun, Dragoș; Duma, Florin

doi:10.3390/su131810282

Cited by 8 publications

(5 citation statements)

References 40 publications

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“…Pengungkapan sosial berfokus pada kegiatan operasi perusahaan mempengaruhi komunitas dan sistem sosial di daerah tempat mereka beroperasi. Selain memaksimalkan kesejahteraan masyarakat, juga mengharuskan perusahaan untuk bersikap adil dan memberikan kualitas yang baik dan manfaat jangka panjang lainnya bagi pelanggan (Suciu et al, 2021) Pengungkapan tata kelola terdiri dari strategi manajemen yang berorientasi pada pemangku kepentingan dan pemegang saham. Perusahaan akan mendapat manfaat dari penerapan tata kelola ketika mereka dapat "walk the walk" dengan menerapkan tata kelola secara serius untuk mencapai hasil sustainability yang unggul (Wang & Sarkis, 2017).…”

Section: 4unclassified

Menuju Sustainability: Apakah Lingkungan, Sosial dan Tata Kelola berdampak pada Kinerja Keuangan?

Astuti

Mediyanti

Eliana

et al. 2023

JAA

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This study aims to assess the impact of Sustainability (sustainability) consisting of environmental, social and governance on the company's financial performance as measured by ROA and ROCE. This research uses a quantitative approach to manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2017-2021. A total of 13 companies were selected using the purposive sampling method, so that 65 sample data were obtained. The analysis method used in this study is a regression analysis of panel data. The results showed that environmental disclosure did not have an effect on ROA but environmental disclosure had a positive but not significant effect on ROCE. Social disclosure has a positive and significant effect on ROA. Social disclosure has no effect on ROCE. Governance disclosure has a positive and significant effect on ROA but governance disclosure has no effect on ROCE. High environmental disclosures will degrade the company's financial performance. Creating good environmental sustainability requires high costs and modern technology that will reduce the company's profits. Increasing corporate social disclosure, the company's financial performance will also increase. Disclosure of good corporate governance will lead to the achievement of good CSR outcomes so that it will contribute to good financial performance.

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Section: 4unclassified

Menuju Sustainability: Apakah Lingkungan, Sosial dan Tata Kelola berdampak pada Kinerja Keuangan?

Astuti

Mediyanti

Eliana

et al. 2023

JAA

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“…Behavioral differences between women and men directors are related to the essence of this theory and regardless of their psychological, cognitive nature, or system of values and beliefs will determine the characteristics of the boards and the executives' directors. us, women leaders care more about others by showing much empathy and a weaker desire for power, which may predict that a multi-women board and executive committee would seek to consider the interests of all stakeholders, which would lead to decisions harmonized with this behavior [13,53]. Based on this theory, the group of executives should be more closely examined and analyzed because its members act as a bridge between the organization and the external environment and their choices and decisions are likely to influence the policies and strategies of performance and sustainable development [54][55][56].…”

Section: Upper Echelonmentioning

confidence: 99%

“…A significant effect of the Romanian corporate governance practices on the financial performance measured by ROE, EVA, and TSR cannot be proven, as Pintea et al [68] found, but a significant and positive link was revealed in the case of the financial performance measured by Tobin's Q factor. Suciu et al [53] in a dynamic comparative analysis aimed to examine how the gender diversity of boards of directors affects the financial performance of financial companies in France and Romania.…”

Section: Corporate Governance and Business Performance Inmentioning

confidence: 99%

“…e composition, structure, but also functions of the board of directors can vary from one country to another, from one governance model to another. On the other hand, it is relevant to mention that some countries have a unitary system of corporate governance, others have a dual system, and some, such as Romania, allow companies to choose between the two systems [53]. Most Romanian companies have opted for a two-tier model.…”

Section: Corporate Governance and Business Performance Inmentioning

confidence: 99%

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The Complexity of Interaction between Executive Board Gender Diversity and Financial Performance: A Panel Analysis Approach Based on Random Effects

2022

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This study examined the influence of the executive board of directors’ gender diversity on the financial performance of listed companies on the Bucharest Stock Exchange, for the period 2011 to 2019. The analysis of the composition and different characteristics of the board and the executive directors proved to be effective tools for corporate governance in countries with an emerging capital market. Therefore, a disclosure index on directors’ characteristics was used to moderate the interaction between gender diversity and financial performance, based on the theoretical framework provided by upper echelon theory. The study contributes to the enrichment of the literature both by using the composite indicator built by applying the multiway PCA method on panel data to express financial performance and by designing the ten EGLS panel models involving five financial indicators and two proxies for gender diversity. The results showed that there is a positive impact of the proportion of women on the executive board of directors on financial performance, measured through the composite index, ROA, ROE, and SOL. A statistically significant impact of gender diversity on financial performance was found only for SOL, in the case of the Blau index. Also, using the random-effects model to perform the panel data analysis, the results showed that a higher executive board size can be associated with better financial performance measured through the composite index, ROA, ROE, and EPS. Practical implications are significant for the board of executives’ composition, the complexity of the relationship with the board, and reshaping governance practices.

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“…Alternatively, CEO duality can have a positive impact as per the stewardship theory. This theory assumes that the CEO performs duties as a good steward with a more robust and flexible corporate leadership structure, enhancing managerial efficiency, and positively impacting the firm's sustainable performance [27,28]. In addition, the CEO would be expected to have greater knowledge of the firm and its industry than an external chair [29], so they have a greater commitment to the firm, and thereby, provide greater insider representation to the firm [30].…”

Section: Introductionmentioning

confidence: 99%

Gender Diversity and Firms’ Sustainable Performance: Moderating Role of CEO Duality in Emerging Equity Market

Chengpeng

Husnain²,

Ullah

et al. 2022

Sustainability

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The objective of the study is to investigate the impact of female representation on boards and female CEOs on firms’ sustainable performance in the context of an emerging economy. We also introduce the CEO duality as a moderator variable between sustainable firm performance and board gender diversity. For this purpose, the study uses a panel data sample from 2005 to 2020 for non-financial listed firms in Pakistan. We use the firm’s operational self-sufficiency for the sustainable performance of firms. For robustness, the study also uses other accounting-based and market-based proxies. We apply the static (fixed and random effect) and dynamic panel estimation (GMM) techniques to deal with the heterogeneity and dynamic endogeneity issues in panel data estimation. The finding shows a significant positive impact of female directors on board and female CEOs on sustainable performance, whereas CEO duality does not moderate this relationship. Furthermore, we find that CEO duality has a significant negative impact on firms’ sustainable performance, which supports the agency theory hypothesis. The study also controls corporate board level factors, including board size and board independence, and uses leverage, firm size, capital expenditure, and tangible assets as firm-level control. The results also reveal that board size and board independence have a significant positive impact on firms’ sustainable performance. Furthermore, firm size, tangibility, and firm age have a significant positive, whereas leverage and capital expenditure have a negative impact on firms’ sustainable performance. Finally, the study has policy implications for stakeholders.

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Sustainability of Financial Performance in Relation to Gender Diverse Boards: A Comparative Analysis of French and Romanian Listed Companies on Stock Exchanges

Cited by 8 publications

References 40 publications

Menuju Sustainability: Apakah Lingkungan, Sosial dan Tata Kelola berdampak pada Kinerja Keuangan?

Menuju Sustainability: Apakah Lingkungan, Sosial dan Tata Kelola berdampak pada Kinerja Keuangan?

The Complexity of Interaction between Executive Board Gender Diversity and Financial Performance: A Panel Analysis Approach Based on Random Effects

Gender Diversity and Firms’ Sustainable Performance: Moderating Role of CEO Duality in Emerging Equity Market

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