Business Ethics, the Environment &Responsibility, Volume 31, Issue 4, Page 981-998, October 2022.

Social enterprises combine social and financial goals. Previous studies have theorized the existence of a dual objective and maintain that it can lead to conflicts and create trade-offs. While the literature on trade-offs is extensively developed, empirical evidence is lacking on how the intensity of trade-offs might vary among organizations. We fill the void by investigating the moderating effect of female directorship on the relationship between the social and financial goals of social enterprises. Using data on 1193 microfinance organizations (MFOs) (...) from 108 countries between 2007 and 2019, we find that a high proportion of women in the boardroom attenuates social-financial trade-offs. Further, our results show that the mitigating effect of female directorship on social-financial trade-offs is more pronounced in nonprofit MFOs, in unsubsidized MFOs, in the period since the recent microcredit crisis, and in countries where women are more empowered in terms of access to higher education, leadership positions, and employment opportunities. We attribute our findings to the distinctive skills, competences, and experiences of women, including an ethical social orientation, as well as their transformational and relational leadership style. The findings are supported by predictions based on resource dependence and leadership style theories. (shrink)

This study investigates the link between female board directors and company financial performance and agency costs in Sri Lanka's publicly listed companies. In order to investigate the impact of board gender diversity on firm financial performance, a dynamic panel generalised method of moment estimation is applied. Three variables are used as proxies for gender diversity of the board of directors, namely the percentage of women on the board, a dichotomous dummy and the Blau index. A Tobit model with endogenous (...) regressors is used to investigate the impact of female board members on agency cost, using growth opportunities as a measure of agency cost. After controlling for size, industry and other corporate governance measures, this study finds a significant negative relationship between the proportion of women on boards and firm value along with an increase in company agency cost. This evidence provides insights for governments and academic institutions in their efforts to provide resources that will help enhance women's leadership skills. (shrink)

Drawing on the similarity-attraction perspective and social identity theory, we argue that male versus female interlocking directors are likely to have different experiences when they work alongside female board directors of other firms. The theorized source of such experiences for male interlocking directors is in-group favoritism and/or a social identity threat-related discomfort. Interlocking female directors are theorized to be ambivalent between desiring social support versus experiencing identity threat-based career concerns. These experiences are predicted to motivate male versus female interlocking directors (...) in different ways to reduce or, conversely, to potentially facilitate female representation on focal boards. We additionally predict that economic crisis reduces the biases of male directors against appointing female directors to boards. We test our hypotheses based on a novel data set that includes 25,460 directors in Chinese A-share public companies with a sample of 27,058 firm-quarter observations for 1635 firms between 2006 and 2010 and find most of our hypotheses supported. (shrink)

In recent years, the US, UK, and Continental Europe have pursued board gender diversity through markedly different means. Several European countries have imposed mandatory quotas, whereas the UK and US are relying on the endogenous mechanisms of social pressure and shareholder proposals respectively. Despite their obvious allure as a means of bringing about rapid change, evidence is mounting that European board gender diversity quotas may yield various deleterious side effects; and quotas may not be as successful in their core aim (...) of promoting gender diversity as initial broad statistical measures indicated. In this paper we critique the European quota regime, and consider US shareholder proposals as an alternative change mechanism for improving gender diversity in corporate boards. We note the lack of shareholder representative democracy in Europe and conclude with the policy recommendation that, rather than extending quotas, European governments should focus on empowering shareholders. (shrink)

In recent years, the US, UK, and Continental Europe have pursued board gender diversity through markedly different means. Several European countries have imposed mandatory quotas, whereas the UK and US are relying on the endogenous mechanisms of social pressure and shareholder proposals respectively. Despite their obvious allure as a means of bringing about rapid change, evidence is mounting that European board gender diversity quotas may yield various deleterious side effects; and quotas may not be as successful in their core aim (...) of promoting gender diversity as initial broad statistical measures indicated. In this paper we critique the European quota regime, and consider US shareholder proposals as an alternative change mechanism for improving gender diversity in corporate boards. We note the lack of shareholder representative democracy in Europe and conclude with the policy recommendation that, rather than extending quotas, European governments should focus on empowering shareholders. (shrink)

Understanding the spread of national public policies to increase the percentage of women on boards is often presented using different types of institutional theory logic. However, the importance of the political games influencing these decisions has not received the same attention. In this article, we look beyond the institutional setting by focusing on the role of actors. We explore processes that include who the critical actors that drive and determine these policies are, and what motivates them to push (...) for change. We employ a processual design approach using a longitudinal country-comparative case study exploring the case of Norway, England, Germany and Italy. We map the political games, both inside and outside legislative areas, including the micro-politics among various actors and groups of actors in the selected countries. Data are collected through participation observations, interviews and text analyses. The study contributes by filling important gaps in the literature by embedding the discussion about women on boards in politicking and national public policies and by introducing dynamic perspectives. Finally, by using a processual design approach, we capture the reality of the women on board debates at different points of time and in different actor and motivational contexts. The study has consequences for how policy-makers and businesses may follow up and act, based on the debates. (shrink)

This paper analyzes the determinants of women’s representation on boards of directors based on a panel of all privately owned or listed Danish firms with at least 50 employees observed during the period 1998–2010. We focus on the directors who are not elected by the employees and test three hypotheses on female board representation that we denote the female-led hypothesis, the tokenism hypothesis, and the pipeline hypothesis, respectively. We find evidence rejecting the female-led hypothesis. Firms with a female (...) chairperson on the board of directors tend to have significantly fewer other non-employee-elected female board members. We also find clear evidence of a tokenism behavior in Danish companies. The likelihood of enlarging the share of non-employee-elected female board members is significantly smaller if one, two, or more women have sat on the board of directors. Finally, the pipeline hypothesis is partly confirmed. The relation between the female pipeline of potentially qualified directors and female directors is weaker than the similar relation for males. Our findings offer insights to policy makers interested in promoting gender diversity within boardrooms. Our empirical evidence suggests that an important way to increase the female proportion of non-employee-elected board members is that more women reach top executive positions. (shrink)

This article aims to improve the understanding of corporate governance and environmental reporting literature by analyzing the impact of board gender diversity (BGD) on environmental performance, environmental disclosure, and greenwashing behavior. The panel regression estimation technique with fixed effects was applied to Chinese firm data. As a result, it was found that more women who served on corporate boards enhanced the company's environmental performance and disclosures while limiting greenwashing behavior. The result indicated that women in top management (...) play a constructive role in establishing firms' active environmental initiatives. Furthermore, this relationship was nonlinear and exponentially increased when women's representation reached the threshold of 33.5% representation on board or higher. Based on the findings, no internal bias was found even after other governance and firm-level control factors and probable endogenies were considered and variable biases were omitted. Notably, the results present important implications for regulators and policymakers by highlighting the influential role of BGD in promoting environmentally responsible practices and reducing greenwashing. (shrink)

In this study, I examine the effectiveness of a national board gender diversity disclosure requirement, which is, arguably, on the “soft” end of the continuum of boardroom interventions. Using a panel dataset of 1847 hand-collected corporate disclosures from 2015 to 2018, I perform a post-event, historical trend analysis of the efficacy of Canada's 2014 intervention. I find evidence of real progress in the 4 years following intervention against several benchmarks. Specifically, improvements in critical mass are documented, with the proportion of (...) boards with three of more women reaching 18.8% in 2018. Tokenism remains an issue with very little change in the number of Canadian boards with only one woman. Further analyses using a sorting methodology and panel regression analysis reveal that progress toward board gender diversity is achieved by those with board gender targets, board seat renewal policies, and written board diversity policies. In addition, I find that larger companies achieve greater progress and that progress is clustered by industry. (shrink)

This study examined the relationship between the proportion of women serving on firms' boards of directors and the extent to which these same firms engaged in charitable giving activities. Using a sample of 185 Fortune 500 firms for the 1991-1994 time period, the results provide strong support for the notion that firms having a higher proportion of women serving on their boards do engage in charitable giving to a greater extent than firms having a lower proportion (...) of women serving on their boards. Further, the results suggest a link between the percentage of women on boards and firm philanthropy in the areas of community service and the arts, but found no link between women boardmembers and firm giving to support education or public policy issues. The implications of the findings and some areas for future research are discussed. (shrink)

How do a country’s basic institutions enable or hinder women’s rise to the boards of public companies? The study evaluates this question with reference to the five basic institutions that research suggests are common across all countries: family, education, economy, government, and religion. The study draws on a sample, which consists of 23 countries, and the study is framed in neo-institutional theory. In analyzing the role of these institutions, the article seeks to understand better the relationships between specific (...) institutions and the share of board seats held by women. The results suggest that four of the five basic institutions are related to the share of board seats women hold. Family, education, economy, and government influence women’s rise to the board; however, religion does not influence women’s rise to the corporate board of directors. (shrink)

The current literature shows great interest in the issue of gender diversity on boards of directors. Some studies have hypothesized a direct relationship between diversity and the value of the firm, but not many examine the intermediate mechanisms that may exert an influence on such relationships. We employ two stages of GMM estimation methodology to exhibit evidences of the relationship between gender diversity and compensation of top managers in the Spanish context. Results show that gender diversity positively affects the (...) effectiveness of boards—in terms of composition, structure, size and functioning—influencing a proper design of top managers compensation linked to company performance. Evidences suggest that legislative actions aimed at increasing the presence of women on boards of directors are justified not only for ethical reasons, but also for reasons of economic efficiency. (shrink)

This research reports the results of a study of women serving on boards of directors of Canadian private and public sector organizations. These women (N = 278) were an impressive and talented group (eduction, professional designations). In addition, they brought a variety of backgrounds and expertise to their director responsibilities. Most were nominated as a result of recommendations from current board members, CEOs, or someone who knew board members or CEOs. Thus personal relationships (the old boy's network) (...) as well as track records and appropriate expertise were important factors in board nominations. Women directors thought they had some influence on women's issues with their boards and board companies. A majority believed that board members should be more diverse, including more women and fewer male CEOs. However they indicated several barriers faced by women in being selected and nominated for board appointments. (shrink)

Increasing the participation of women in top-level corporate boards is high on the agenda of policy-makers. Yet, we know little about director appointment dynamics and the drivers and impediments of women appointments. This study builds on organizational and group-level behavior theories and empirically investigates how ex-ante board structures and gender-specific board dynamics impact the representation of women on corporate boards. We study boards of listed firms in Europe between 2002 and 2019 and find a (...) declining appointment probability for every additional woman, i.e., the share of women already on the board negatively predicts the likelihood of additional women appointments. Further, we find evidence of a replacement effect, i.e., the likelihood of a woman being appointed as director is significantly larger when a woman, compared to when a man, leaves the board. We do not find spillover effects from non-executive to executive boards. These results are robust to econometric model specifications that address potential endogeneity concerns using matching and instrumental variables. Our results confirm that board director appointments are gender specific and suggest that demand-side factors such as explicit and implicit norms drive women appointments up to a certain threshold. (shrink)

In this article we explore the influences upon the proportion of women on a country’s corporate boards. Using a conceptual framework that builds uponnational business systems theory, we investigate the extent to which national economic, cultural, political and social institutions explain cross-country variationin the gender composition of corporate elites. In the context of a sample drawn from over 40 countries, our empirical analysis shows that such institutionscollectively explain approximately two-thirds of the variance between countries in the percentage of (...) women on their corporate boards. Specifically, our findingsshow that economic and cultural factors play a particularly important role in shaping the gender balance of boards in comparison to political and social factors. (shrink)

The European Commission has recently proposed the introduction of legally binding quotas for women on corporate boards of European companies. This proposal has put the spotlight on the question of whether increasing female representation on the board brings economic benefits to the firm. In order to shed light on the issue, this study investigates the direct and indirect effects of women on the board on firm value. We use a simultaneous equation model to estimate the effects of (...) women on the board on firm value, financial performance, and compliance with ethical and social principles adopted by the firm. We find no evidence that a higher female representation on the board directly affects firm’s value. However, we find indirect effects. Women on the board are positively related with financial performance (measured in terms of return on assets and return on sales) and with ethical and social compliance, which in turn are positively related with firm value. The findings in this study suggest that greater female representation on corporate boards of large European firms can increase firm value indirectly. Further, part of the indirect effect comes from stronger compliance with ethical principles, something that is not captured by accounting-based financial performance. (shrink)

Has the diversity of corporate boards of directors improved? Should it? What role does diversity play in reducing corporate wrongdoing? Will diversity result in a more focused board of directors or more board autonomy? Examining the state of Tennessee as a case study, the authors collected data on the board composition of publicly traded corporations and compared those data to an original study conducted in 1995. Data indicate only a modest improvement in board diversity. This article discusses reasons for (...) the scarcity of women on boards and concludes that, to enhance strategic decisions, board membership should reflect the corporation''s consumer population. Thus, women are a critical but overlooked resource. Areas for future research are also considered. (shrink)

Companies that are serious about corporate governance and business ethics are turning their attention to gender diversity at the most senior levels of business . Board gender diversity has been the subject of several studies carried out by international organizations such as Catalyst , the World Economic Forum , and the European Board Diversity Analysis . They all lead to reports confirming the overall relatively low proportion of women on boards and the slow pace at which more (...) class='Hi'>women are being appointed. Furthermore, the proportion of women on corporate boards varies much across countries. Based on institutional theory, this study hypothesizes and tests whether this variation can be attributed to differences in cultural settings across countries. Our analysis of the representation of women on boards for 32 countries during 2010 reveals that two cultural characteristics are indeed associated with the observed differences. We use the cultural dimensions proposed by Hofstede to measure this construct. Results show that countries which have the greatest tolerance for inequalities in the distribution of power and those that tend to value the role of men generally exhibit lower representations of women on boards. (shrink)

Although we can observe noticeable progress in gender diversity on corporate boards, these boards remain far from gender balanced. Our paper builds on social identity theory to examine the impact of corporate elites—men and women who sit on multiple corporate boards—on board diversity. We extend the main argument of social identity theory concerning favouritism based on homophily by suggesting that boards with men with multiple appointments are unwilling to include female board members to protect the (...) monopoly value generated by their elite status. The empirical analysis, based on DAX 30 firms in the period of 2010–2015, shows that the presence of multi-board men is negatively associated with women’s participation, while the presence of multi-board women and other women on management boards is positively related to gender diversity on boards. Furthermore, robustness tests support and confirm our conclusion that multi-board men have a significant association with board diversity, even with small size. Additionally, we find a significant effect arising from pressure related to the introduction of gender quotas in Germany, effective in 2016, indicating the effectiveness of gender quota policies for board gender diversity. (shrink)

This study examines the influence of women on the boards of directors of National Health Service Foundation Trusts in England. FTs provide a public service where social performance is the primary objective, although financial constraints must be met. Female presence is higher for executive directors than non-executives, reflecting the high number of women employed in the sector. We find that a high female presence among executive and non-executive directorships does not result in significant differences either in financial (...) return or service quality. When gender diversity on boards is consistently high, the benefits on performance of having more women on the board may not be discernible. However, female Chairs or Chief Executives result in significant reductions in negative social outcomes, such as lower clinical negligence costs, without harming financial management. The findings of this study, carried out in a context of high female presence and where a woman frequently occupies one of the two most influential board positions, Chair and Chief Executive, have implications for gender diversity and gender targets on the boards of directors in business and other sectors. (shrink)

Although previous studies focus on the role of women in the boardroom and corporate response to natural disasters, none evaluate how women directors influence corporate philanthropic disaster response (CPDR). This study collects data on the philanthropic responses of privately owned Chinese firms to the Wenchuan earthquake of May 12, 2008, and the Yushu earthquake of April 14, 2010. We find that when at least three women serve on a board of directors (BOD), their companies’ responses to natural (...) disasters are more significant. Age diversity among women on BODs as well as good corporate profitability (e.g., high earnings per share) positively moderates the relationship between women on BODs and CPDR. (shrink)

Prior research that analyses the cross-firm variation in the prevalence of women on corporate boards has tended to emphasise the importance of firm and industry-level factors, such as firm size, the quality of corporate governance, and the proximity to final consumers. In contrast, very little research has explored the role of national institutional factors for this important phenomenon. In this study, we explore the relative importance of country, industry, and firm-level factors in explaining the cross-firm variation in the (...) proportion of directorships occupied by female directors. Findings indicate that while all levels of influence are significant, country-level effects are a highly-important and under-researched antecedent of the presence of women on corporate boards. (shrink)

Prior research that analyses the cross-firm variation in the prevalence of women on corporate boards has tended to emphasise the importance of firm and industry-level factors, such as firm size, the quality of corporate governance, and the proximity to final consumers. In contrast, very little research has explored the role of national institutional factors for this important phenomenon. In this study, we explore the relative importance of country, industry, and firm-level factors in explaining the cross-firm variation in the (...) proportion of directorships occupied by female directors. Findings indicate that while all levels of influence are significant, country-level effects are a highly-important and under-researched antecedent of the presence of women on corporate boards. (shrink)

Academic debate on the strategic importance of women corporate directors is widely recognized and still open. However, most corporate boards have only one woman director or a small minority of women directors. Therefore they can still be considered as tokens. This article addresses the following question: does an increased number of women corporate boards result in a build up of critical mass that substantially contributes to firm innovation? The aim is to test if ‘at least (...) three women’ could constitute the desired critical mass by identifying different minorities of women directors (one woman, two women and at least three women). Tests are conducted on a sample of 317 Norwegian firms. The results suggest that attaining critical mass – going from one or two women (a few tokens) to at least three women (consistent minority) – makes it possible to enhance the level of firm innovation. Moreover, the results show that the relationship between the critical mass of women directors and the level of firm innovation is mediated by board strategic tasks. Implications for both theory and practice, and future research directions are discussed. (shrink)

This study examines the presence and roles of female directors of U.S. Fortune 500 firms, focusing on committee assignments and director background. Prior work from almost two decades ago concludes that there is a systematic bias against females in assignment to top board committees. Examining a recent data set with a logistic regression model that controls for director and firm characteristics, director resource-dependence roles and interaction between director gender and director characteristics, we find that female directors are less likely than (...) male directors to sit on executive committees and more likely than male directors to sit on public affairs committees. There is little if any evidence of systematic gender bias in director assignment to other board committees. We find some evidence that boards evaluate resource dependence differently for women than men. (shrink)

Appointment as a director of a company board often represents the pinnacle of a management career. Worldwide, it has been noted that very few women are appointed to the boards of directors of companies. Blame for the low numbers of women of company boards can be partly attributed to the widely publicized "glass ceiling". However, the very low representation of women on company boards requires further examination. This article reviews the current state of (...) class='Hi'>women's representation on boards of directors and summarizes the reasons as to why women are needed on company boards. Given that more women on boards are desirable, the article then describes how more women could be appointed to boards, and the actions that organizations and women could take to help increase the representation of women. Finally, the characteristics of those women that have succeeded in becoming members of company boards are described from an international perspective. Unfortunately, answers to the vexing question of whether these women have gained board directorships in their own right as extremely competent managers, or whether they are mere token female appointments in a traditional male dominated culture, remains elusive. (shrink)

This study examines the influence of women’s board representation on the proportion of women senior managers in the United Kingdom (UK) from 1999 to 2019. We take a multi-theoretic approach, drawing on the trickle-down effect, critical mass theory, and agency theory, to explore several aspects of this topic. We find that more women on boards is associated with more women in senior management as suggested by the trickle-down perspective. We also find support for a critical (...) mass effect; while one or two women on a board is beneficial for advancing women into senior management, three or more women directors is more advantageous. Consistent with agency theory expectations, the relationship between women on boards and senior management gender diversity is driven almost entirely by women in non-executive, rather than executive, board positions, presumably as a result of the relative independence non-executive directors have compared to their executive director counterparts. Our study suggests that increasing women’s board appointments is a potential solution to the underrepresentation of women senior managers and may assist in building a pipeline for future CEO and board appointments. (shrink)

We show unintended consequences of quota regulations to get women on boards. Board members may have different characteristics, and even among women, there are variations. We assume that the characteristics of the board members have an influence on their contributions to boards, to businesses as well as to society. In this paper, we argue that different types of societal pressure to get women on boards have an influence on the social capital characteristics of the (...) women getting multiple board memberships. The paper is drawing on institutional theory and social capital theory, and we distinguish between mimetic, normative, and coercive types of pressure. Through a cluster analysis of 58 Italian “golden skirts”, we show that different types of societal pressure may lead to differences in social capital characteristics. The study has implications for the ongoing international debate about women and diversity on boards, and we propose developing a pressure theory for getting women on boards. (shrink)

This study investigates the effect of country-level emancipative forces on corporate gender diversity around the world. Based on Welzel’s theory of emancipation, we develop an emancipatory framework of board gender diversity that explains how action resources, emancipative values and civic entitlements enable, motivate and encourage women to take leadership roles on corporate boards. Using a sample of 6390 firms operating in 30 countries around the world, our results show positive single and combined effects of the framework components on (...) board gender diversity. Our research adds to the existing literature in a twofold manner. First, our integrated framework offers a more encompassing, complete and theoretically richer picture of the key drivers of board gender diversity. Second, by testing the framework empirically, we extend the evidence on national drivers of board gender diversity. (shrink)

This study examines the presence and roles of female directors of U.S. Fortune 500 firms, focusing on committee assignments and director background. Prior work from almost two decades ago concludes that there is a systematic bias against females in assignment to top board committees. Examining a recent data set with a logistic regression model that controls for director and firm characteristics, director resource-dependence roles and interaction between director gender and director characteristics, we find that female directors are less likely than (...) male directors to sit on executive committees and more likely than male directors to sit on public affairs committees. There is little if any evidence of systematic gender bias in director assignment to other board committees. We find some evidence that boards evaluate resource dependence differently for women than men. (shrink)

This article explores how the diversity of board resources and the number of women on boards affect firms' corporate social responsibility (CSR) ratings, and how, in turn, CSR influences corporate reputation. In addition, this article examines whether CSR ratings mediate the relationships among board resource diversity, gender composition, and corporate reputation. The OLS regression results using lagged data for independent and control variables were statistically significant for the gender composition hypotheses, but not for the resource diversitybased hypotheses. CSR (...) ratings had a positive impact on reputation and mediated the relationship between the number of women on the board and corporate reputation. (shrink)

We present results from a study about women and employee-elected board members, and fill some of the gaps in the literature about their contribution to board effectiveness. The empirical data are from a unique data set of Norwegian firms. Board effectiveness is evaluated in relation to board control tasks, including board corporate social responsibility (CSR) involvement. We found that the contributions of women and employee-elected board members varied depending on the board tasks studied. In the article we also (...) explored the effects of the esteem of the women and employee-elected board members, and we used creative discussions in the boardroom as a mediating variable. Previous board research, including research about women and employee-elected directors, questions if the board members contribute to board effectiveness. The main message from this study is that it may be more important to ask how, rather than if, women and employee-elected board members contribute, and we need to open the black box of actual board behavior to explore how they may contribute. (shrink)

In this article, we use a sample of Norwegian quoted companies in the period of 2001–2010 to explore whether the gender quota requiring 40 % female directors on corporate boards changes the likelihood of women being appointed to top leadership roles as board chairs or corporate CEOs. Our empirical results indicate that the gender quota and the resulting increased representation of female directors provide a fertile ground for women to take top leadership positions. The presence of female (...) board chairs is positively associated with female directors’ independence status, age and qualification, whilst the presence of female CEOs is positively related to the average qualification of female directors. Firms with older and better educated female directors are more likely to appoint female board chairs. The likelihood of female CEOs’ appointment increases with the percentage of independent directors and directors’ qualifications, especially those for female directors. Furthermore, the gender gaps with respect to qualification, board interlocks and nationality between female and male board chairs vanishes after Norwegian companies’ full compliance to the quota in January 2008. However, the gender quota has no significant impact on the gender gaps between female and male directors after its full compliance. Our article thereby contributes to understanding how gender quotas, presence of female directors, percentage of female directors on boards and other board characteristics can determine the gender of top leaders of organizations. (shrink)

In this article, we examine the factors determining the representation of women on boards of directors by considering three main questions. The first question deals with the relationship between characteristics of ownership and governance on one side, and female directorship on the other. The second major question concerns the demographic attributes of women directors, such as nationality, foreign experience, educational level, business expertise, and connections to external sources. The third important question refers to women in senior (...) positions on French boards (e.g., as independent members or board subcommittee members) in relation to firm characteristics and women’s demographic attributes. Our study focuses on French large- and mid-capitalized companies belonging to the SBF120 stock market index during a 5-year period running from 2000 to 2004. First, our results give evidence that the appointment of women directors is strongly related to family ownership and board or firm size. Second, the appointment of women directors is related to their professional services, valuable skills, and network links. Furthermore, we show that women face a double glass-ceiling problem, and note that French firms rely more on the demographic attributes of their women directors when they are appointed to senior board positions. Our study sheds light on issues concerning the law that comes into force in 2016, which imposes quotas of women members on boards of directors in French companies. (shrink)

Scholars know relatively little about the potential impact of women's movements on gender diversity in the corporate world. We aim to fill this gap in the literature by providing the first empirical analysis of the relationship between women's movements and female representation on boards of directors. Drawing on political process theory, we argue that the strength of a women's movement is positively associated with its ability to increase the number of women on corporate boards. (...) Moreover, we posit that the effect of women's movements on female board representation is moderated by corporate opportunity structures, that is, attributes of firms that make them more or less receptive to social movement activities. Three firm characteristics are particularly relevant in the context of boardroom gender diversity: reputation-seeking behavior, commitment to corporate social responsibility, and political orientation. Using firm-fixed effects models to analyze data on more than 2000 companies from 10 countries over a period of 10 years, we find support for three of our four hypotheses. Theoretical and practical implications are discussed. (shrink)

Over the past 20 years or so, a small but growing literature has emerged with the aim of modeling agents who are unaware of certain things. In this paper we compare two different approaches to modeling unawareness: the object-based approach of Board and Chung (Object-based unawareness: theory and applications. University of Minnesota, Mimeo, 2008) and the subjective-state-space approach of Heifetz et al. (J Econ Theory 130: 78-94,2006). In particular, we show that subjectivestate-space models (henceforth HMS structures) can be embedded within (...) object-based models (henceforth OBU structures), demonstrating that the latter are at least as expressive. As long as certain restrictions are imposed on the form of the OBU structure, the embedding can also go the other way. A generalization of HMS structures (relaxing the partitional properties of knowledge) gives us a full converse. (shrink)

A growing body of ethics research investigates gender diversity and governance on corporate boards, at individual and firm levels, in single country studies. In this study, we explore the environmental context of female representation on corporate boards of directors, using data from 43 countries. We suggest that women's representation on corporate boards may be shaped by the larger environment, including the social, political and economic structures of individual countries. We use logit regression to conduct our analysis. (...) Our results indicate that countries with higher representation of women on boards are more likely to have women in senior management and more equal ratios of male to female pay. However, we find that countries with a longer tradition of women's political representation are less likely to have high levels of female board representation. (shrink)

Following resource-based and complementary asset perspectives, this paper examines the effects of board and management resources on corporate social responsibility in a sample of large Australian public firms. Specifically, this study posits that outside directors and women on boards are complementary in that their multiplicative effect incrementally influences CSR above their individual, independent effects. The hypothesis is confirmed. Further, the study tests the interactive effect of a senior CSR manager, determining the independent and complementary effects of managerial resources (...) upon board resources. The results suggest that a senior CSR manager has both an independent and complementary effect, offering support for the hypotheses. The findings offer some confirmation of resource-based theory, demonstrating that board resources can be complementary within the boardroom context and complementary to management in positively affecting firm outcomes. (shrink)

Recent corporate governance literature on gender diversity within boards has linked the effect of an increase in gender diversity to the firm’s corporate reputation. This paper analyzes the media impact of appointing new directors of Spanish companies at a particularly significant moment, during the period from 2007 to 2010, just a year before and 3 years after the Gender Equality Act was passed. By analyzing female and male board nominations in Spanish IBEX-35 companies, the paper examines whether appointing a (...) female does have greater visibility than appointing a male, and thus a potential signaling effect for corporate stakeholders and an effect on the firm’s reputation. Results indicate that the effect on press visibility of appointing a female versus a male is negligible, although there is significant media visibility for new executive directors, in particular for the case of the only woman nominated as an executive director during the period. The paper contributes to the existing literature on gender diversity in corporate governance, specifically its effect on corporate reputation. The paper also offers information relevant to policy making and in particular to the current debate over quotas for women on boards. (shrink)

This study investigated how female directors of corporate boards of directors (BoD) experience boardroom dynamics. The study represents an initial research trend that moves from a unilateral focus on financial outcomes of female representation in BoDs toward stronger attention on the social dynamics in the boardroom. Drawing on social identity theory, the study proposed that female directors often constitute an out-group within the BoD, preventing them from experiencing positive board dynamics. More specifically, the study explored the extent to which (...) female directors do experience less justice, lower cohesion, and higher levels of conflicts within the BoD than their male counterparts do. Moreover, we assumed that female directors with nontraditional educational backgrounds would be particularly likely to experience negative boardroom dynamics whereas female chairpersons of BoDs would perceive boardroom dynamics more positively than other female directors. The sample consisted of 491 directors from 149 BoDs. Our findings revealed that there were generally few differences in the way female and male directors experienced boardroom dynamics and female chairpersons of BoDs did not perceive the dynamics differently than other female directors. Female directors with nontraditional educational backgrounds perceived the boardroom dynamics somewhat more negatively than other female directors, but the differences were not statistically significant. The conclusions from this study are that there are reasons to believe that female directors are welcomed into boardrooms, not perceived as out-groups, and BoDs are able to benefit from the female directors’ experience and skills. (shrink)

This article investigates the gender diversity of the corporate board of European Union banks. Employing a large sample of 612 European banks from 20 European countries, it identifies organizational characteristics that could be predictive of women’s presence on bank boards. We identify three factors that play a particularly important role in defining bank board gender diversity. First, the proportion of women on the board is higher for lower-risk banks. We argue that there may be some statistical discrimination (...) behind this relation, although it could also be explained by a real risk-aversion hypothesis. Second, banks with larger boards have a higher proportion of women on their boards, which could be considered a signal of some kind of preference for homogeneity on small boards. Finally, banks that have a growth orientation are more prone to include women on their board, since they may be seen as providers of diverse external resources that are more valued by firms operating under critical circumstances. (shrink)

Although more women continue to enter the medical profession, disparities between the sexes in academic medicine persist. This “gender gap” has implications for academic advancement. In 2006, Jagsi and colleagues reported that, although the proportion of women among first and last authors in the United States had significantly increased since 1970, women still represented a minority of the authors of original research and guest editorials in six prominent medical journals.1 In a related 2008 study, Jagsi and colleagues (...) found a substantial increase in women’s representation on editorial boards and as editors-in-chief of several prominent journals.2 We collected more recent data about the gender distribution of authors, members of editorial boards, and peer reviewers for prominent medical journals. Using data from 2010-2011, we determined the proportion of women who were authors of original research or guest editorials, members of editorial boards, or reviewers at six major general medical journals: the Annals of Internal Medicine (Ann Intern Med), the British Medical Journal (BMJ), JAMA, JAMA Internal Medicine, the Lancet, and the New England Journal of Medicine (NEJM). (shrink)