Does board gender diversity have a financial impact? Evidence using stock portfolio performance.

Chapple, Larelle & Humphrey, Jacquelyn E. (2013) Does board gender diversity have a financial impact? Evidence using stock portfolio performance. Journal of Business Ethics.

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Abstract

There is growing regulatory pressure on firms worldwide to address the under-representation of women in senior positions. Regulators have taken a variety of approaches to the issue. We investigate a jurisdiction that has issued recommendations and disclosure requirements, rather than implementing quotas. Much of the rhetoric surrounding gender diversity centres on whether diversity has a financial impact. In this paper we take an aggregate (market-level) approach and compare the performance of portfolios of firms with gender diverse boards to those without. We also investigate whether having multiple women on the board is linked to performance, and if there is a within-industry effect. Overall, we do not find evidence of an association between diversity and performance. We find some weak evidence of a negative correlation between having multiple women on the board and performance, but that in some industries diversity is positively correlated with performance.

Impact and interest:

3 citations in Scopus
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7 citations in Web of Science®

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ID Code: 62119
Item Type: Journal Article
Refereed: Yes
Keywords: Gender diversity, Corporate governance, Financial performance
DOI: 10.1007/s10551-013-1785-0
ISSN: 1573-0697
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > MARKETING (150500)
Australian and New Zealand Standard Research Classification > PHILOSOPHY AND RELIGIOUS STUDIES (220000) > APPLIED ETHICS (220100)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Deposited On: 28 Aug 2013 03:55
Last Modified: 03 Jun 2014 05:48

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