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Do Women in Top Management Affect the Value and Performance of Brazilian Firms?

Author

Listed:
  • André Luiz Carvalhal da Silva

    (Pontifícia Universidade Católica do Rio de Janeiro)

  • Helena Margem

    (Fundação Getulio Vargas)

Abstract

This study analyzes if the presence of women on boards of directors and in top executive positions has impact on firm value and performance. The international literature shows that there is not a unique and defined relation between female participation on boards of directors and top executive positions and firm value and performance. Some studies show a positive effect of the female participation, whereas others present a negative or no significant relation. This work studies the female influence on firm value and performance in Brazil. The analysis of 383 publicly traded companies from 2002 to 2009 indicates that the relationship between the presence of women in top management, firm value and performance is, in general, not statistically significant in Brazil. However, in some econometric models, companies with at least two women in the board of directors tend to have higher value and better performance.

Suggested Citation

  • André Luiz Carvalhal da Silva & Helena Margem, 2015. "Do Women in Top Management Affect the Value and Performance of Brazilian Firms?," Brazilian Review of Finance, Brazilian Society of Finance, vol. 13(1), pages 103-133.
    • Handle: RePEc:brf:journl:v:13:y:2015:i:1:p:103-133
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    More about this item

    Keywords

    Women; Board of directors; Executive position; Firm value and performance; Brazil;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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