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Female board appointments and firm valuation: short and long-term effects

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  • Kevin Campbell

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  • Antonio Minguez Vera

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s10997-009-9092-y
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Management & Governance.

    Volume (Year): 14 (2010)
    Issue (Month): 1 (February)
    Pages: 37-59

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    Handle: RePEc:kap:jmgtgv:v:14:y:2010:i:1:p:37-59

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    Web page: http://www.springerlink.com/link.asp?id=102940

    Related research

    Keywords: Women; Board of directors; Market reaction; G30; G34; G38;

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    References

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    1. Nina Smith & Valdemar Smith & Mette Verner, 2005. "Do Women in Top Management Affect Firm Performance? A Panel Study of 2500 Danish Firms," CIE Discussion Papers 2005-03, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
    2. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
    3. Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999. "Understanding the determinants of managerial ownership and the link between ownership and performance," Journal of Financial Economics, Elsevier, vol. 53(3), pages 353-384, September.
    4. James Andreoni & Lise Vesterlund, 2001. "Which Is The Fair Sex? Gender Differences In Altruism," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 293-312, February.
    5. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
    6. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    7. Sylvain Friederich & Alan Gregory & John Matatko & Ian Tonks, 2002. "Short-run Returns around the Trades of Corporate Insiders on the London Stock Exchange," European Financial Management, European Financial Management Association, vol. 8(1), pages 7-30.
    8. Eisenberg, Theodore & Sundgren, Stefan & Wells, Martin T., 1998. "Larger board size and decreasing firm value in small firms," Journal of Financial Economics, Elsevier, vol. 48(1), pages 35-54, April.
    9. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    10. Farrell, Kathleen A. & Hersch, Philip L., 2005. "Additions to corporate boards: the effect of gender," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 85-106, March.
    11. Nowell, Clifford & Tinkler, Sarah, 1994. "The influence of gender on the provision of a public good," Journal of Economic Behavior & Organization, Elsevier, vol. 25(1), pages 25-36, September.
    12. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    13. Brown-Kruse, Jamie & Hummels, David, 1993. "Gender effects in laboratory public goods contribution : Do individuals put their money where their mouth is?," Journal of Economic Behavior & Organization, Elsevier, vol. 22(3), pages 255-267, December.
    14. Jianakoplos, Nancy Ammon & Bernasek, Alexandra, 1998. "Are Women More Risk Averse?," Economic Inquiry, Western Economic Association International, vol. 36(4), pages 620-30, October.
    15. Bernard S. Black & Hasung Jang & Woochan Kim, 2006. "Does Corporate Governance Predict Firms' Market Values? Evidence from Korea," Journal of Law, Economics and Organization, Oxford University Press, vol. 22(2), pages 366-413, October.
    16. Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
    17. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    18. Singh, Val & Terjesen, Siri & Vinnicombe, Susan, 2008. "Newly appointed directors in the boardroom:: How do women and men differ," European Management Journal, Elsevier, vol. 26(1), pages 48-58, February.
    19. Stephen Brammer & Andrew Millington & Stephen Pavelin, 2007. "Gender and Ethnic Diversity Among UK Corporate Boards," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(2), pages 393-403, 03.
    20. Anup Agrawal & Charles R. Knoeber, . "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (Revision of 29-94)," Rodney L. White Center for Financial Research Working Papers 8-96, Wharton School Rodney L. White Center for Financial Research.
    21. Dennis Leech & Miguel Manjón, 2002. "Corporate Governance in Spain (with an Application of the Power Indices Approach)," European Journal of Law and Economics, Springer, vol. 13(2), pages 157-173, March.
    22. Renée B. Adams & Heitor Almeida & Daniel Ferreira, 2005. "Powerful CEOs and Their Impact on Corporate Performance," Review of Financial Studies, Society for Financial Studies, vol. 18(4), pages 1403-1432.
    23. Corrado, Charles J., 1989. "A nonparametric test for abnormal security-price performance in event studies," Journal of Financial Economics, Elsevier, vol. 23(2), pages 385-395, August.
    24. Yermack, David, 1996. "Higher market valuation of companies with a small board of directors," Journal of Financial Economics, Elsevier, vol. 40(2), pages 185-211, February.
    25. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 377-397, September.
    26. Sanford Grossman & Oliver Hart, . "Corporate Financial Structure and Managerial Incentives," Rodney L. White Center for Financial Research Working Papers 21-79, Wharton School Rodney L. White Center for Financial Research.
    27. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    28. Du Rietz, Anita & Henrekson, Magnus, 2000. " Testing the Female Underperformance Hypothesis," Small Business Economics, Springer, vol. 14(1), pages 1-10, February.
    29. Juan F. Martín-Ugedo, 2003. "Equity Rights Issues in Spain: Flotation Costs and Wealth Effects," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(9-10), pages 1277-1304.
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    Cited by:
    1. Schmid, Stefan & Dauth, Tobias, 2014. "Does internationalization make a difference? Stock market reaction to announcements of international top executive appointments," Journal of World Business, Elsevier, vol. 49(1), pages 63-77.

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