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Corporate Governance Gender Equality and Firm Financial Performance: The Case of Euronext 100 Index

In: Governance and Financial Performance Current Trends and Perspectives

Author

Listed:
  • Nektarios Gavrilakis
  • Christos Floros
  • Emilios Galariotis

Abstract

This chapter analyzes how financial performance indicators and gender equality of large cap stocks impact governance scores. In particular, we examine how the return on equity, reinvestment rate, price to book value, market capitalization and gender equality of large cap firms in Europe are related to their governance pillar scores. Based on the Euronext 100 index, we conduct a multiple regression analysis for the period, 2010–2020. As regards the above financial indicators, we find that return on equity and market cap have a significant positive impact on governance scores. In addition, we conclude that reinvestment rate and price to book value have a negative and significant effect on governance scores. Finally, the low percentage of female board membership is confirmed by the non-effect of gender inequality on governance scores. Our empirical investigation provides evidence in support of the moderate governance score in European companies. However, European companies should consider the benefits of good governance practices and apply sustainable strategies.

Suggested Citation

  • Nektarios Gavrilakis & Christos Floros & Emilios Galariotis, 2023. "Corporate Governance Gender Equality and Firm Financial Performance: The Case of Euronext 100 Index," World Scientific Book Chapters, in: Emilios Galariotis & Alexandros Garefalakis & Christos Lemonakis & Marios Menexiadis & Constantin Zo (ed.), Governance and Financial Performance Current Trends and Perspectives, chapter 5, pages 105-119, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811260506_0005
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    More about this item

    Keywords

    Corporate Governance System; Agency Theory; Return on Assets; Stock Return; Firm Performance; Responsible Management and ESG;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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