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Board gender diversity in Italian Ipos

Author

Listed:
  • Cristiana Cardi

    (Università Politecnica delle Marche)

  • Caterina Lucarelli

    (Università Politecnica delle Marche)

Abstract

Our empirical analysis of gender diversity, within the boards of 83 Ipos listed in Italian Stock Exchange, shows a lower female participation in board of directors for companies of larger dimensions, higher concentrated shareholding structure, better profitability, higher seniority of both the company and of board members. Financial sector companies show a lower participation of women, as well. Conversely, board gender diversity intensifies when female members hold a familiar relationship with others board members. Our results on effects of gender diversity confirm the ambiguous outcomes revealed in existing literature. Nevertheless, we found evidence that Ipos with a superior gender diversity obtain improved market performances, with a longer survivorship on the stock exchange, lower return volatility and better book to market ratio

Suggested Citation

  • Cristiana Cardi & Caterina Lucarelli, 2017. "Board gender diversity in Italian Ipos," BANCARIA, Bancaria Editrice, vol. 1, pages 18-37, January.
    • Handle: RePEc:ban:bancar:v:01:y:2017:m:january:p:18-37
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    More about this item

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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