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Gender Diversity in the Corporate Boardroom: Do Women Affect Risk?


  • Nadia Cosentino

    () (University of Calabria)

  • Fabiola Montalto

    () (University of Calabria)

  • Carmela Donato

    () (University of Calabria)

  • Alessia Via

    () (University of Calabria)


This paper provides a brief overall view of the previous research carried out on gender diversity and shows how, against all expectations, the presence of women in the boardrooms cannot affect firms’ leverage and total risk. We draw on theories from psychological, social and economic issues about groups and gender diversity within groups, and carry out a cross-country analysis using data of listed companies for Italy, France, Germany, Spain and Norway. We argue that differences are factitious to justify discrimination or unpopular strategic decisions; despite this, they seem to drive to a larger literature than that which exists.

Suggested Citation

  • Nadia Cosentino & Fabiola Montalto & Carmela Donato & Alessia Via, 2012. "Gender Diversity in the Corporate Boardroom: Do Women Affect Risk?," Rivista di Politica Economica, SIPI Spa, issue 2, pages 73-95, April-Jun.
  • Handle: RePEc:rpo:ripoec:y:2012:i:2:p:73-95

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    More about this item


    gender diversity; gender preferences; leverage; risk; board diversity;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • 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
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods


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