IDEAS home Printed from
   My bibliography  Save this paper

Does Gender Diversity on Board Lead to Risk-Taking? Empirical Evidence from Tunisia


  • Nadia Loukil

    () (ISG - Institut Supérieur de Gestion de Tunis [Tunis] - Université de Tunis)

  • Ouidad Yousfi

    () (MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - UM1 - Université Montpellier 1 - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)


It is well documented in economic, psychological and social literatures and the few recent studies in finance that women are more risk averse than men. The current study investigates the influence of board gender-diversity in firm risk taking in a developing market. Using a sample of Tunisian firms during 1997-2010, findings show that more women sitting on the board more is the cash held by the firm. However, we detect no significant relationship between gender-diversity and risk-taking variables when it comes to analyze financing and investing policies' firms, except cash-holding. When we take into account women directors' affiliation, we show that the presence of politically connected women and State officers' women on board increases the cash holding and investment opportunities.

Suggested Citation

  • Nadia Loukil & Ouidad Yousfi, 2013. "Does Gender Diversity on Board Lead to Risk-Taking? Empirical Evidence from Tunisia," Post-Print hal-02015747, HAL.
  • Handle: RePEc:hal:journl:hal-02015747
    DOI: 10.2139/ssrn.2371698
    Note: View the original document on HAL open archive server:

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Víctor Alonso Baldrich Mora, 2019. "Mujeres en juntas directivas en Colombia y su efecto sobre el desempeño financiero de las empresas," Documentos CEDE 017140, Universidad de los Andes - CEDE.
    2. Yoshinori Nakagawa & Real Arai & Koji Kotani & Masanobu Nagano & Tatsuyoshi Saijo, 2018. "Is an intergenerational retrospective viewpoint effective in forming policy preferences for financial sustainability in local and national economies? A deliberative experimental approach," Working Papers SDES-2018-6, Kochi University of Technology, School of Economics and Management, revised Sep 2018.
    3. María Consuelo Pucheta-Martínez & Inmaculada Bel-Oms & Gustau Olcina-Sempere, 2018. "Female Institutional Directors on Boards and Firm Value," Journal of Business Ethics, Springer, vol. 152(2), pages 343-363, October.


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-02015747. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.