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Does gender diversity on corporate boards increase risk-taking?

Author

Listed:
  • Nadia Loukil

    (ESSECT - Ecole Supérieure des Sciences Economiques et Commerciales de Tunis - Université de Tunis)

  • Ouidad Yousfi

    (MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)

Abstract

We study the impact of board gender diversity on firm risk‐taking in a developing market. Our study is drawn from a sample of 30 Tunisian‐listed firms between 1997 and 2010. First, we found that women have a risk perception that leads to risk avoidance behaviour: the presence of women directors, even when there is one woman director, is positively associated with cash ratio. Second, we showed no significant relationship between board gender diversity and the propensity to take strategic or financial risk‐taking. Third, the presence of state officer/bureaucrats and/or politically connected women have a positive effect on cash holding and investment opportunities. Finally, we found that foreign investors do not invest in firms with gender‐diverse boards. We conclude with a discussion of contributions to scholarship and practice, and present avenues for future research. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.

Suggested Citation

  • Nadia Loukil & Ouidad Yousfi, 2016. "Does gender diversity on corporate boards increase risk-taking?," Post-Print hal-02015753, HAL.
    • Handle: RePEc:hal:journl:hal-02015753
    DOI: 10.1002/cjas.1326
    as

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