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The Influence Of Gender On Spanish Boards Of Directors: An Empirical Analysis

Author

Listed:
  • Antonio Mínguez Vera

    (Universidad Politécnica de Cartagena)

  • Kevin Campbell

    (University of Stirling)

Abstract

Many studies have examined the impact of various characteristics of the board of directors on firm value. However, little attention has been paid to the impact of female board membership on firm value, with the exception of a number of U.S. studies. The aim of this paper is to investigate this issue in a specific context - the Spanish market. We find that the stock market reacts positively to the announcement of a female board appointment, using a non-parametric test, though the result is inconclusive when a parametric test is used. We also find an insignificant relationship between the presence and percentage of women on the board, and firm value, and we find that the opposite causal relationship is also insignificant. Muchos estudios han investigado el impacto de varias características del consejo de administración en el valor de la empresa. Sin embargo, se ha prestado poca atención a influencia de la mujer como miembro del consejo en dicho valor, salvo en algunos estudios estadounidenses. El objetivo de este trabajo es investigar esta relación en el contexto español. Los resultados muestran que el mercado reacciona positivamente al anuncio del nombramiento de una mujer como consejera, utilizando un test no paramétrico, aunque los resultados son no significativos cuando el test usado es paramétrico. También se muestra un efecto no significativo, tanto de la presencia como del porcentaje de mujeres en el consejo, sobre el valor de la compañía, y viceversa.

Suggested Citation

  • Antonio Mínguez Vera & Kevin Campbell, 2007. "The Influence Of Gender On Spanish Boards Of Directors: An Empirical Analysis," Working Papers. Serie EC 2007-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasec:2007-08
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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2007-08.pdf
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    References listed on IDEAS

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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Quotas for women?
      by chris dillow in Stumbling and Mumbling on 2010-06-07 18:38:06

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    More about this item

    Keywords

    género; consejo de administración; valor de la empresa; endogeneidad women; board of directors; firm value; endogeneity;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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