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

  • Antonio Mínguez Vera

    ()

    (Universidad Politécnica de Cartagena)

  • Kevin Campbell

    ()

    (University of Stirling)

Registered author(s):

    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.

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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2007-08.pdf
    File Function: Fisrt version / Primera version, 2007
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    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2007-08.

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    Length: 31 pages
    Date of creation: Jul 2007
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2007-08
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