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CEO-director ties and board gender diversity: US evidence

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  • Luong, Hoa
  • Khedmati, Mehdi
  • Nguyen, Lan Anh
  • Nigmonov, Asror
  • Ovi, Nafisa Zabeen
  • Shams, Syed

Abstract

The gender legislation enacted around the world has put enormous pressure on companies to increase the number of women on their boards. Employing US firm-specific data, we document a significant negative relationship between CEO-director ties and female representation on the board, suggesting that socially connected directors are detrimental to gender parity in senior management. We find that the situation improves in firms with female directors with valuable attributes while being moderated by CEO characteristics. Cross-sectional analyses reveal that the association is more pronounced during the low board gender diversity periods and for firms that are led by male CEOs or have weak monitoring mechanism. We rule out endogeneity concerns by performing a battery of analyses. The findings remain robust in a range of sensitivity tests. Our study offers practical implications for regulators and top management teams to improve board effectiveness, thus engendering lasting transformational change in the boardroom.

Suggested Citation

  • Luong, Hoa & Khedmati, Mehdi & Nguyen, Lan Anh & Nigmonov, Asror & Ovi, Nafisa Zabeen & Shams, Syed, 2023. "CEO-director ties and board gender diversity: US evidence," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
    • Handle: RePEc:eee:beexfi:v:40:y:2023:i:c:s2214635023000758
    DOI: 10.1016/j.jbef.2023.100861
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    More about this item

    Keywords

    Chief executive officers (CEOs); Independent directors; Board connection; Board gender diversity; Female director;
    All these keywords.

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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