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Women on board: Does boardroom gender diversity affect firm risk?

Vathunyoo Sila, Angelica Gonzalez and Jens Hagendorff

Journal of Corporate Finance, 2016, vol. 36, issue C, 26-53

Abstract: We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and for gender and risk being influenced by unobservable firm factors. We find no evidence that female boardroom representation influences equity risk. We also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors.

Keywords: Board of directors; Gender diversity; Equity risk; Endogeneity (search for similar items in EconPapers)
JEL-codes: G10 G34 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (236)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:36:y:2016:i:c:p:26-53

DOI: 10.1016/j.jcorpfin.2015.10.003

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