Chief executive officer power and board gender diversity

Jennifer Brodmann, Ashrafee Hossain and Meghna Singhvi

Finance Research Letters, 2022, vol. 44, issue C

Abstract: This study explores the role of chief executive officer (CEO) power in determining board gender diversity. We constructed a CEO power index to measure gender diversity. We find that CEO power exerts a positive influence on board gender diversity. This finding is robust when compared to alternate measures of CEO power and board diversity. We also conduct various robustness and endogeneity tests, such as entropy balancing, two-stage least squares regression analysis, lead-lag specification, and system generalized method of moments, and our results survive in all cases. In the cross-sectional setup, we determine that firms with a larger board, a younger board, and higher level of institutional ownership most effectively influence the association between CEO power and gender diversity.

Keywords: Chief executive officer (CEO) power; Board gender diversity; Corporate governance (search for similar items in EconPapers)
JEL-codes: G30 G34 G39 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:44:y:2022:i:c:s154461232100180x

DOI: 10.1016/j.frl.2021.102099

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