Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market

Levent Ataünal and Aslı Aybars
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Levent Ataünal: Istanbul Aydin University
Aslı Aybars: Marmara University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2018, vol. 33, issue 109, 71-90

Abstract: Awareness on gender equality has recently increased, however, representation of women on boards is still low and it is still an unanswered question that leveling gender diversity leads to better financial results. This study, based on a data of 151 non-financial firms of BIST between 2008 to 2015, aimed to provide evidence on this relationship. The hypothesis that presence of woman directors improves firm’s performance was rejected, when firm performance was measured by ROE and ROA. A negative relation between presence of woman directors and Tobin’s Q is revealed when endogeneity of gender diversity was addressed, using system GMM estimation.

Keywords: Gender diversity; board diversity; firm perfor¬mance; woman directors (search for similar items in EconPapers)
JEL-codes: G30 G34 J16 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:33:y:2018:i:109:p:71-90

DOI: 10.33203/mfy.344407

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