Do religiosity and political beliefs affect female representation and firm performance?

David A. Carter and Corey A. Shank

International Review of Financial Analysis, 2023, vol. 89, issue C

Abstract: We investigate the effect of the community values surrounding a firm's headquarters on the percentage of women on a firm's board of directors. We use religiosity and political affiliation measures to capture the values associated with the community norms. We find that firms headquartered in counties with lower religiosity and a lower percentage of Republican voters are more likely to have a greater number of female board members. Furthermore, firms with more female directors located in more Republican areas or more religious cities are more likely to have lower valuations, as measured by Tobin's Q. These results have implications for corporate culture and the supply of female directors.

Keywords: Gender board diversity; Religion; Politics; Firm performance (search for similar items in EconPapers)
JEL-codes: G30 M14 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:89:y:2023:i:c:s1057521923003253

DOI: 10.1016/j.irfa.2023.102809

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