Board Gender Diversity and Firm Risk

Zyed Achour

A chapter in Corporate Governance - Recent Advances and Perspectives from IntechOpen

Abstract: In this chapter, we address the following question: Does board gender diversity affect global risk? Drawing on agency theory, upper echelon theory, and human capital theory, we hypothesize that gender diversity on the board of directors will decrease the volatility of firm risk. Applying fixed effect estimation on a panel data of listed French companies (SBF120) for the years 2011-2018, the results show a negative link between the percentage of female directors on the board and the standard deviation of monthly stock return as firm risk proxy suggesting that the inclusion of more women on corporate boards could improve financial stability. Our findings contribute to the literature by providing empirical evidence from France occupying the first place at the European level with the most female presence on the boards of directors.1

Keywords: board gender diversity; board of directors; corporate governance; firm risk; SBF 120 (search for similar items in EconPapers)
JEL-codes: M14 (search for similar items in EconPapers)
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Working Paper: Board Gender Diversity and Firm Risk (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:243762

DOI: 10.5772/intechopen.100189

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