Does gender diversity on corporate boards increase risk-taking?

Nadia Loukil () and Ouidad Yousfi ()
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Nadia Loukil: ESSECT - Ecole Supérieure des Sciences Economiques et Commerciales de Tunis - Université de Tunis

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Abstract: We study the impact of board gender diversity on firm risk‐taking in a developing market. Our study is drawn from a sample of 30 Tunisian‐listed firms between 1997 and 2010. First, we found that women have a risk perception that leads to risk avoidance behaviour: the presence of women directors, even when there is one woman director, is positively associated with cash ratio. Second, we showed no significant relationship between board gender diversity and the propensity to take strategic or financial risk‐taking. Third, the presence of state officer/bureaucrats and/or politically connected women have a positive effect on cash holding and investment opportunities. Finally, we found that foreign investors do not invest in firms with gender‐diverse boards. We conclude with a discussion of contributions to scholarship and practice, and present avenues for future research. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.

Date: 2016-03
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Citations: View citations in EconPapers (22)

Published in Canadian Journal of Administrative Sciences - Revue Canadienne des Sciences de l'Administration, 2016, 33 (1), pp.66-81. ⟨10.1002/cjas.1326⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02015753

DOI: 10.1002/cjas.1326

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