THE INFLUENCE OF GENDER ON SPANISH BOARDS OF DIRECTORS: AN EMPIRICAL ANALYSIS

Antonio Mínguez Vera () and Kevin Campbell ()
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Antonio Mínguez Vera: Universidad Politécnica de Cartagena
Kevin Campbell: University of Stirling

Working Papers. Serie EC from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: Many studies have examined the impact of various characteristics of the board of directors on firm value. However, little attention has been paid to the impact of female board membership on firm value, with the exception of a number of U.S. studies. The aim of this paper is to investigate this issue in a specific context - the Spanish market. We find that the stock market reacts positively to the announcement of a female board appointment, using a non-parametric test, though the result is inconclusive when a parametric test is used. We also find an insignificant relationship between the presence and percentage of women on the board, and firm value, and we find that the opposite causal relationship is also insignificant. Muchos estudios han investigado el impacto de varias características del consejo de administración en el valor de la empresa. Sin embargo, se ha prestado poca atención a influencia de la mujer como miembro del consejo en dicho valor, salvo en algunos estudios estadounidenses. El objetivo de este trabajo es investigar esta relación en el contexto español. Los resultados muestran que el mercado reacciona positivamente al anuncio del nombramiento de una mujer como consejera, utilizando un test no paramétrico, aunque los resultados son no significativos cuando el test usado es paramétrico. También se muestra un efecto no significativo, tanto de la presencia como del porcentaje de mujeres en el consejo, sobre el valor de la compañía, y viceversa.

Keywords: género; consejo de administración; valor de la empresa; endogeneidad women; board of directors; firm value; endogeneity (search for similar items in EconPapers)
JEL-codes: G30 G34 G38 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2007-07
New Economics Papers: this item is included in nep-bec
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasec:2007-08

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