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The Role of Women in the Italian Network of Boards of Directors, 2003-2010

Carlo Drago (), Francesco Millo (), Roberto Ricciuti () and Paolo Satella ()
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Francesco Millo: Department of Economics (University of Verona)
Paolo Satella: Bank of Italy

Authors registered in the RePEc Author Service: Paolo Santella ()

No 10/2011, Working Papers from University of Verona, Department of Economics

Abstract: We use an innovative dataset (8 years with 2,057 firms) composed of Italian listed firms to analyze the network of women in boards, and to evaluate their effect on company value and performance. In particular, we use Social Network Analysis to analyze the growth of the female directorship network. We also study the dynamics of change over time, and the different behavior of firms respect the growth of the female directorates. We study the impact of interlocking directorships and female interlocking directorships on equity value and firm performance. Italy is an interesting case for this kind of study, due to the high presence of interlocking directorates. We find that interlocking directorate has a negative impact on equity value and firm performance, which is consistent with economic theory and previous literature findings. Furthermore, female interlocking directorship has no effect on firm value and performance.

Keywords: Corporate Governance; Interlocking Directorships; Company Performance; Social Network Analysis; Board Diversity. (search for similar items in EconPapers)
JEL-codes: C14 C23 G34 L14 M21 (search for similar items in EconPapers)
Date: 2011-07
New Economics Papers: this item is included in nep-bec, nep-eur, nep-hme, nep-net and nep-sbm
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