Research Article
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Year 2021, , 39 - 52, 30.03.2021
https://doi.org/10.17261/Pressacademia.2021.1377

Abstract

References

  • Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309.
  • Adusei, M. Akomea, S. Y. & Poku, K. (2017). Board and management gender diversity and financial performance of microfinance institutions, Cogent Business and Management, 4(1), 01 – 14.
  • Ahern, K.R. & Dittmar, A.K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Q. Journal of Economics, 127(1), 137 - 197.
  • Anderson, R. C, Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quart. 49(2):209–237.
  • Almazan, A. & Suarez, J. (2003). Managerial compensation and the market reaction to bank loans. Review Financial Studies, 16(1), 237 - 261.
  • Al-Mamun, A. Yasser, Q. R., Entebang, H., Nathan, T. M. & Rahman, M. A. (2013). Gender diversity and economic performance of firms: Evidence from an emerging market. Journal of Economic Development, Management, Finance and Marketing, 5(2), 100-110.
  • Ataunal, L. Gurbuz, A. O. & Aybars, A. (2016). Does high growth create value for shareholders? Evidence S&P 500 firms. European Financial and Accounting Journal, 2016(3), 25-38.
  • Black, N. (1989). Social feminism. New York: Cornell University Press.
  • Bennouri, M., Chtioui, T. Nagati, H. & Nekhili, M. (2018). Female board directorship and firm performance: What matters? Journal of Banking and Finance. 88(2018), 267–291.
  • Bøhren, Ø. & Staubo, S. (2016). Mandatory gender balance and board independence. European Financial Management, 22(1), 3 - 30.
  • BOLTON, P. & SAMAMA, F. (2013). LOYALTY‐SHARES: REWARDING LONG‐TERM INVESTORS. JOURNAL OF APPLIED CORPORATE FINANCE, 25(3), 86 – 97.
  • Buniamin, S., Johari, N.H., Abd Rahman, N.R., & Abdul Rauf, F.H. (2012). Board diversity and discretionary accruals of the top 100 Malaysia corporate index company. African Journal of Business Management, 6(29), 8496-8503.
  • Campbell, K., and Minguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3): 435–451.
  • Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53.
  • Carter, D. A., D'Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of U.S. boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396-414.
  • Catalyst (2004). The bottom line: connecting corporate performance and gender diversity. Catalyst, New York
  • Catalyst. (2007). Women on Corporate Boards: corporate performance and women's representation on board. New York:
  • Chapple, L. &Humphrey, J. E. (2014). Does board gender diversity have a financial impact? Evidence using stock portfolio performance. Journal of Business Ethics, 122(4), 709 - 723.
  • Chen, J., Leung, W. S. & Goergen M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86-105.
  • Dalton, D. R., Daily, C. M., Johnson, J. L. & Ellstrand, A. E. (1999). Number of directors and financial performance: A Meta-Analysis. Academy of Management Journal, 42(6): 674–686.
  • Dobbin F, Jung J (2011). Corporate board gender diversity and stock performance: The competence gap or institutional investor bias. North Carolina Law Review. 89(3):809–838.
  • Eagly, A. H. & Karau, S. J. (2002). Role congruity theory of prejudice toward female leaders. Psych. Rev. 109(3), 573–598.
  • Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111.
  • Ferreira, D. (2015). Board diversity: should we trust research to inform policy? Corporate Governance International Review, 23(2), 108 - 111.
  • Ferrer, R C. & Banderlipe, R S. (2012). The influence of corporate board characteristics on firm performance of publicly listed property companies in the Philippines. Academy of Accounting and Financial Studies Journal, 16(4), 123-142.
  • Ferrari, G., Ferraro, V., Profeta, P. & Pronzato, C. (2018). Do board gender quotas matter? Selection, performance, and stock market effects. IZA D.P. No. 11462, Institute of Labor Economics.
  • Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate Finance, 11(1-2), 85-106. https://doi.org/10.1016/j.jcorpfin.2003.12.001
  • Fischer, E. M., Reuber, A. R., & Dyke, L. S. (1993). A theoretical overview and extension of research on sex, gender, and entrepreneurship. Journal of Business Venturing, 8, 151–168.
  • Gao, Y. (2018). Board gender diversity, earnings quality and stock price informativeness. American Journal of Industrial and Business Management, 8, 306-312.
  • González, M., Guzmán, A. & Eduardo Pablo, E. Trujillo, M. A. (2020). Does gender really matter in the boardroom? Evidence from closely held family firms. Review of Managerial Science, 14(2020), 221–267.
  • Gul, F., Srinidhi, B., & Ng, A. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338.
  • Hamzah, A. H. & Zulkafli, H. A. (2014). Board diversity and corporate expropriation. International Conference on Accounting Studies, ICAS 2014, 18-19 August 2014, Kuala Lumpur, Malaysia. Available online at www.sciencedirect.com
  • Herring, C. (2009). Does diversity pay? Race, gender, and the business case for diversity. A Sociology Review, 74(2), 208 - 224.
  • Holmes, M. (2007). What is gender? Sociological approaches: Sage.
  • Isa, M. A. & Salawudeen, A. (2019). Board characteristics, dividend policy and shareholders’ wealth of listed manufacturing companies in Nigeria. Journal of Applied Business and Economics, 21(9), 24 - 45.
  • International Finance Corporation (2019). Boards gender diversity in Asian. IFC—a sister organization of the World Bank and member of the World Bank Group. www.ifc.org
  • Jensen, M. & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
  • KADOR, J. (1966). WOMEN ON BOARDS REDUCE RISK, INCREASE PROFITS. RETRIEVED FROM HTTPS://BOARDMEMBER.COM/WOMEN-ON-- REDUCE-RISK-INCREASE-PROFITS/
  • Liu, Y., Wei, Z. & Xie, F. (2014). Do women directors improve firm performance in China? Journal Corporate Finance, 28, 169 – 184.
  • Low, A. C. M., Roberts, H. & Whitting, R. H. (2015). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35(A), 381- 401.
  • Marinova, J., Plantenga, J., & Remery, C. (2010), Gender diversity and firm performance: Evidence from Dutch and Danish boardrooms. Discussion Paper, University of Utrecht, Utrecht. 10(3),
  • Matsa, D. A. & Miller, A. R. (2013). A female style in corporate leadership? Evidence from quotas. Journal of Applied Economics, 5(3), 136 - 169.
  • NCCG (2018). Nigerian Code of Corporate Governance 2018. Retrieved from https://nambnigeria.org/Nig_Code_of_Corp._Governance_2018.pdf
  • Nguyen, H. & Faff, R. (2008). Impact of board size and board diversity on firm value: Australian evidence. Corporate Ownership & Control, 4(2), 24 – 32.
  • Pandey, N. S. & Prabhavathi, M. (2016). The impact of leverage on shareholders’ wealth of automobile industry in India: An empirical analysis. Pacific Business Review International, 8 (7), 79-92.
  • Pervan, M., Pervan, I. & Curak, M. (2017). The influence of age on firm performance: Evidence from the creation food industry. Journal of Eastern Europe Research in Business and Economics, 2017(2017), 1.9.
  • Pletzer, J. L., Nikolova, R., Kedzior, K. K. & Voelpel, S. C. (2015). Does gender matter? Female representation on corporate boards and firm financial Performance. A meta-analysis. PLOS One 10(6), 0130005.
  • Reddy, S. & Jadhav A. M. (2019) Gender diversity in boardrooms – A literature review, Cogent Economics & Finance, 7:1, 1644703. https://doi.org/10.1080/23322039.2019.1644703
  • Ridgeway CL (1991). The social construction of status value: Gender and other nominal characteristics. Soc Forces 70(2):367–386.
  • Robbins, S. P. & DeCenzo, D. A. (2005). Fundamental of management: Essential concepts and applications, 5th Edition, Pearson Prentice Hall – Business and Economics, ISBN-13: 9780131487369.
  • Rose, C. (2007). Does the female board representation influences firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
  • Saidat, Z. Seaman, C. Silva, M. Al-Haddad, L. & Marashdeh, Z. (2020).Female directors, family ownership and firm performance in Jordan. International Journal of Financial Research, 11(1), 206 – 219.
  • Sayumwe, M. & Amroune, B. (2017). Directors’ characteristics and stock market performance in Canada. Journal of Economic and Financial Studies, 05(01), 01-15.
  • Şener, I. & Karaye, A. B. (2014). Board composition and gender diversity: comparison of Turkish and Nigerian listed companies. 10th International Strategic Management Conference. www.sciencedirect.com
  • Shehata, N., Salhin, A., & El-Helaly, M. (2017). Board diversity and firm performance: evidence from the U.K. SMEs. Applied Economics, 49(48), 4817-4832. https://doi.org/10.1080/00036846.2017.1293796
  • Shin, Y. Z, Chang, J., Jeon, K. & Kim, H. (2019). Female directors on the board and investment efficiency: Evidence from Korea. Asian Business & Management, 01-42.
  • Shittu, I. Ahmad, A. C, & Ishak, Z. (2016). Board characteristics and earnings per share of Malaysian Islamic banks. International Journal of
  • Economics and Financial Issues, 6(s6), 135 – 137.
  • Smith, N. Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569-593.
  • Solal, I. & Snellman, K. (2019) Women don’t mean business? Gender penalty in board composition. Organization science, 30(6), 1270–1288
  • Sulong, Z. & Mat Nor, F. (2008). Dividends, ownership structure, and board governance on firm value: empirical evidence from Malaysia listed firm. Malaysia Accounting Review, 7(2), 55-94.
  • Sudeck, K. & Iatridis, G. (2014). Female board appointments and stock market reactions: Evidence from the German stock market. Investment Management and Financial Innovations, 11(3), 73-80.
  • Terjesen, S., Barbosa C. E. & Morais F. P. (2016). Does the presence of independent and female directors’ impact firm performance? A multi-country study of board diversity. Journal Management Governance, 20(3), 447 - 483.
  • Torchia, M., Calabro, A. & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102(2), 299 - 317.
  • Yermack, D., 1996. Higher market valuation of companies with a small board of directors. Journal of Finance and Economics, 40 (2), 185 - 211.
  • Zahra, S., & Stanton, W. (1988). The implications of the board of directors' composition for corporate strategy and performance: A review and integrative model. International Journal of Management, 15(2), 229-236

BOARD GENDER: SHRINKAGE OR UPSURGE IN WEALTH OF SHAREHOLDERS

Year 2021, , 39 - 52, 30.03.2021
https://doi.org/10.17261/Pressacademia.2021.1377

Abstract

Purpose- Shareholder wealth problems are becoming such a commonly recognized standard of corporate activity as a result of globalization and deregulation, which was intended to interact to improve economic growth and shareholder wealth. However, truth reveals that globalization and liberalization combined to deprive companies of massive profits since modern executives are more concerned with compensation, profits, control, and reputation than protecting shareholders' faith and trust. Thus, this study examines the impact of board gender on shareholders’ wealth of listed manufacturing companies in Nigeria.
Methodology- This study descriptive research design, the population consists of sixty-three listed manufacturing companies and a filter was used to pick the sample size of fifty-one, annual data collected from the Nigerian Stock Exchange (NSE) over twelve years from 2008 to 2019. And Pooled OLS regression analysis was adapted as the estimation technique.
Findings- The result showed that female directors significantly upsurge the wealth of shareholders. Board gender has a positive influence on wealth optimizers MVS, Tobin’s q and PRF. Also, Leverage, Firm Growth and Firm Age upsurge shareholders’ wealth while firm size have no significant effect on the wealth of the shareholders.
Conclusion- This paper concludes that female board directors can generate healthier financial decision and translates into positive effect on the wealth of shareholders. Therefore, Nigeria's manufacturing companies need to strengthen their efforts to increase the number of women on the board, as a number of these companies do not have a single female director on their board.

References

  • Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309.
  • Adusei, M. Akomea, S. Y. & Poku, K. (2017). Board and management gender diversity and financial performance of microfinance institutions, Cogent Business and Management, 4(1), 01 – 14.
  • Ahern, K.R. & Dittmar, A.K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Q. Journal of Economics, 127(1), 137 - 197.
  • Anderson, R. C, Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quart. 49(2):209–237.
  • Almazan, A. & Suarez, J. (2003). Managerial compensation and the market reaction to bank loans. Review Financial Studies, 16(1), 237 - 261.
  • Al-Mamun, A. Yasser, Q. R., Entebang, H., Nathan, T. M. & Rahman, M. A. (2013). Gender diversity and economic performance of firms: Evidence from an emerging market. Journal of Economic Development, Management, Finance and Marketing, 5(2), 100-110.
  • Ataunal, L. Gurbuz, A. O. & Aybars, A. (2016). Does high growth create value for shareholders? Evidence S&P 500 firms. European Financial and Accounting Journal, 2016(3), 25-38.
  • Black, N. (1989). Social feminism. New York: Cornell University Press.
  • Bennouri, M., Chtioui, T. Nagati, H. & Nekhili, M. (2018). Female board directorship and firm performance: What matters? Journal of Banking and Finance. 88(2018), 267–291.
  • Bøhren, Ø. & Staubo, S. (2016). Mandatory gender balance and board independence. European Financial Management, 22(1), 3 - 30.
  • BOLTON, P. & SAMAMA, F. (2013). LOYALTY‐SHARES: REWARDING LONG‐TERM INVESTORS. JOURNAL OF APPLIED CORPORATE FINANCE, 25(3), 86 – 97.
  • Buniamin, S., Johari, N.H., Abd Rahman, N.R., & Abdul Rauf, F.H. (2012). Board diversity and discretionary accruals of the top 100 Malaysia corporate index company. African Journal of Business Management, 6(29), 8496-8503.
  • Campbell, K., and Minguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3): 435–451.
  • Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53.
  • Carter, D. A., D'Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of U.S. boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396-414.
  • Catalyst (2004). The bottom line: connecting corporate performance and gender diversity. Catalyst, New York
  • Catalyst. (2007). Women on Corporate Boards: corporate performance and women's representation on board. New York:
  • Chapple, L. &Humphrey, J. E. (2014). Does board gender diversity have a financial impact? Evidence using stock portfolio performance. Journal of Business Ethics, 122(4), 709 - 723.
  • Chen, J., Leung, W. S. & Goergen M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86-105.
  • Dalton, D. R., Daily, C. M., Johnson, J. L. & Ellstrand, A. E. (1999). Number of directors and financial performance: A Meta-Analysis. Academy of Management Journal, 42(6): 674–686.
  • Dobbin F, Jung J (2011). Corporate board gender diversity and stock performance: The competence gap or institutional investor bias. North Carolina Law Review. 89(3):809–838.
  • Eagly, A. H. & Karau, S. J. (2002). Role congruity theory of prejudice toward female leaders. Psych. Rev. 109(3), 573–598.
  • Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111.
  • Ferreira, D. (2015). Board diversity: should we trust research to inform policy? Corporate Governance International Review, 23(2), 108 - 111.
  • Ferrer, R C. & Banderlipe, R S. (2012). The influence of corporate board characteristics on firm performance of publicly listed property companies in the Philippines. Academy of Accounting and Financial Studies Journal, 16(4), 123-142.
  • Ferrari, G., Ferraro, V., Profeta, P. & Pronzato, C. (2018). Do board gender quotas matter? Selection, performance, and stock market effects. IZA D.P. No. 11462, Institute of Labor Economics.
  • Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate Finance, 11(1-2), 85-106. https://doi.org/10.1016/j.jcorpfin.2003.12.001
  • Fischer, E. M., Reuber, A. R., & Dyke, L. S. (1993). A theoretical overview and extension of research on sex, gender, and entrepreneurship. Journal of Business Venturing, 8, 151–168.
  • Gao, Y. (2018). Board gender diversity, earnings quality and stock price informativeness. American Journal of Industrial and Business Management, 8, 306-312.
  • González, M., Guzmán, A. & Eduardo Pablo, E. Trujillo, M. A. (2020). Does gender really matter in the boardroom? Evidence from closely held family firms. Review of Managerial Science, 14(2020), 221–267.
  • Gul, F., Srinidhi, B., & Ng, A. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338.
  • Hamzah, A. H. & Zulkafli, H. A. (2014). Board diversity and corporate expropriation. International Conference on Accounting Studies, ICAS 2014, 18-19 August 2014, Kuala Lumpur, Malaysia. Available online at www.sciencedirect.com
  • Herring, C. (2009). Does diversity pay? Race, gender, and the business case for diversity. A Sociology Review, 74(2), 208 - 224.
  • Holmes, M. (2007). What is gender? Sociological approaches: Sage.
  • Isa, M. A. & Salawudeen, A. (2019). Board characteristics, dividend policy and shareholders’ wealth of listed manufacturing companies in Nigeria. Journal of Applied Business and Economics, 21(9), 24 - 45.
  • International Finance Corporation (2019). Boards gender diversity in Asian. IFC—a sister organization of the World Bank and member of the World Bank Group. www.ifc.org
  • Jensen, M. & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
  • KADOR, J. (1966). WOMEN ON BOARDS REDUCE RISK, INCREASE PROFITS. RETRIEVED FROM HTTPS://BOARDMEMBER.COM/WOMEN-ON-- REDUCE-RISK-INCREASE-PROFITS/
  • Liu, Y., Wei, Z. & Xie, F. (2014). Do women directors improve firm performance in China? Journal Corporate Finance, 28, 169 – 184.
  • Low, A. C. M., Roberts, H. & Whitting, R. H. (2015). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35(A), 381- 401.
  • Marinova, J., Plantenga, J., & Remery, C. (2010), Gender diversity and firm performance: Evidence from Dutch and Danish boardrooms. Discussion Paper, University of Utrecht, Utrecht. 10(3),
  • Matsa, D. A. & Miller, A. R. (2013). A female style in corporate leadership? Evidence from quotas. Journal of Applied Economics, 5(3), 136 - 169.
  • NCCG (2018). Nigerian Code of Corporate Governance 2018. Retrieved from https://nambnigeria.org/Nig_Code_of_Corp._Governance_2018.pdf
  • Nguyen, H. & Faff, R. (2008). Impact of board size and board diversity on firm value: Australian evidence. Corporate Ownership & Control, 4(2), 24 – 32.
  • Pandey, N. S. & Prabhavathi, M. (2016). The impact of leverage on shareholders’ wealth of automobile industry in India: An empirical analysis. Pacific Business Review International, 8 (7), 79-92.
  • Pervan, M., Pervan, I. & Curak, M. (2017). The influence of age on firm performance: Evidence from the creation food industry. Journal of Eastern Europe Research in Business and Economics, 2017(2017), 1.9.
  • Pletzer, J. L., Nikolova, R., Kedzior, K. K. & Voelpel, S. C. (2015). Does gender matter? Female representation on corporate boards and firm financial Performance. A meta-analysis. PLOS One 10(6), 0130005.
  • Reddy, S. & Jadhav A. M. (2019) Gender diversity in boardrooms – A literature review, Cogent Economics & Finance, 7:1, 1644703. https://doi.org/10.1080/23322039.2019.1644703
  • Ridgeway CL (1991). The social construction of status value: Gender and other nominal characteristics. Soc Forces 70(2):367–386.
  • Robbins, S. P. & DeCenzo, D. A. (2005). Fundamental of management: Essential concepts and applications, 5th Edition, Pearson Prentice Hall – Business and Economics, ISBN-13: 9780131487369.
  • Rose, C. (2007). Does the female board representation influences firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
  • Saidat, Z. Seaman, C. Silva, M. Al-Haddad, L. & Marashdeh, Z. (2020).Female directors, family ownership and firm performance in Jordan. International Journal of Financial Research, 11(1), 206 – 219.
  • Sayumwe, M. & Amroune, B. (2017). Directors’ characteristics and stock market performance in Canada. Journal of Economic and Financial Studies, 05(01), 01-15.
  • Şener, I. & Karaye, A. B. (2014). Board composition and gender diversity: comparison of Turkish and Nigerian listed companies. 10th International Strategic Management Conference. www.sciencedirect.com
  • Shehata, N., Salhin, A., & El-Helaly, M. (2017). Board diversity and firm performance: evidence from the U.K. SMEs. Applied Economics, 49(48), 4817-4832. https://doi.org/10.1080/00036846.2017.1293796
  • Shin, Y. Z, Chang, J., Jeon, K. & Kim, H. (2019). Female directors on the board and investment efficiency: Evidence from Korea. Asian Business & Management, 01-42.
  • Shittu, I. Ahmad, A. C, & Ishak, Z. (2016). Board characteristics and earnings per share of Malaysian Islamic banks. International Journal of
  • Economics and Financial Issues, 6(s6), 135 – 137.
  • Smith, N. Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569-593.
  • Solal, I. & Snellman, K. (2019) Women don’t mean business? Gender penalty in board composition. Organization science, 30(6), 1270–1288
  • Sulong, Z. & Mat Nor, F. (2008). Dividends, ownership structure, and board governance on firm value: empirical evidence from Malaysia listed firm. Malaysia Accounting Review, 7(2), 55-94.
  • Sudeck, K. & Iatridis, G. (2014). Female board appointments and stock market reactions: Evidence from the German stock market. Investment Management and Financial Innovations, 11(3), 73-80.
  • Terjesen, S., Barbosa C. E. & Morais F. P. (2016). Does the presence of independent and female directors’ impact firm performance? A multi-country study of board diversity. Journal Management Governance, 20(3), 447 - 483.
  • Torchia, M., Calabro, A. & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics, 102(2), 299 - 317.
  • Yermack, D., 1996. Higher market valuation of companies with a small board of directors. Journal of Finance and Economics, 40 (2), 185 - 211.
  • Zahra, S., & Stanton, W. (1988). The implications of the board of directors' composition for corporate strategy and performance: A review and integrative model. International Journal of Management, 15(2), 229-236
There are 66 citations in total.

Details

Primary Language English
Subjects Finance, Business Administration
Journal Section Articles
Authors

Aishat Salawudeen This is me 0000-0002-2128-2815

Muhammad Aminu Isa This is me 0000-0001-6129-2359

Publication Date March 30, 2021
Published in Issue Year 2021

Cite

APA Salawudeen, A., & Isa, M. A. (2021). BOARD GENDER: SHRINKAGE OR UPSURGE IN WEALTH OF SHAREHOLDERS. Journal of Economics Finance and Accounting, 8(1), 39-52. https://doi.org/10.17261/Pressacademia.2021.1377

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