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Yönetim Kurullarındaki Cinsiyet Çeşitliliği ile Çeşitliliğin Finansal Performans Etkisi: Gelişmekte Olan Piyasa Örneği

Year 2018, , 71 - 90, 01.04.2018
https://doi.org/10.33203/mfy.344407

Abstract

Cinsiyet eşitliği farkındalığı son yıllarda artmıştır. Ancak yönetim kurullarında kadınların temsili hâlen düşük seviyelerdedir. Öte yandan, yönetim kurullarında farklı cinslerin eşit oranda temsil edilmesinin daha iyi finansal sonuçlara neden olup olmadığı sorusu da henüz tam olarak cevaplanamamıştır. Bu çalışma BIST’te finans sektörü dışında faaliyet gösteren 151 şirketin 2008 – 2015 yılları arasındaki verilerini inceleyerek bu konu üzerinde yeni kanıt sunmayı amaçlamıştır. Yönetim kurullarında kadınların varlığı şirketin performansını arttırır hipotezi, performans ölçüsü olarak ROA ve ROE kullanıldığı durumlarda reddedilmiştir. Kadın yönetim kurulu üyesi ve Tobin Q oranı arasında, sistem GMM yöntemi kullanılarak içsellik (endogeneity) göz önünde bulundurulduğu durumda dahi ters ilişki bulunmuştur. 

References

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  • Adams, R.B., Hermalin, B. & Weisbach, M. 2010. The role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey. Journal of Economic Literature, 48(1): 58-107.
  • Anderson, R. C., Reeb, D. M., Upadhyay, A. & Zhao W. 2011. The Economics of Director Heterogeneity. Financial Management, 40 (1): 5-38.
  • Andres, P., Azofra, V. & López, F. 2005. Corporate Boards in OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance: An International Review, 13: 197-210.
  • Ararat, M., Aksu, M., H. & Tansel, C., A. 2010. The Impact of Board Diversity on Boards' Monitoring Intensity and Firm Performance: Evidence from the Istanbul Stock Exchange. Available at SSRN: https://ssrn.com/abstract=1572283 or http://dx.doi.org/10.2139/ssrn.1572283
  • Ararat, M., Aksu, M., & Tansel C, A. 2015. How Board Diversity Affects Firm Performance in Emerging Markets: Evidence on Channels in Controlled Firms. Corporate Governance: An International Review, 23(2): 83-103.
  • Arellano, M., & Bond, S. 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations. The Review of Economic Studies, 58(2): 277-297.
  • Baltagi, B., H. 2005. Econometric Analysis of Panel Data. John Wiley & Sons Ltd.
  • Blau, P.M. 1977. Inequality and Heterogeneity. New York: Free Press.
  • Bonn, I., Yoshikawa, T. & Phan, P. H. 2004. Effects of board structure on firm performance: A Comparison between Japan and Australia. Asian Business & Management, 3: 105–125.
  • Brammer, S., Millington, A. & Pavelin, S. 2007. Gender and Ethnic Diversity among UK Corporate Boards. Corporate Governance: An International Review, 15(2) : 393-403.
  • Breusch, T. S. & Pagan, A. R. 1980. The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1): 239-253.
  • Campbell K. & Antonio Mínguez-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. The Financial Review, 38: 33-53.
  • Carter, D. A., D’Souza, F., Simkins, B. J. & Simpson,W. G. 2010. The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance. Corporate Governance: An International Review, 18: 396–414.
  • 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.
  • Darmadi, S. 2011. Board Diversity and Firm Performance: The Indonesian Evidence. Corporate Ownership and Control Journal, 8: 450–467.
  • Erhardt, N. L., Werbel, J. D., & Shrader, C. B. 2003. Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11: 102–111.
  • Farrell, K.A. & Hersch, P. 2005. Additions to Corporate Boards: The Effect of Gender”. Journal of Corporate Finance, 11(1/2): 85-106.
  • Francoeur, C., Labelle, R. & Sinclair-Desgagne, B. 2008. Gender Diversity in Corporate Governance and Top Management. Journal of Business Ethics, 81:83–95.
  • Gordini, N., & Rancati, E. 2017. Gender Diversity in the Italian Boardroom and Firm Financial Performance. Management Research Review, 40(1) : 75-94.
  • Hausman, J. A. 1978. Specification Tests in Econometrics. Econometrica: Journal of the Econometric Society, 1251-1271.
  • Hillman, A. J. & Dalziel, T. 2003. Board of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives. Academy of Management Review, 28(3) : 383–396.
  • Hillman, A., J., Shropshire C., & Cannella Jr. A. A. 2007. Organizational Predictors of Women on Corporate Boards. The Academy of Management Journal, 50(4): 941-952.
  • Huse, M. & Solberg, A. G. 2006. Gender‐related Boardroom Dynamics: How Scandinavian Women Make and Can Make Contributions on Corporate Boards. Women in Management Review, 21(2): 113-130.
  • Isidro, H. & Sobral, M. 2015. The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance. Journal of Business Ethics, 132: 1–19.
  • Kılıç, M. & Kuzey, C. 2016. The Effect of Board Gender Diversity on Firm Performance: Evidence from TurkeY. Gender in Management: An International Journal, 31(7): 434-455.
  • Lazzaretti, K., Godoi, C. K., Camilo S. P. O. & Marcon, R. 2013. Gender Diversity in the Boards of Directors of Brazilian Businesses. Gender in Management: An International Journal, 28(2) : 94-110.
  • Lückerath-Rovers, M. 2013. Women on Boards and Firm Performance. Journal of Management and Governance, 17: 491–509.
  • Luis‐Carnicer P., Martínez‐Sánchez, A., Pérez‐Pérez, M. & Vela‐Jiménez, M. J. 2008. Gender Diversity in Management: Curvilinear Relationships to Reconcile Findings. Gender in Management: An International Journal, 23(8): 583-597.
  • Martin-Ugedo, J. F. & Minguez-Vera, A. 2014. Firm Performance and Women on the Board: Evidence from Spanish Small and Medium-Sized Enterprise. Feminist Economics, 20(3) : 136-162.
  • Pelled, L., Eisenhardt, K. & Xin, K. 1999. Exploring the Black Box: An Analysis of Work Group Diversity, Conflict, and Performance. Administrative Science Quarterly, 44: 1–28.
  • Pfeffer, J. & Salancik, G. 1978. The External Control of Organizations: A Resource Dependence Perspective. Harper & Row: New York.
  • Reguera-Alvarado N., Fuentes P. de, & Laffarga J. 2017. Does Board Gender Diversity Influence Financial Performance? Evidence from Spain. Journal of Business Ethics, 141:337–350.
  • Rose, C. 2007. Does Female Board Representation Influence Firm Financial Performance? The Danish Evidence. Corporate Governance: An International Review, 15(2) : 404-413.
  • Rosener, J.B. 1995. America’s Competitive Secret: Utilizing Women as a Management Strategy. Oxford University Press: New York, NY.
  • Shrader, C. B., Blackburn, V. B. & Iles, P. 1997. Women in Management and Firm Financial Performance: An Exploratory Study. Journal of Managerial Issues, 355-372.
  • Siciliano, J. I. 1996. The Relationship of Board Member Diversity to Organizational Performance. Journal of Business Ethics, 15(12), 1313–1320.
  • 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.
  • Solakoğlu, M., N. & Demir, N. 2016. The Role of Firm Characteristics on the Relationship between Gender Diversity and Firm Performance. Management Decision, 54 (6): 1407-1419.
  • Zahra, S. & Stanton, W. 1988. The Implications of Board of Directors: Composition for Corporate Strategy and Performance. International Journal of Management, 5(2) : 261–272.

Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market

Year 2018, , 71 - 90, 01.04.2018
https://doi.org/10.33203/mfy.344407

Abstract

Awareness on gender equality has recently increased, however, representation of women on boards is still low and it is still an unanswered question that leveling gender diversity leads
to better financial results. This study, based on a data of 151 nonfinancial firms of BIST between 2008 to 2015, aimed to provide evidence on this relationship. The hypothesis that presence of woman directors improves firm’s performance was rejected, when firm performance was measured by ROE and ROA. A negative relation between presence of woman directors and Tobin’s Q is revealed when endogeneity of gender diversity was addressed, using system GMM estimation. 

References

  • Adams, R. & Ferreira, D. 2009. Women in the Boardroom and Their Impact on Governance and Performance. Journal of Financial Economics, 2 (94): 291-309.
  • Adams, R.B., Hermalin, B. & Weisbach, M. 2010. The role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey. Journal of Economic Literature, 48(1): 58-107.
  • Anderson, R. C., Reeb, D. M., Upadhyay, A. & Zhao W. 2011. The Economics of Director Heterogeneity. Financial Management, 40 (1): 5-38.
  • Andres, P., Azofra, V. & López, F. 2005. Corporate Boards in OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance: An International Review, 13: 197-210.
  • Ararat, M., Aksu, M., H. & Tansel, C., A. 2010. The Impact of Board Diversity on Boards' Monitoring Intensity and Firm Performance: Evidence from the Istanbul Stock Exchange. Available at SSRN: https://ssrn.com/abstract=1572283 or http://dx.doi.org/10.2139/ssrn.1572283
  • Ararat, M., Aksu, M., & Tansel C, A. 2015. How Board Diversity Affects Firm Performance in Emerging Markets: Evidence on Channels in Controlled Firms. Corporate Governance: An International Review, 23(2): 83-103.
  • Arellano, M., & Bond, S. 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations. The Review of Economic Studies, 58(2): 277-297.
  • Baltagi, B., H. 2005. Econometric Analysis of Panel Data. John Wiley & Sons Ltd.
  • Blau, P.M. 1977. Inequality and Heterogeneity. New York: Free Press.
  • Bonn, I., Yoshikawa, T. & Phan, P. H. 2004. Effects of board structure on firm performance: A Comparison between Japan and Australia. Asian Business & Management, 3: 105–125.
  • Brammer, S., Millington, A. & Pavelin, S. 2007. Gender and Ethnic Diversity among UK Corporate Boards. Corporate Governance: An International Review, 15(2) : 393-403.
  • Breusch, T. S. & Pagan, A. R. 1980. The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1): 239-253.
  • Campbell K. & Antonio Mínguez-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. The Financial Review, 38: 33-53.
  • Carter, D. A., D’Souza, F., Simkins, B. J. & Simpson,W. G. 2010. The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance. Corporate Governance: An International Review, 18: 396–414.
  • 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.
  • Darmadi, S. 2011. Board Diversity and Firm Performance: The Indonesian Evidence. Corporate Ownership and Control Journal, 8: 450–467.
  • Erhardt, N. L., Werbel, J. D., & Shrader, C. B. 2003. Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11: 102–111.
  • Farrell, K.A. & Hersch, P. 2005. Additions to Corporate Boards: The Effect of Gender”. Journal of Corporate Finance, 11(1/2): 85-106.
  • Francoeur, C., Labelle, R. & Sinclair-Desgagne, B. 2008. Gender Diversity in Corporate Governance and Top Management. Journal of Business Ethics, 81:83–95.
  • Gordini, N., & Rancati, E. 2017. Gender Diversity in the Italian Boardroom and Firm Financial Performance. Management Research Review, 40(1) : 75-94.
  • Hausman, J. A. 1978. Specification Tests in Econometrics. Econometrica: Journal of the Econometric Society, 1251-1271.
  • Hillman, A. J. & Dalziel, T. 2003. Board of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives. Academy of Management Review, 28(3) : 383–396.
  • Hillman, A., J., Shropshire C., & Cannella Jr. A. A. 2007. Organizational Predictors of Women on Corporate Boards. The Academy of Management Journal, 50(4): 941-952.
  • Huse, M. & Solberg, A. G. 2006. Gender‐related Boardroom Dynamics: How Scandinavian Women Make and Can Make Contributions on Corporate Boards. Women in Management Review, 21(2): 113-130.
  • Isidro, H. & Sobral, M. 2015. The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance. Journal of Business Ethics, 132: 1–19.
  • Kılıç, M. & Kuzey, C. 2016. The Effect of Board Gender Diversity on Firm Performance: Evidence from TurkeY. Gender in Management: An International Journal, 31(7): 434-455.
  • Lazzaretti, K., Godoi, C. K., Camilo S. P. O. & Marcon, R. 2013. Gender Diversity in the Boards of Directors of Brazilian Businesses. Gender in Management: An International Journal, 28(2) : 94-110.
  • Lückerath-Rovers, M. 2013. Women on Boards and Firm Performance. Journal of Management and Governance, 17: 491–509.
  • Luis‐Carnicer P., Martínez‐Sánchez, A., Pérez‐Pérez, M. & Vela‐Jiménez, M. J. 2008. Gender Diversity in Management: Curvilinear Relationships to Reconcile Findings. Gender in Management: An International Journal, 23(8): 583-597.
  • Martin-Ugedo, J. F. & Minguez-Vera, A. 2014. Firm Performance and Women on the Board: Evidence from Spanish Small and Medium-Sized Enterprise. Feminist Economics, 20(3) : 136-162.
  • Pelled, L., Eisenhardt, K. & Xin, K. 1999. Exploring the Black Box: An Analysis of Work Group Diversity, Conflict, and Performance. Administrative Science Quarterly, 44: 1–28.
  • Pfeffer, J. & Salancik, G. 1978. The External Control of Organizations: A Resource Dependence Perspective. Harper & Row: New York.
  • Reguera-Alvarado N., Fuentes P. de, & Laffarga J. 2017. Does Board Gender Diversity Influence Financial Performance? Evidence from Spain. Journal of Business Ethics, 141:337–350.
  • Rose, C. 2007. Does Female Board Representation Influence Firm Financial Performance? The Danish Evidence. Corporate Governance: An International Review, 15(2) : 404-413.
  • Rosener, J.B. 1995. America’s Competitive Secret: Utilizing Women as a Management Strategy. Oxford University Press: New York, NY.
  • Shrader, C. B., Blackburn, V. B. & Iles, P. 1997. Women in Management and Firm Financial Performance: An Exploratory Study. Journal of Managerial Issues, 355-372.
  • Siciliano, J. I. 1996. The Relationship of Board Member Diversity to Organizational Performance. Journal of Business Ethics, 15(12), 1313–1320.
  • 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.
  • Solakoğlu, M., N. & Demir, N. 2016. The Role of Firm Characteristics on the Relationship between Gender Diversity and Firm Performance. Management Decision, 54 (6): 1407-1419.
  • Zahra, S. & Stanton, W. 1988. The Implications of Board of Directors: Composition for Corporate Strategy and Performance. International Journal of Management, 5(2) : 261–272.
There are 41 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Levent Ataünal This is me

Aslı Aybars

Publication Date April 1, 2018
Submission Date October 15, 2017
Published in Issue Year 2018

Cite

APA Ataünal, L., & Aybars, A. (2018). Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market. Maliye Ve Finans Yazıları, 1(109), 71-90. https://doi.org/10.33203/mfy.344407

Dergi özellikle maliye, finans ve bankacılık alanlarında faaliyet göstermektedir.