YÖNETİM KURULUNDA CİNSİYET ÇEŞİTLİLİĞİ BİLGİ ASİMETRİĞİNİ AZALTIR MI? ABD’DEN KANITLAR

Year 2024, Issue: 64, 215 - 230, 20.09.2024

Gerçek Özparlak

https://doi.org/10.30794/pausbed.1494040

Abstract

Kadın yöneticilerin firmaların finansal, ekonomik ve sürdürülebilirlik alanlarına katkıları açıktır. Bununla birlikte, kadın yöneticiler asimetrik bilginin azaltılmasında da kilit bir rol oynayabilir. Bu çalışmanın amacı, şirket yönetiminde kadın çeşitliliğinin bilgi asimetrisi üzerindeki etkisini araştırmaktır. Çalışma, vekalet teorisi ve kritik kütle teorisine atıfta bulunmaktadır. Çalışmanın analizlerinde cinsiyet eşitliği, yönetim kurulu çeşitliliği ve kontrol değişkenleri kullanılmıştır. Bu çalışmada, değişkenler arasındaki ilişkiyi analiz etmek için sıradan en küçük kareler (OLS) modeli kullanılmıştır. Ayrıca, içsellik sorunlarını analiz etmek için sabit etki, kantil regresyon ve gecikme tahmin modelleri kullanılmıştır. Çalışmada S&P500 endeksinde yer alan 401 Amerikan şirketinin 2008-2023 yılları arasındaki yıllık verileri kullanılmıştır. Çalışmanın sonuçları, şirket yönetiminde cinsiyet çeşitliliğinin faydaları konusundaki güncel tartışmalara farklı test ve teorilerle katkı sağlamaktadır. Çalışmanın sonuçlarına göre, şirketlerin yönetim kurullarında kadın sayısının artması asimetrik bilginin azalmasına katkı sağlamaktadır. Çalışmanın bir diğer sonucuna göre, kritik kütle teorisi altında, şirket yönetiminde üç veya daha fazla kadının olması asimetrik bilginin azaltılmasına daha fazla katkı sağlamaktadır.

Keywords

Bilgi Asimetrisi, Yönetim Kurulunda Cinsiyet Çeşitliliği, Cinsiyet Eşitliği, Kurumsal Finans, Finansal Modelleme

DOES BOARD GENDER DIVERSITY REDUCE INFORMATION ASYMMETRY? EVIDENCE FROM THE USA

Abstract

The contributions of women managers to the financial, economic and sustainability areas of firms are obvious. However, women managers can also play a key role in reducing asymmetric information. The purpose of this study is to investigate the effect of gender diversity in corporate management on information asymmetry. The study refers to agency theory and critical mass theory. Gender equality, board diversity and control variables are used in the analyses. In the study, an ordinary least squares (OLS) model is used to analyse the relationship of variables. In addition, fixed effect, quantile regression and lag estimation models are used to analyse endogeneity problems. The annual data of 401 American companies listed in the S&P500 index between 2008 and 2023 were used in the sample. The results of the study contribute to the current debate on the benefits of gender diversity in corporate management with different tests and theories. According to the results of the study, increasing the number of women on the board contributes to the reduction of information asymmetry. According to another result of the study, under the critical mass theory, having three or more women in the company management contributes more to the reduction of information asymmetry.

Keywords

Information Asymmetric, Board Gender Diversity, Gender Equality, Corporate Finance, Financial Modelling

References

• Abad, D., Lucas-Pérez, M. E., Minguez-Vera, A., & Yagüe, J. (2017). Does Gender Diversity on Corporate Boards Reduce Information Asymmetry in Equity Markets? BRQ Business Research Quarterly, 20(3), 192-205. https://doi.org/10.1016/j.brq.2017.04.001
• Abdou, H.A., Ellelly, N.N., Elamer, A.A., Hussainey, K.& Yazdifar, H. (2021). Corporate governance and earnings management nexus: Evidence from the UK and Egypt using neural networks. Int J Fin Econ., 26, 6281–6311. https://doi.org/10.1002/ijfe.2120
• Adams, C., & Zutshi, A. (2004). Corporate social responsibility: why business should act responsibly and be accountable. Australian Accounting Review. https://doi.org/10.1111/j.1835-2561.2004.tb00238.x
• 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.
• Alduais F, Almasria N.A. & Airout R. (2022). the moderating effect of corporate governance on corporate social responsibility and information asymmetry: an empirical study of chinese listed companies. Economies. 2022; 10(11), 280. https://doi.org/10.3390/economies10110280
• AlHares, A., Ntim, C., Al-Hares, O. & Al Abed, R. (2018) Frequency of board meetings and R&D investment strategy: evidence from OECD countries. Theoretical Economics Letters, 8, 3016-3033. https://doi.org/10.4236/tel.[phone]
• Almulhim, A. (2023). Effects of board characteristics on information asymmetry: Evidence from the alternative investment market. Heliyon, 9(6), E16510. https://doi.org/10.1016/j.heliyon.2023.e16510
• Arena, C., Cirillo, A., Mussolino, D., Pulcinelli, I., Saggese, S. & Sarto, F. (2015). Women on board: evidence from a masculine industry. Corporate Governance: The International Journal of Business in Society, 15(3), 339-356. https://doi.org/10.1108/CG-02-2014-0015
• Aribi, Z. A., Alqatamin, R. M. & Arun, T. (2018). Gender diversity on boards and forward-looking information disclosure: evidence from Jordan. Journal of Accounting in Emerging Economies, 8(2), 205-222.
• Atif, M., Hossain, M., Alam, M.S. & Goergen, M. (2021). Does board gender diversity affect renewable energy consumption? Journal of Corporate Finance, 66, 101665. https://doi.org/10.1016/j.jcorpfin.2020.101665
• Brahma S, Nwafor C & Boateng A. (2021). Board gender diversity and firm performance: The UK evidence. Int J Fin Econ. 2021; 26: 5704–5719. https://doi.org/10.1002/ijfe.2089
• Brown S. & Hillegeist S.A. (2007). How disclosure quality affects the level of information asymmetry. Rev. Account. Stud., 12(2-3), 443–477.
• Bufarwa, I.M., Elamer, A.A., Ntim, C.G. & AlHares, A. (2020). Gender diversity, corporate governance and financial risk disclosure in the UK. International Journal of Law and Management, 62(6), 521-538. https://doi.org/10.1108/IJLMA-10-2018-0245
• Cepoi, C.O. (2020). Asymmetric dependence between stock market returns and news during COVID-19 financial turmoili. Finance Research Letters, 36, 101658, ISSN 1544-6123, https://doi.org/10.1016/j.frl.2020.101658
• Diamond, D.W. and Verrecchia, R.E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359. https://10.1111/j.1540-6261.1991.tb04620.x
• Doan, T., & Iskandar-Datta, M. (2018). Gender in the C-Suite and informational transparency. Corporate Ownership & Control, 15(4-1), 149-157. https://doi.org/10.22495/cocv15i4c1p2
• Dobija, D., Hryckiewicz, A., Zaman, M. & Puławska, K. (2022). Critical mass and voice: Board gender diversity and financial reporting quality, European Management Journal, 40(1), 29-44, ISSN 0263-2373. https://doi.org/10.1016/j.emj.2021.02.005.
• Easley, D. (1996). Liquidity, information, and infrequently traded stocks. The Journal of Finance, 51(4), 1405-1436.
• El Mahdy, D., Hao, J. & Cong, Y. (2022). Audit committee financial expertise and information asymmetry. Journal of Financial Reporting and Accounting, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFRA-12-2021-0440
• Fama, E. F. & Jensen, M. C. (1983). Separation of ownership and control. Michael C. Jensen, Foundations of Organizational Strategy, Harvard University Press, 1998, and Journal of Law and Economics, 26, June 1983. https://doi.org/10.2139/ssrn.94034
• Fernandes, S. M., Bornia, A.C. & Nakamura, L. R. (2019). The influence of boards of directors on environmental disclosure", Management Decision, 57(9), 2358-2382. https://doi.org/10.1108/MD-11-2017-1084
• Francoeur, C., Labelle, R. & Sinclair-Desgagné, B. (2008). Gender diversity in corporate governance and top management. J Bus Ethics 81, 83–95. https://doi.org/10.1007/s10551-007-9482-5
• Goh, B. W., Lee, J., Ng, J., & Ow Yong, K. (2016). The Effect of Board Independence on Information Asymmetry. European Accounting Review, 25(1), 155–182. https://doi.org/10.1080/09638180.2014.990477
• Gurol, B. & Lagasio, V. (2023). Women board members’ impact on ESG disclosure with environment and social dimensions: evidence from the European banking sector. Social Responsibility Journal, 19(1), 211-228. https://doi.org/10.1108/SRJ-08-2020-0308
• Hamrouni, A., Bouattour, M., Ben Farhat Toumi, N. & Boussaada, R. (2022). Corporate social responsibility disclosure and information asymmetry: does boardroom attributes matter? Journal of Applied Accounting Research, 23(5), 897-920. https://doi.org/10.1108/JAAR-03-2021-0056
• Harjoto, M., Laksmana, I., & Lee, R. (2015). Board Diversity and Corporate Social Responsibility. Journal of Business Ethics, 132, 641–660. https://doi.org/10.1007/s10551-014-2343-0
• Heflin, F., Shaw, K. W. & Wild, J. J. (2005). Disclosure quality and market liquidity. Contemp. Account. Res. 22(4), 829–865.
• Jane Lenard, M., Yu, B., Anne York, E. & Wu, S. (2014). Impact of board gender diversity on firm risk. Managerial Finance, 40(8), 787-803. https://doi.org/10.1108/MF-06-2013-0164
• Jensen, M. J., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 4(3), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
• Kanagaretnam, K., Lobo, G. J. & Whalen, D. J. (2007). Does good corporate governance reduce information asymmetry around quarterly earnings announcements?, Journal of Accounting and Public Policy, 26(4), 497-522, ISSN 0278-4254, https://doi.org/10.1016/j.jaccpubpol.2007.05.003
• Khatib, S.F.A., Abdullah, D.F, Elamer, A.A. & Abueid, R. (2021). Nudging toward diversity in the boardroom: A systematic literature review of board diversity of financial institutions. Bus Strat Env., 30, 985–1002. https://doi.org/10.1002/bse.2665
• Latura, A. & Weeks, A.C. (2023). Corporate Board Quotas and Gender Equality Policies in the Workplace. American Journal of Political Science, 67, 606-622. https://doi.org/10.1111/ajps.12709
• Leuz, C., & Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of accounting research, 91-124.
• Liao, L., Luo, L. & Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British Accounting Review, 47(4), 409-424, ISSN 0890-8389. https://doi.org/10.1016/j.bar.2014.01.002
• Loukil, N., Yousfi, O. & Yerbanga, R.W.-k. (2020). Does gender diversity on boards reduce information asymmetry problems? Empirical evidence from the French market. Journal of Family Business Management, 10(2), 144-166. https://doi.org/10.1108/JFBM-02-2019-0007
• Myers, S. & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. J. Financ. Econ., 13(2), 187–221.
• Özparlak, G. & Gürol, B. (2023). The role of diversity on the environmental performance and transparency. Environ Dev Sustain (2023). https://doi.org/10.1007/s10668-023-04193-x
• Poursoleiman, E., Mansourfar, G. & Abidin, S. (2020). Financial leverage, debt maturity, future financing constraints and future investment, International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 613-634. https://doi.org/10.1108/IMEFM-10-2019-0430
• Sarang, A. A .A., Rind, A. A., Al-Faryan, M. A. S. & Saeed, A. (2022). Women on board and the cost of equity: the mediating role of information asymmetry, Journal of Financial Reporting and Accounting, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFRA-02-2022-0048
• Schwartz-Ziv, M. (2017). Gender and board activeness: the role of a critical mass, Journal of Financial and Quantitative Analysis, 52(2), 751-780. https://doi.org/10.1017/S0022109017000059
• Seebeck, A. & Vetter, J. (2022). Not just a gender numbers game: how board gender diversity affects corporate risk disclosure. J Bus Ethics 177, 395–420 (2022). https://doi.org/10.1007/s10551-020-04690-3
• Szydło, M. (2015), Gender Equality on Boards of EU Companies. European Law Journal, 21, 97-115. https://doi.org/10.1111/eulj.12074
• Teigen, M. (2012). Chapter 4, Gender Quotas on Corporate Boards: On the Diffusion of a Distinct National Policy Reform", Engelstad, F. and Teigen, M. (Ed.) Firms, Boards and Gender Quotas: Comparative Perspectives (Comparative Social Research, Vol. 29), Emerald Group Publishing Limited, Leeds, 115-146. https://doi.org/10.1108/S0195-6310(2012)0000029008
• Ullah, I., Fang, H. & Jebran, K. (2019). Do gender diversity and CEO gender enhance firm’s value? Evidence from an emerging economy. Corporate Governance, 20(1), 44-66. https://doi.org/10.1108/CG-03-2019-0085
• Wu, K., Sorensen, S. & Sun, L. (2019). Board independence and information asymmetry: family firms vs non-family firms, Asian Review of Accounting, 27(3), 329-349. https://doi.org/10.1108/ARA-05-2018-0110