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

Cilt: 1 Sayı: 109 1 Nisan 2018
Levent Ataünal , Aslı Aybars
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Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market

Öz

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. 

Anahtar Kelimeler

Gender diversity,board diversity,firm performance,woman directors

Kaynakça

  1. Adams, R. & Ferreira, D. 2009. Women in the Boardroom and Their Impact on Governance and Performance. Journal of Financial Economics, 2 (94): 291-309.
  2. 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.
  3. Anderson, R. C., Reeb, D. M., Upadhyay, A. & Zhao W. 2011. The Economics of Director Heterogeneity. Financial Management, 40 (1): 5-38.
  4. 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.
  5. 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
  6. 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.
  7. 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.
  8. Baltagi, B., H. 2005. Econometric Analysis of Panel Data. John Wiley & Sons Ltd.
  9. Blau, P.M. 1977. Inequality and Heterogeneity. New York: Free Press.
  10. 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.

Kaynak Göster

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
AMA
1.Ataünal L, Aybars A. Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market. Maliye ve Finans Yazıları. 2018;1(109):71-90. doi:10.33203/mfy.344407
Chicago
Ataünal, Levent, ve Aslı Aybars. 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.
EndNote
Ataünal L, Aybars A (01 Nisan 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.
IEEE
[1]L. Ataünal ve A. Aybars, “Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market”, Maliye ve Finans Yazıları, c. 1, sy 109, ss. 71–90, Nis. 2018, doi: 10.33203/mfy.344407.
ISNAD
Ataünal, Levent - Aybars, Aslı. “Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market”. Maliye ve Finans Yazıları 1/109 (01 Nisan 2018): 71-90. https://doi.org/10.33203/mfy.344407.
JAMA
1.Ataünal L, Aybars A. Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market. Maliye ve Finans Yazıları. 2018;1:71–90.
MLA
Ataünal, Levent, ve Aslı Aybars. “Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market”. Maliye ve Finans Yazıları, c. 1, sy 109, Nisan 2018, ss. 71-90, doi:10.33203/mfy.344407.
Vancouver
1.Levent Ataünal, Aslı Aybars. Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market. Maliye ve Finans Yazıları. 01 Nisan 2018;1(109):71-90. doi:10.33203/mfy.344407