RT Article
T1 Gender Diversity in Corporate Governance and Top Management
JF Journal of business ethics
VO 81
IS 1
SP 83
OP 95
A1 Francoeur, Claude
A1 Labelle, Réal
A1 Sinclair-Desgagné, Bernard
A2 Labelle, Réal
A2 Sinclair-Desgagné, Bernard
LA English
YR 2008
UL https://ixtheo.de/Record/1785630717
AB This article examines whether and how the participation of women in the firm’s board of directors and senior management enhances financial performance. We use the Fama and French (1992, 1993) valuation framework to take the level of risk into consideration, when comparing firm performances, whereas previous studies used either raw stock returns or accounting ratios. Our results indicate that firms operating in complex environments do generate positive and significant abnormal returns when they have a high proportion of women officers. Although the participation of women as directors does not seem to make a difference in this regard, firms with a high proportion of women in both their management and governance systems generate enough value to keep up with normal stock-market returns. These findings tend to support the policies currently being discussed or implemented in some countries and organizations to foster the advancement of women in business.
K1 Stakeholder Theory
K1 Agency Theory
K1 Corporate Governance
K1 Gender diversity
DO 10.1007/s10551-007-9482-5