Corporate governance, women's participation and firm performance: empirical analysis using a non-parametric evaluation methodology. Issue 3 (3rd July 2019)

• Record Type: Journal Article
• Authors: Maravelaki, Antonia; Doumpos, Michalis; Zopounidis, Constantin
• Is Part Of: Infor. Volume 57:Issue 3(2019)
• Page Start: 394
• Page End: 410
• Publication Date: 2019-07-03
• Subjects: Corporate governance -- corporate performance -- multi-attribute decision-making -- composite indicators; Operations research -- Periodicals; Electronic data processing -- Periodicals; Systems engineering -- Periodicals; Systems engineering; Electronic data processing; Periodicals; 003.05
• DOI: 10.1080/03155986.2017.1393728
• Languages: English
• ISSNs: 0315-5986

Abstract

ABSTRACT: In recent years, corporate governance (CG) has become a central point of interest in corporate finance. Among others issues, the participation of women as executives in corporate management has received much attention. The academic research in this field is controversial. We investigate the relationship between boardroom gender diversity and firm financial performance, using a sample of 76 U.S.A's major listed companies between 2006 and 2013. A novel CG performance indicator is constructed using a multi-attribute approach based on the principles of efficiency measurement, separating the effect of women's administrative participation from other CG attributes. At the second stage, a panel regression analysis is performed to explore the relationship between CG and women's participation on the risk-adjusted performance of the firms.