Abstract
The article examines the changes in corporate governance bodies connected with financial performance dynamics in German, Austrian and Swiss companies. The main objective of the study is to trace the causal links between financial indicators and Board’s gender composition. The paper uses the reports of European companies to determine the Board composition and financial outcomes. Using a sample of 177 corporations and data on their Board and management composition along with financial performance indicators in 2014-2019, the authors apply regressions to determine statistically relevant relations between Board compositions and financial results. The findings show no negative effect of female representation in the Board on corporate financial performance. The study identifies a visible positive correlation between an increasing female representation in the Board and financial outcomes in real estate and manufacturing sector. Austria shows negative dependence of financial outcomes on increasing female representation in the Board, with a reverse situation in Switzerland. The results also show no correlation between the number of female directors and female managers.
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