Influence of Female boardroom presence on firm value: An analysis on companies listed on B3.

The separation of ownership from control produces a condition where the interests of owner and of ultimate manager may, and often do, diverge, and where many of the checks which formerly operated to limit the use of power disappear.... In creating these new relationships, the quasi-public corporation may fairly be said to work a revolution. It ... has divided ownership into nominal ownership and the power formerly joined to it. Thereby the corporation has changed the nature of profit-seeking enterprise.1

At a time when gender equality is a key priority of all international organizations, this paper can be considered a remarkable contribution to the role of women executives in firms’ performance. More specifically, this study focuses on the effect of women holding positions of responsibility on firms’ performance worldwide. For the purposes of our research, we applied cross-sectional and panel data analysis for all sectors at an international level from 2019, the year preceding the breakout of the pandemic crisis, to 2021, while the indicators used to measure the participation of women in executive positions are classified as ESG indices. The empirical analysis findings end up showing that the participation of women in executive positions positively affects firms’ performance over time, while there is no material change observed before and during the COVID-19 pandemic period. More specifically, when the percent of women processing job positions of responsibility increases by 10%, then the index of profitability will increase from 1.4% to 1.8%, regardless of the measurement of female participation in executive positions used. The results of this study constitute a remarkable contribution to the promotion of the creative economy, the progress of societies, and sustainable development. The research’s outcome can be primarily used by policymakers drawing up policies for achieving gender equality in the labor market and workplaces and by shareholders and firms’ managers in order to trust females in executive positions in favor of their firms’ financial performance. The current study is unique in that it focuses on the period before and during the COVID-19 period, as a period of high volatility in economic activity worldwide, while the sample includes firms from large and mid-cap companies belonging to developed and emerging markets. The above approach will contribute to providing more credible information related to the role of women executives in firms’ performance.

This paper argues that the structure of corporate ownership varies systematically in ways that are consistent with value maximization. Among the variables that are empirically significant in explaining the variation in ownership structure for 511 U.S. corporations are firm size, instability of profit rate, whether or not the firm is a regulated utility or financial institution, and whether or not the firm is in the mass media or sports industry. Doubt is cast on the Berle-Means thesis, as no significant relationship is found between ownership concentration and accounting profit rates for this set of firms.

Avoiding Distortion in Corporate Valuation Litigation: An Application of Discounted Cash Flow

K rivogorsky and Burton (2012) examine the association between dominant shareholders and firm performance for 1,533 firms from seven Continental European countries using ownership data from 2005 to 2007. The primary analysis in the paper tests the effects of four separate types of dominant owners (institutions, blockholders, banks, and individuals and families) on two measures of accounting performance (return on assets and return on shareholder funds) and a measure of firm value (market-to-book ratio). Supplemental tests examine cross-sectional differences in the effects of each type of dominant owner across individual countries. The main results indicate that banks and individual and family owners have a positive effect on firm performance, while institutions and blockholders have a negative effect on firm performance. The evidence from the within-country tests shows that the relation between particular shareholder types and firm performance varies across different jurisdictions, with dominant owners generally having a positive effect. Dominant shareholders have incentives and the ability to influence the firms in which they own a controlling interest. Dominant owners are motivated to utilize their control to monitor managerial actions because of their claims to the residual profits of the firm (Shleifer and Vishny 1997). Dominant shareholders also have the ability to monitor managerial actions because of their access to inside information and their ability to control internal forces designed to curb managerial actions that are not consistent with maximization of firm value. Thus, monitoring by dominant owners can serve to address the classic agency conflicts between shareholders and investors (Jensen and Meckling 1976), thereby having a positive effect on firm value. In an international context, however, country-level institutions, laws, and other regulatory features can interfere with dominant shareholders’ typical incentives and ability to monitor managerial behavior. Depending on a country’s institutional environment, dominant shareholders could be motivated by a different set of factors, perhaps leading them to take advantage of their ownership status to extract personal benefits from the firm. This type of situation would result in a negative relation between dominant ownership and firm value. Given the potential for either

The board of directors is one of the components of corporate governance used by the company to improve the firm's performance both in the long and short term so that the characteristics of the board become one of the key factors to running a good governance system for the company, even though having a good board composition is not always makes the company have a good performance because of the conflict of interest that occurs between the principal and the manager of the company so that there is a need for an in-depth study of the impact of capital structure on company performance. This study attempts to assess specifically the characteristics of the board (board size, board diversity, and audit committee) owned by the company to capital structure, then confirmed the effect of capital structure on firm performance and firm value by using ROE for performance and Tobin’s Q for firm value. Was used in the study sample 25 a company that had always entered into the LQ45 index within a time frame of 2015-2019. The technique of analysis that was used in this study was Path Analysis. The results of the testing of hypotheses found that board size and audit committee had a positive impact on capital structure, while board diversity had a negative effect on capital structure, then capital structure had a positive effect on firm performance, otherwise, the capital structure had a negative effect on firm value

The primary pursuit of any business is to understand what customers value and to create that value for them. While customers are the final arbiter of value, it is the firm's role to explore, interpret and deliver value based on what they believe customers are seeking. Based on this premise we adopt the firm's perspective on value creation to extend both Bowman and Ambrosini's theoretical framework and the work of DeSarbo, Jedidi and Sinha and focus on two issues. The first is the strategic emphasis firms place on the design and delivery of their value offering. The second is the extent the firm's value offering explains performance differentials at the customer-centric performance level. We present a conceptual model of how firms gain positional advantage via their value offering and the realized outcomes they achieve. We present two approaches to modelling the firm's value offering (type II and type IV models) and articulate the theoretical underpinnings and results for these models. Our results validate the conceptualization of the firm's value offering and suggest that creating superior value offerings enables firms to achieve superiority in customer-centric performance.

An underrepresentation of women in executive positions has persisted for decades. This paper aims to analyze the financial impact of women in executive positions in German companies by examining the economic value added and exploring the effects of Environmental, Social, and Governance (ESG) factors and female supervisory board members on female board members. The results indicate that in the 200 largest German companies, the share of female executives increased between 2018 and 2022. Regardless of industry, female executives started at very low levels at around 4% in 2018; in 2022, this figure reached around 11%. Thereby, the financial sector showed the highest share of female executives at around 14% in 2022, and the industrial sector at around 9%. A closer look reveals that large companies have higher shares of female executives than smaller companies. Large companies show an average of 17% compared to small ones, and in 2022, only 8%. There is a positive correlation between the share of female supervisory board members and female executives, arguing that female supervisory board members seem to hire more female executives. Companies with more female executives tend to have lower ESG controversy scores, and companies with more female executives, measured by the economic value added, perform better financially than companies with few or no women. Companies with female executives show about 2 percentage points higher economic value added than those with the lowest share of females (no or few female executives). Thus, it seems that female executives matter and make a difference in companies.

Purpose-Current study examines the impact of E, S, and G factors separately on firm performance and value of developed and emerging markets, a perspective overlooked in current literature. Design/Methodology/Approach-The study uses a large international sample comprising 614 non-financial firms with 8,484 unbalanced observations, segregated between emerging and developed markets. The study estimates the output using the Generalized Least Square (GLS) technique. Findings- Our study presents two novel findings in these markets. In the case of developed markets, we find that E, S, and G positively affect firm financial performance and firm value. However, in emerging markets we find that E, S, and G have mixed (that is, negative and positive, and significant and insignificant) effects on firm performance and firm value. Practical implications- Our findings show that the positive impact of ESG pillars on firm value and performance in developed markets must incentivize senior management to enhance their sustainability commitment. This model should be replicated in emerging markets as well. Additionally, from the perspective of regulatory bodies, specifically considering emerging markets, our findings can help understand the causes of the unfavorable association between ESG practices, investor expectations, and firm performance. Originality/Value-Previous literature mainly focuses on the overall ESG score when evaluating its impact on firm-specific variables. Additionally, the institutional settings and market dynamics of developed and emerging markets are significantly different and must be considered when interpreting results or developing empirical models. The current study addresses these gaps.

This article documents the number of women in executive positions and on boards of directors of the nation’s largest companies and looks at the human resources policies of these companies. On average women make up no more than 15% of top executives and even less of board directors, and no company has a majority of women in top executive positions or on boards. The article also examines the degree to which these firms provide benefits packages that address women’s needs. Although the percentage of companies that offer aU employees medical benefits of particular concern to women such as mammograms and annual gynecological exams is quite high, other benefits are still notably lacking. Programs that provide on-site early education and care are very rare as are programs that provide paternity benefits. Paid maternity leave at a minimum threshold is also offered to all employees by only half of the companies responding to our survey.

We examine gender bias related to the effect of women in executive management leadership. Specifically, we examine when women are recruited to executive positions and follow companies’ market performance before and after their appointment. Our study is conceptually situated within the field of queuing theory, suggesting certain patterns of labour market queuing behaviour according to race, gender, and class. We formulate two hypotheses: (1) the presence of female executives is associated with lower firm value; and (2) companies with female-centric executive boards are valued lower by investors than companies with male-centric boards. We test these hypotheses employing panel data, using a unique sample of 159 companies listed on the Warsaw Stock Exchange in the years 2006–2015, with hand-collected data on the number of female directors on executive boards. Our results suggest that market queuing behaviour is evident in the case of Poland. Men are more often hired in executive roles than women, whereas females are more likely to be appointed to executive boards in firms which are performing poorly. Moreover, higher participation of women in executive positions is associated with resulting lower value in the long run. According to our interpretation, isomorphism and gender bias diffuse through the reproduction and valuation of capitalist markets.

Corporate governance is an important factor in generating firm financial performance especially in the Covid-19 Pandemic. During the pandemic, the government announced to do social distance that effect on firm operation which could not run maximal comparing to normal conditions. Good corporate governance practice may help to prevent deterioration financial ratio due to decreasing firm financial performance. Moreover, external funding becomes important to back up back up firm operations because firm tend to suffering loss during the pandemic. The aims of this study are to analyse the impact of corporate governance practice and capital structure on firm performance, as well as firm value. This study applies Shariah-compliant firms (SCF) that listed on Indonesia stock exchange from 2015 – 2020. This study analyses using structural equation modelling - partial lease square (SEM-PLS). The results show that corporate governance have a significant positively on firm financial performance, but capital structure shows the adverse effect on firm financial performance. In terms of firm value, both corporate governance and firm financial performance have a positively associated to firm value. Moreover, firm financial performance has negatively impact on firm value. Finally, the findings may help stakeholders to create effective corporate governance practice in driving both firm performance and firm performance, as well as maintain the balance between debt and equity to optimize capital structure that may impact on the firm financial performance and firm value.

본 연구는 경영자특성에 따라 기업투자요인이 기업가치 및 성과에 미치는 영향에 대해 연구하였다. 경영자특성은 크게 경영자 나이와 주식보유율로 구분하였으며, 조절효과를 살펴보기 위하여 경영자특성을 더미변수 처리하여 상호작용효과를 분석하였다. 코스닥 기업을 중심으로 2011년부터 2017년까지 년도를 선정하여 분석하였다. 분석결과 경영자의 나이와 기업투자요인(광고선전비, 연구개발비 그리고 교육훈련비)의 상호작용효과가 기업가치와 경영성과에 미치는 영향을 살펴본 결과, 숙련된 경영자이며 연구개발비지출이 큰 경우 기업가치에 부정적인 영향을 미치지만 교육훈련비 지출이 큰 경우 기업가치에 긍정적인 영향을 미쳤다. 또한 숙련된 경영자가 연구개발비 지출을 높이면 경영성과에 긍정적인 영향을 미치는 것으로 나타났다. 반면 숙련된 경영자가 교육훈련비의 지출이 높으면 경영성과에 부정적인의 영향을 미치는 것으로 나타났다. 둘째, 경영자의 주식보유율과 기업투자요인(광고선전비, 연구개발비, 교육훈련비)의 상호작용효과가 기업가치와 경영성과에 미치는 영향에 대해 분석하였다. 소유경영자가 광고선전비 지출이큰 경우 기업가치에 부정적인의 영향을 미치는 것으로 나타나고 있는 것을 알 수 있다. 그러나 소유경영자가 교육훈련비의 지출이 높으면 경영성과에 긍정적인의 영향을 미치는 것으로 나타났다.This study examined the effects of corporate investment factors on firm performance and value based on characteristics of CEO. The CEO’s characteristics were classified into age and stockholdings. To examine the moderating effect, characteristics of CEO were analyzed by dummy variable treatment. We selected and analyzed KOSDAQ companies from 2011 to 2017. First, as a results of finding that the relationship between CEO s age and corporate investment factors (education training, R&D, and ADs) affects firm performance and value, when experienced CEO (in the case of older CEO) have large investment on R&D, this factor has a negative effect on firm value and when experienced CEO have large investment on education training, it has a positive effect on firm value. For firm performance, when experienced CEO have large investment on R&D, it has a positive effect on firm performance. Finally, when experienced CEO have large investment on education training, it has a negative effect on firm performance. Second, as a results of finding that the relationship between CEO s shareholdings and corporate investment factors (education training, R&D, and ADs) affects firm performance and value, when CEO as owner have large investment on advertisements, it has a negative effect on firm value. However, when CEO as owner have large investment on education training, it has a positive effect on firm performance.

EUGENE FAMA and Michael Jensen's treatment of the "Separation of Ownership and Control" is both insightful and informative. It deepens our understanding of corporate control, and the analysis of residual claimants usefully extends the economics of internal organization to include partnerships, mutuals, nonprofits, and the like. The basic argument is this: specialized governance structures arise in response to the efficiency needs of each type of organization. This is an important argument and one with which I broadly concur. They couple this, however, with a strong suggestion that these structures have reached a high degree of refinement-on which account there is not now, if indeed there ever has been, an organization control problem with which scholars and others are legitimately concerned. On this point I have grave doubts. My discussion of the paper addresses three issues: What is the relation, if any, of the hierarchical organization of the firm to economic performance? What relation, if any, does residual claimant status have to the composition and character of the board of directors? And is there now or has there ever been a corporate control problem? I deal with each of these issues in order.

The underrepresentation of women in executive positions within the Asian workplace has garnered significant attention and concern within social circles. Despite the substantial economic advancements witnessed throughout Asia in recent years, there persists a prevalent issue concerning the limited status and participation of women inside the workforce. This study aims to examine the causes contributing to the underrepresentation of women in executive positions, specifically focusing on political, educational, and socio-cultural aspects. The research will employ various methods, including literature analysis, data comparison, and exposition. The examination and comparison of data from other foreign countries provide more evidence to support the notion that there remains potential for enhancement in the representation of female CEOs within the Asian workplace. The research presented in this paper aims to highlight the complexity of the issue surrounding women's low status and limited participation in the workplace. It emphasizes the need for collaborative efforts from all sectors of society to address this problem. The study specifically focuses on the social factors contributing to the low proportion of female executives in the Asian workplace. Enhancing the status and engagement of women, as well as attaining gender equality within the workplace, can be facilitated by implementing various strategies. These include challenging conventional mindsets, expanding educational and professional prospects for women, optimizing corporate frameworks and decision-making processes, and advocating for the establishment and enforcement of policies and legislation pertaining to gender parity.