Women Directors Research Articles

Board gender diversity and environmental material topics: Evidence from GRI-based reports in the Italian context

PurposeThis paper investigates whether board gender diversity is associated with the propensity to prioritize environmental issues in the material topic list on Global Reporting Initiative (GRI)-based reports.Design/methodology/approachRegressions analyses are performed using a sample of 755 firm-year observations from Italy over the 2018–2022 period. The data were obtained from hand-collection on GRI-based reports and Refinitiv Eikon database. Board gender diversity is measured through three proxies: the natural logarithm of the number of women directors, the ratio of female representation on board and the Blau index reflecting the proportion of women/men on board. Additional tests are also developed.FindingsResults show that board gender diversity positively influences the propensity to rank environmental issues at the top of the material topic list on GRI-based reports.Research limitations/implicationsSince the study focuses on the Italian context, results cannot be subjective to an extensive generalization to other countries.Practical implicationsThis study highlights the importance of strengthening the female participation on board to prioritize the firm’s impact on environment within the materiality assessment of sustainability reporting.Originality/valueTo the best of the authors’ knowledge, this study is the first to investigate the association between board gender diversity and the highest ranked environmental material topics, thus contributing to better understand the role of women directors on materiality assessment within sustainability reporting.

On Some Trends of the “Women’s Wave” of in Modern Russian Cinema

The article looks into the phenomenon of the “women’s wave” in modern Russian cinema. Sure enough, the films produced by women directors in the 2000s, the 2010s and the 2020s are not identical; their imagery system has transformed under the influence of the sociopolitical context, yet certain general trends can be distinguished. The author picks out the three main ones, designating them as “romantic”, “political” and “rebellious”. These thematic areas characterize the ongoing processes in modern Russian society and take films by women directors beyond the exclusively “women's issue”.

Ibu(isme) dan Film Orde Baru: Representasi Ibu dalam film Jangan Menangis Mama

The representation of women in films is always an interesting topic in Indonesian film studies. This article aims to reveal the representation of women, especially in their identity as mothers in the film Jangan Menangis Mama (Don’t Cry Mommy) was produced in 1977. This film was directed by Sofia WD, a film star, screenwriter, and film producer who works both in the Old Order and the New Order of the Indonesian Film Industry. Based on Roland Barthes' semiotic analysis, this article uncovers two levels of meaning systems, namely denotation and connotation related to the mother's character in the film. The process of interpreting these signs cannot be separated from the concept of ‘ibuism’ (motherhood) as a gender-political ideology of the New Order and the context of the male-dominated film industry. Research findings show that the dominant representation of mothers is associated with the weak position of a woman with various roles: as a wife, a mother, a single mother, a citizen, and a daughter. However, this research found a 'limited' agency from Sofia WD as a woman director of the film Jangan Menangis Mama to offer gender representation that is not completely stereotypical as well as not just 'black and white' as in previous studies.

Women at Multiple Levels of Strategic Leadership: Evidence of Gender Spillovers

ABSTRACTManuscript TypeEmpirical.Research Question/IssueWe examine how the combined presence of women in multiple levels of strategic leadership, including gender‐diverse boards, affects firm accounting performance.Research Findings/InsightsOur meta‐analysis of 273 effect sizes across various hypotheses expands research on women in upper echelons by showing that gender‐diverse boards are positively related to gender spillovers, that is, the appointment of female executives. Most importantly, our work demonstrates that gender spillovers mediate the relationship between board gender diversity and firm performance, indicating there are joint effects of women leaders when serving at various levels of the organization simultaneously. We also find that the size of gender‐diverse boards negatively affects gender spillovers to the level of executives.Theoretical/Academic ImplicationsOur research highlights interdependencies between gender diversity at different organizational levels and the distinct contribution of women directors. We draw attention to the role of gender spillovers as a mechanism that helps explain how the appointment of women directors benefits firm performance. Our findings broadly contribute to upper echelons theory.Practitioner/Policy ImplicationsThis study emphasizes that increasing the representation of women on boards can advance the cause of women at other levels of strategic leadership. Furthermore, if women are in multiple levels of strategic leadership at the same time, this can lead to improved firm performance.

Why women on corporate boards are more than just tokens: an Indian perspective

PurposeSituated in the context of India, where women’s representation on corporate boards remains low, this study aims to explore whether and how tokenism impacts the behaviours of female directors.Design/methodology/approachThe boardroom experiences and perceptions of 14 women directors are explored through semi-structured interviews and analysed using an inductive and interpretive process. Also, to get a counter perspective and avoid the social desirability bias from the women participants’ responses, 16 men directors are interviewed.FindingsThe study finds that, as gender minorities, women directors' visibility on boards can create performance pressures on these women. To counter gender-based prejudices, women directors consciously alter their behaviours and project both male and female traits consistent with the director role. By doing so, women directors overcome tokenistic stereotypes and are accepted as part of the director in-group, irrespective of their numeric representation on the board.Practical implicationsThe research has implications for governments attempting to increase women’s board presence through affirmative actions and for firms aiming to improve the gender diversity of their board composition.Originality/valueThese findings present an alternative perspective on women directors’ board behaviour by exploring the applicability of Western trends on tokenism and critical mass in the context of India, adding to the vast body of literature concerned with minorities on corporate boards.

Women Directors: An Empirical Test of Critical Mass Hypothesis

This paper offers integrated theoretical-based empirical evidence regarding the role of female directors in promoting corporate common good using resource dependency model built on critical mass hypothesis. Using panel regression involving 220 firm-year observations from 2011 to 2021, the paper empirically assesses the moderating impacts of diversity and social inclusion policy, and gender-based power separation in determining the direction of causality between composition of female directors and foreign capital importation by the top 20 commercial banks in Nigeria. With approximately 30 per cent female director representation in the sampled banks (i.e., optimal gender threshold), the paper offers support to critical mass hypothesis and validates intrinsic benefits of women in corporate boardroom. The empirical result shows that female director representation in boards with strong diversity and social inclusion policy and greater independent non-executive directors, is positively linked to resource dependency role of foreign capital importation. Diversity of power separation is found to be detrimental to such board tasks due to overwhelming tokenism effect that surrounds gender-based power delineation. These key findings are statistically significant and robust to a series of iterated sensitivity tests. In addition to offering emerging market contributions to the growing literature on critical mass theory application, findings from this study demonstrate the inherent value of combining multiple governance theories (such as resource dependency and critical mass models) and the dynamic research framework opportunities it offers for robust empirical testing.

How do gender diversity and CEO profile impact dividend policy in banking? Evidence from Islamic and conventional banks

PurposeThis paper aims to examine the determinants of the dividend distribution policy in a banking setting.Design/methodology/approachUsing a sample of 48 Islamic banks and 94 conventional banks from 15 Islamic countries over a period spanning from 2012 to 2019, we document the effect of board gender diversity, executive director profile and governance mechanisms on dividend payment decisions. We also analyze the moderating effect of Islamic banks on the relationship between gender diversity and dividend policy.FindingsWe find new evidence on the role of women directors in determining dividend distribution policy and confirm the risk aversion hypothesis, hence contributing to the ongoing debate on gender diversity literature. Our results show that the moderating role of Islamic banks is effective only for small banks.Practical implicationsOur findings have practical implications for shareholders, managers and financial analysts as they suggest rationalizing dividend distribution strategies.Originality/valueOur study contributes to the growing body of knowledge on dividend policy, gender diversity and Islamic banks.

Gender diversity and environmental activism: Gender discrimination or socialisation?

AbstractThis paper empirically investigates the association between different executive roles taken by women and environmental shareholder activism at the shareholder proposal filing stage and the withdrawal stage. Building on gender socialisation theory and the managerial power perspective, and with 2350 firm‐year observations from Standard and Poor's (S&P) 1500 companies in the United States for the years 2010–2018, we find that environmental activists display a greater propensity to target firms led by women CEO–Chairs at the shareholder proposal filing stage, while no significant preference is observed towards general women directors or CEOs. To explore the rationale behind this preference—whether it stems from gender discrimination or socialisation—we extend our investigation to the withdrawal stage and identify a significantly positive influence from both women CEOs and CEO–Chairs, with the influence from CEO–Chairs being more pronounced. We postulate that both the managerial power and women's socialised traits (such as being more altruistic, collaborative and communicative) are plausible explanations for this gender effect, and women without substantial legitimate power in environmental matters are unable to exert a significant impact.

Board independence, women directors and firm performance in Malaysian small-cap firms

This study examined how board independence and female directors (i.e., women in leadership) affected the performance of Malaysian small-cap firms. Small-cap firms trading on the Bursa Malaysia ACE (Access, Certainty Efficiency) market were the subject of this study due to the less strict listing standards imposed on them than large-listed firms. The 2012-2014 annual reports of firms listed on the ACE market were downloaded through the Bursa Malaysia website and the required data was hand-collected. The hypotheses were tested using quantile regression (QR). The data reveal that board independence and firm performance are unrelated unless company performance is in the 0.10 quantile. Board independence has a negative impact on business performance at the 0.10 quantile. Similarly, the connection between women directors and business success was negative in the lower quintiles particularly in the 0.10 and 0.30 quantiles. Nevertheless, in other quantiles, board independence and the presence of female directors on firm performance were not associated. The significance of the study lies in the possibility that small firms might find it excessively expensive to comply with the Malaysian Code of Corporate Governance (MCCG). This study examines the hitherto ignored roles of board independence and women directors in small-cap enterprises on firm performance.

The role of the cultural context in moderating the effect between the presence of women directors and firm environmental innovation

AbstractThis study examines the relationship between the presence of women in board of directors and environmental innovation and the moderating role of the cultural context in terms of gender inequality through the lens of Social Identity Theory. We measured the presence of women directors as board gender diversity, presence of only one woman director and presence of at least three women directors. We measured environmental innovation using environmental patents, also distinguishing among Air Pollution, Solid Waste, and Water Pollution. The sample consists of 2453 manufacturing firms operating in Spain, France, Italy, the Netherlands, and Germany. The Multiple Linear Regression Poisson models performed suggest that the presence of women directors do not affect or reduce environmental innovation, while gender inequality in the cultural context plays a negative moderating role. This study contributes to literature as it clarifies the previous contradictory results and investigates the moderating role of the cultural context.

Empowering Women Leadership for Economic Development & Sustainable Growth -The Role of Women Directors

Through their leadership in corporate boardrooms, women directors play a critical role in promoting sustainable growth and driving economic development. This research explores this relationship. With the growing recognition of the value of gender diversity in society, identify and characterize the distinct contributions made by female directors to Corporate Governance, organizational performance, and overall economic growth. It explores the various ways that women directors influence decision-making processes and add to strategic initiatives. The research highlights the importance of varied viewpoints in augmenting inventiveness, efficacy, and durability in establishments. The report also explores the dynamics of empowerment related to women taking on leadership positions on corporate boards. It looks at the obstacles women must overcome to become directors, evaluates the methods used to get beyond those obstacles, and evaluates the empowerment that results for both the person and the larger community. The analysis highlights the influential function of strong female directors as advocates for gender equality and as agents of good change. The study also looks into how initiatives and policies may support gender diversity in boardrooms and offers insights into the organizational and structural aspects that contribute to fostering an inclusive environment that supports women’s leadership through the analysis of effective practices and case studies. This paper attempts to highlight corporate governance changes, leadership development programs, and mentorship programs that help women advancement to positions of directors and key managerial persons in corporate sector.

Do boards care about planetary boundaries? A gender perspective on circular economy disclosures

AbstractThe need to develop environmentally respectful business activities has led academics to propose the circular economy (CE) as a more sustainable production and consumption model than the linear model, where interest groups demand greater disclosure of information that makes it possible to evaluate the business transition towards the CE. Also, the planetary boundaries framework provides thresholds for different natural processes that are affected by business activities, so in this research, we link the CE to planetary boundaries by designing a score, and we analyse the presence of female directors and the role women play in the presentation of CE information that attends to planetary boundaries. We also examine the effect that national cultures characterized by high power distance and masculinity can have on their performance. We use a sample of 832 companies around the world from 2011 to 2020. The results show that women directors promote the presentation of CE information at a global level and disaggregated by CE issues, framed within planetary boundaries—a relation that is reinforced in societies with high power distance.

Do ‘Lehman Sisters’ work in China? Women on boards and bank risk

We investigate how women on boards impact bank risk in China. Using a merged dataset containing 83 Chinese banks for the period of 2006–2019, we find that more women on boards could reduce bank risk in China. We further provide the evidence that risk-averse nature of women directors motivates them to organize more board meetings in order to lower bank risk. Additionally, women executive directors play the main role in reducing bank risk and a critical mass (three or more) of women directors intensifies the negative impact on bank risk. Our results still hold when we use lagged variables, GMM regression technique, instrumental variable and DID estimation. Our study could provide valuable empirical advice for the policy makers in both China and other developing countries.

The moderating role of women directors in politically connected companies on the performance of Liberian companies

PurposeThe purpose of this paper is to analyse the impact of political connections and gender diversity on the performance of Iberian companies as a singular market and considering Portugal and Spain separately.Design/methodology/approachThe authors used panel data methodology, specifically GMM system estimation model by Arellano and Bond (1991) for the period from 2015 to 2020.FindingsResults show that the performance of listed Iberian companies is influenced by political connections, by gender diversity and that gender diversity has a mitigating effect on the effects of political connections in each country. The mitigating effect of women is evident in both Portugal and Spain, as they are more cautious and principled, which is valued by short-term investors interested in an immediate investment. However, considering the Iberian Peninsula as a whole, the results indicate that – in the long term – women's political relationships can benefit performance through a better reputation and image, which can lead to better social and economic results in the long term.Originality/valueTo the best of the authors’ knowledge, this paper is original and covers an important gap in the literature when considering political connections and women's impact on these connections as determinants of the performance of Iberian companies.

The board gender diversity imitation game: Uncovering the resistant boards that refuse to play

AbstractResearch question/issueThis study examines the influence of group behavior on board gender diversity and identifies obstacles to its diffusion. It investigates whether boards are influenced by group behavior in determining their gender composition and explores barriers that impede the diffusion process.Research findings/insightsAnalyzing a network of over 18,000 US‐listed boards observed over 20 years, we find a pattern of mimetic behavior, whereby boards imitate the proportion of women on boards (WoB) among their directly tied boards. We also identify resistant firms with low representation of women on their boards. Our findings suggest that, among those boards, there are heavily male‐dominated boards resisting the appointment of women, even when surrounded by women directors among their tied boards. The diffusion of board gender diversity is slowed down by these resistant boards, hindering the overall progress in increasing gender diversity within the board network.Theoretical/academic implicationsThis research contributes insights into group behavior and resistance in board gender diversity. Adopting a network theory lens, our study sheds light on interactions between firms and their connected companies in terms of imitation practices. Drawing on social identity theory, we highlight the significance of the resistance to increasing women's representation exhibited by some boards.Practitioner/policy implicationsResistant boards, despite group pressure, slow down the diffusion of board gender diversity within the network, leading to overall stagnation. Understanding the sources of resistance allows an exploration of alternative measures to promote diversity without rigid mandates.

Gender diversity at entrepreneurial firm IPOs: responding to changing societal norms

Recently, the lack of diversity in startup leadership has been criticized by public figures and institutional investors as a signal of inadequate governance. And yet, little is known about the historical changes in gender diversity in entrepreneurial firms. Using a unique database of the gender composition in all entrepreneurial firm IPOs from 1990 to 2020 in the USA, we examine these changes. The IPO is a particularly interesting moment in an entrepreneurial firm’s evolution, as governance evolves from a private firm directed by venture capitalists, with their beliefs about what a good management team is, into a public firm with owners who are institutional investors with potentially different goals and beliefs. Grounded in signaling theory, our expectation is that the changes in public investors’ view of proper governance will result in changes in the gender in personnel added immediately prior to the IPO and that IPO teams will be more diverse than Early Teams when the firm was younger and controlled by its private investors. We suggest that the private investors such as venture capitalists have different mental models of what “good” members or top management and the board of directors are. We expect these models are particularly influential in the digital technologies where a “tech bros” model is dominant, and thus there is little “space” for women leaders, particularly in contrast to the university research-based biotechnology industry, which has not experienced such direct criticism. We find support for our propositions, and also document an increase in women directors and top management team members over time.

The Sustainable Development Goals and Large Spanish Companies: An analysis of their commitment based on their Non-Financial Reporting

This paper aims to analyse the level of commitment with the SDGs of large Spanish companies based on the information published in their Non-Financial Statements and their letters from the chairman. To achieve this objective and identify potential explanatory factors, a balanced sample of 58 Spanish companies, 29 listed and 29 unlisted, in 2019 has been used. The results of this study evidence: i) the greater commitment with the SDGs of companies which are exposed in the stock markets and those which are larger; ii) the relevance of the diversity into the boards of directors, in order to integrate the largest and the widest number of interests as well as those values and principles which are intrinsically associated to women directors; and iii) the greater emphasis on those SDGs related to well-known issues by these organizations, thanks to their greater experience in non-financial reporting, publishing documents such as corporate social responsibility or sustainability reports.

Nexus between women directors and firm performance: a study on BSE 200 companies

Nexus between women directors and firm performance: a study on BSE 200 companies

Women Breaking into the South Korean Film World: A Study of Female Filmmakers in the 1990s

In the 1990s, four women made their debut as film directors in South Korea. Considering that there were only five female directors from the beginning of Korean film history in 1919 until the 1980s, their debut was a remarkable phenomenon. This change was due to the structural innovation of the South Korean film field that began in the mid-1980s. With the collapse of the apprenticeship system, networks of cinephiles such as the Munhwawon sedae functioned as a new source of relational capital. In order to deepen our understanding of the emergence of the celluloid ceiling in South Korea, this study focuses on the experiences of three women filmmakers who made their first feature films in the 1990s: Yim Soon-rye, Lee Jeong-hyang, and Byun Young-Joo. Compared to male directors who had equivalent cultural and academic capital, and who entered the field during the same period, these women directors were unable to acquire sufficient relational capital to promote their careers as directors. It was the authorities of the field, such as film festivals and the media, that acknowledged them and established their reputations, allowing them to release their first films in the South Korean cinematic field. In other words, even in the new system, women remained excluded from the benefits of relational capital in the South Korean cinematic field, and they could only find their place as directors by demonstrating exceptional individual abilities.

Do women directors impact the cost of bank financing? Evidence from Australia

We investigate the effect of women directors on the cost of bank loans for a sample of Australian listed firms during the period 2002-2017. More women on both boards and committees are associated with lower loan spreads, reduced default risk, and improved financial reporting quality. The reduction in loan spread is seen from when the first female director joins the board, and the effect of that is stronger than the effects of additional (second and subsequent) women joining the board. Moreover, women’s leadership status reinforces this effect. Our results are consistent with the idea that female directors exhibit greater risk aversion than male directors, that women are not treated as tokens and are influential—even as a minority group on the board—and that they enhance corporate governance and reporting quality. Investigamos el efecto de las mujeres consejeras en el coste de los préstamos bancarios para una muestra de empresas australianas que cotizan en bolsa durante el período 2002-2017. Un mayor número de mujeres tanto en los consejos de administración como en los comités se asocia con menores diferenciales de los préstamos, un menor riesgo de impago y una mejor calidad de los informes financieros. La reducción del diferencial de los préstamos se observa desde la primera mujer consejera, y resulta más intensa que los efectos asociados a las siguientes (segunda y siguientes) mujeres incorporadas al consejo. Además, el estatus de liderazgo de la mujer refuerza este efecto. Nuestros resultados son coherentes con las nociones de que las mujeres consejeras muestran una mayor aversión al riesgo que los hombres consejeros, que las mujeres no son tratadas como simbolo siendo influyentes incluso como grupo minoritario en el consejo y que mejoran el gobierno corporativo y la calidad de la información.