Women Board Research Articles

Women’s Presence on Boards and Financial Performance: Evidence from Southeast Asia

The purpose of this article is to assess the impact of female board representation on financial performance in Southeast Asia. To compare the presence of women, three proxies are used: the percentage of women, the Blau Index, and the Shannon Index. The samples for five-year intervals (2017-2021) include 249 Southeast Asian enterprises and 1,245 observations. The Fixed Effect Model results show that, based on all three proxies, women's board participation leads to lower financial performance, which contradicts the Agency and Resource Dependence Theories. This document serves as a resource for regulators and stakeholders in developing effective and proper corporate governance, particularly in board compositions that need a proportion of women in Southeast Asia. The conclusions of this study may be impacted.

D239Y germline variant of NTHL1 glycosylase increases susceptibility to colorectal cancer in mice

Introduction: Persistent genotoxic stress leads to spontaneous DNA damage, which occurs on the order of 104−105 events per cell per day. The base excision repair is the first responder in the repair mechanisms after DNA damage, with DNA glycosylase being the first step in the repair process by binding to the DNA, cleaving the N-glycosidic bond and removing the oxidized pyrimidine DNA lesions. NTHL1 is a pivotal bifunctional DNA glycosylase enzyme involved in base excision repair mechanism. NTHL1 tumor syndrome is characterized by an increased lifetime risk for colorectal cancer (CRC), breast cancer, and colorectal polyposis. A rare rs3087468 polymorphism (D239Y) exhibits no glycosylase activity and may act as a dominant-negative mutation. Hypothesis: NTHL1-D239Y variant conforms susceptibility to inflammation-associated colorectal cancer. Methods: 6-8 weeks/old male and female C57BL/6 wild-type (WT, NTHL1WT/WT), heterozygous (NTHL1WT/D239Y), or homozygous (NTHL1D239Y/D239Y) knock-in mice were injected with 7.5mg/kg azoxymethane (AOM) followed by three cycles of alternating 2.5% dextran sulfate sodium (DSS, 5 days) and normal drinking water (14 days). We monitored body weight, collected fecal samples for microbial 16S rRNA amplicon sequencing, and analyzed colon length and number/size of polyps at euthanasia. The histology score was assessed by an unbiased pathologist to evaluate inflammation and tumor development. Blood samples were used to evaluate micronuclei formation. Results: NTHL1WT/D239Y and NTHL1D239Y/D239Y mice showed more pronounced weight loss starting from the 2nd DSS cycle. The number and size of polyps in the distal colon of NTHL1WT/D239Y and NTHL1D239Y/D239Y male mice were increased compared to WT littermates. NTHL1D239Y/D239Y females, but not males, showed increased polyp number compared to NTHL1WT/D239Y mice. No statistical difference was observed in the polyps’ size. Tumors extending into the proximal colon were observed uniquely in NTHL1D239Y/D239Y females. On the other hand, only NTHL1WT/D239Y males developed high adenomas in the distal colon compared to WT males. Interestingly, only NTHL1D239Y/D239Y males showed statistical difference in micronucleated normochromatic erythrocytes compared to WT mice. NTHL1 genotype did not significantly affect fecal microbial α- or β-diversity or colitis score and colon length in either gender. Conclusion: Our data suggest that NTHL1-D239Y variant confers a complex, zygosity- and sex-dependent susceptibility risk for inflammation-associated colorectal cancer that may be intrinsic and independent of changes in the gut microbiota. In females, it promotes more proximal tumor location, while in males, it promotes the size and tumor progression. 5P30CA023074 (JBS), Phoenix Women's Board of the Steele Children's Research Center (FKG). This is the full abstract presented at the American Physiology Summit 2024 meeting and is only available in HTML format. There are no additional versions or additional content available for this abstract. Physiology was not involved in the peer review process.

Board gender diversity, firm risk, and the intermediate mechanisms: A meta‐analysis

AbstractResearch questionThe primary focus of this meta‐analysis is to synthesize previously discordant findings on the relationship between board gender diversity (BGD) and different types of firm risk and to explore potential moderating and mediating mechanisms underlying these relationships.Research findingsWe statistically combine the results from 193 studies and find a negative association between BGD and firm risk. Further investigation indicates that different measures of risk lead to systematically different effect sizes. Our meta‐analysis structural equation modeling (MASEM) analysis reveals that BGD's impact on risk operates primarily through the monitoring rather than advising function of the board. Regarding the moderating role of national institutions, we find that several aspects of the national institutional context (e.g., investor protection, gender equality, and national culture) influence the relationship between BGD and different types of risk.Theoretical implicationsOverall, our results suggest that agency theory has more explanatory power than resource dependence theory for understanding the association between BGD and risk, and women's board representation is more likely to reduce downside risk than upside risk. Our moderating effect analysis also highlights interesting avenues for further research on the interplay of BGD and different risks in national environments with varying institutional attributes.Practitioner/policy implicationsOur meta‐analysis offers important practical implications for corporate risk management, suggesting that BGD significantly mitigates downside risks associated with poor corporate transparency without stifling board support for corporate decisions shaping future growth potential. In an era of rising board vulnerability to litigation for insufficient transparency, this study contributes evidence supporting trends toward greater gender diversity.

Corporate Sustainability Through the Presence of Women in Boards: Empirical Evidence from Developing Economy

Abstract The purpose of this study is to address the emerging concept of women on boards as a solution to breaking gender barriers in boardrooms and its influence on sustainability reporting in Sri Lankan companies. The study aims to explore the relationship between the representation of women on boards and sustainability reporting, while also investigating the potential role of gender diversity in promoting sustainability in social, economic, and environmental spheres. The research adopts a comparative approach to examine the degree of women on boards and the level of sustainability reporting in Sri Lanka. The study utilizes the resource dependency theory, contingency theory, and agency theory as theoretical frameworks to analyze the association between women directors on boards and sustainability performance. Archival data from the highest market capitalization companies during the period of 2016 to 2019 is collected from audited annual financial statements. The study reveals a significant positive relationship between the presence of women on boards and sustainability reporting in Sri Lanka. It addresses the empirical and contextual gaps in this area, providing valuable insights into the positive impact of gender diversity on corporate sustainability practices in the Sri Lankan context. The research emphasizes the pragmatic solution of including women’s voices in the boardroom to foster gender diversity and create an interest in sustainability, which is an emerging trend in the country. Overall, this study adds valuable knowledge to the fields of corporate governance, gender diversity, and sustainability reporting.

Interrogating diversity: Feminism and the destructuration of Australian board appointment practices

AbstractResearch Question/IssueHow have social movements influenced the diversity of Australian corporate leadership? Although board diversity is crucial for corporate governance, the research in this topic is bifurcated between studies examining interlocking directorates and the presence of boardroom gender diversity.Research Findings/InsightsIn this study, we use a novel dataset and method to understand board diversity. We integrate the analysis of social diversity (structural connections) and demographic diversity among ASX50 boards in 2019 and 2023. Social network analysis (SNA) reveals a closely connected corporate community, with prosopography data identifying a narrow range of “acceptable” demographic characteristics.Theoretical/Academic ImplicationsWe extend institutional theory by examining the role of global social movements (GSMs) for the destructuration of board appointment practices and the resulting uneven progress on equality. Activism from the global feminist movement has applied multi‐dimensional coercive and normative pressures to develop a “pipeline” and “catalyst” for women's board appointments. Simultaneously, the absence of targeted action on other diversities and the intensification of directors' professional requirements have institutionalized the group's social and demographic profile.Practitioner/Policy ImplicationsThese findings are relevant to policymakers and corporations, highlighting the role of social movements for disrupting the status quo and the multidimensional institutional pressures needed to destructure entrenched appointment practices.

Can patriarchal attitudes moderate the relation between women on boards and firm economic performance?

The paper investigates the moderating effect of patriarchal attitudes by country and year on the relationship between gender diversity on boards and firm performance. The international sample analyzed is composed of 1,103 listed firms from 18 European countries for the period of 2005–2019. Using a two-step system GMM approach, the analysis shows how the generally positive relationship between gender diversity and economic performance (proxied by return on assets and Tobin's Q) is offset and even surpassed by the negative moderating effect of patriarchal attitudes. Furthermore, our work tests critical mass theory and finds confirmation in line with the results obtained for gender diversity. The main contributions of this work include its use of new specific proxies for gender culture by country, namely, patriarchal attitudes and the finding of how they affect the relationship between women's board participation and firm performance in a negative and consistent way.

Gender Representation on North American Ophthalmology Societies' Governance Boards

Abstract Purpose We examined the gender distribution and academic productivity of North American ophthalmology societies' board members. Methods Cross-sectional and retrospective study of board members on American and Canadian ophthalmology societies. In December 2022, data was gathered from society webpages, online archives, and the Scopus database for publication information. Results Of the identified 73 board presidents and 876 other board members, 49 (67.1%) board presidents were men and 24 (32.9%) were women, while 554 (63.2%) other board members were men and 322 (36.8%) were women (p = 0.53). Overall, board members who were men had significantly higher median h-indexes (men vs. women: 10 [interquartile range [IQR] = 22] vs. 7 [IQR = 12], p = 0.03) and median publication numbers (men vs. women: 23 [IQR = 84] vs. 14 [IQR = 52.3], p = 0.01). However, m-quotients (h-index divided by length of academic career) were not significantly different (men vs. women: 0.46 [IQR = 0.74] vs. 0.50 [IQR = 0.55], p = 0.67). Overall, a significant increase in the proportion of women board presidents comparing periods 1942 to 1961 and 2002 to 2021 was observed for all societies combined (3.1% [2/65] to 23.6% [210/888], p < 0.001). Conclusion The fraction of women on the academic boards in North American ophthalmology societies has increased sevenfold over the past 83 years. The gender composition of ophthalmology society boards is consistent with the gender composition of practicing ophthalmologists in the United States. Women in board or society positions have comparable academic output to men. Existing and new efforts to sustain progress in promoting women's representation and leadership opportunities must continue.

Islamic Corporate Governance, Islamic Social Reporting, Financial Performance and Tax Avoidance: Women BOD and Leverage as Moderating Variables

The impact of Islamic Corporate Governance (ICG), Islamic Social Reporting (ISR), and financial performance on tax avoidance is investigated in this study. Islamic Corporate Governance is represented by the Sharia Supervisory Board (DPS), institutional ownership, the audit committee, and independent commissioners (ICG). The effective tax rate is used to measure tax avoidance, while ROA is used to measure financial performance (ETR). Twelve Indonesian Sharia Commercial Banks that were registered with OJK between 2016 and 2021 make up the study's sample. Panel data regression is the data analysis method used. MRA analysis is additionally utilized to observe the impact of moderating variables. The study's findings indicate that tax avoidance is unaffected by DPS, institutional ownership, the audit committee, and the percentage of independent commissioners. Tax avoidance is negatively impacted by Islamic Social Reporting (ISR) and ROA. The moderating variable in this study cannot moderate the association between the audit committee and tax avoidance, specifically the women's Board of Directors (BOD). The relationship between Islamic corporate governance (ICG) and tax compliance also cannot be moderated by leverage. This research is anticipated to be taken into account by the government when drafting tax legislation to reduce tax avoidance strategies used by businesses, particularly Islamic banks. In addition, it is hoped that it will become a consideration for both financial institutions and companies to improve ISR performance and reporting as a social responsibility so that tax avoidance practices can be minimized.

The Role of Family Ties in Women's Board Appointment: Evidence from a Danish Reform

The Role of Family Ties in Women's Board Appointment: Evidence from a Danish Reform

Pengaruh board characteristic spesifik bank terhadap kebijkan deviden pada Bank Umum Syariah

This study aims to identify the role of board characteristics, which are proxies with board of directors size, female board of directors, and independent board of commissioners in determining dividend payment policies at Islamic Commercial Banks in Indonesia. This research is explanatory in nature, namely research that examines and explains the causal relationship (cause and effect) between variables developed in several hypotheses. The population and sample of this study are all Islamic Commercial Banks (BUS) registered with the Financial Services Authority (OJK) for the period 2010 to 2020. In this study the method used is logistic regression analysis, the analytical tool used is eviews 9. The results show The variable size of the board of directors and Return On Assets (ROA) have a positive and significant effect on the level of Propensity to Pay Dividend (PPD). In the variable of the Women's Board of Directors (FMBD), the independent commissioner (INBC) has a significant negative effect on the Propensity To Pay Dividend (PPD). The Bank Size Variable (BSIZE) has a negative but not significant value on the Propensity To Pay Dividend (PPD). Meanwhile, the Bank Growth variable (GRWH) has an insignificant positive value on the Propensity To Pay Dividend (PPD).

Analisis Pengaruh Struktur Dewan Direksi terhadap Kinerja Perusahaan

Purpose - This study aims to determine the effect of the board structure on company performance. This study has 6 independent variables, which consist of the size of the board of directors, independent directors, board of directors meetings, board of directors education, female directors, and managerial ownership.
 Research Method - The sample used in this research is quantitative data with a purposive sampling technique. Based on the criteria, the samples collected from 473 companies in the period 2014-2018. The sample data is tested using panel data regression.
 Findings - This study concludes that all the independent variables have no significant effect on company performance. Board of directors still needs to be controlled to achieve good performance. Independent directors rarely interfere on other director decision. Board of director’s meetings only incurs unnecessary expenses. Board of director's education is just a qualification. Women's board of directors in each country could have difference effect because of cultural differences. There are still many directors in public companies that do not have ownership in the company, so there is still no visible effect on managerial ownership.
 Implication - The findings of this study imply that corporate governance still needs to be strengthened to improve company performance. There are still many problems within the company due to poor governance.

Ownership Structure, Board Characteristics, Dan Dividen Policy Pada Perusahaan Manufaktur Yang Terdaftar di BEI

This study aims to determine the effect of ownership structure, board characteristics on dividend policy. The research sample is a manufacturing company listed on the Indonesia Stock Exchange for the 2016-2020 period. The independent variables are institutional ownership, ownership concentration, board of directors size, female board of directors ratio, independent board ratio, the dependent variable is dividend policy and the control variables are company age, firm size, financial leverage, return on assets (ROA). The number of samples in this study were 30 manufacturing companies using purposive sampling technique. Panel data regression shows that the size of the board of directors, the ratio of the board of directors has a positive effect on dividend policy, institutional ownership, ownership concentration, the ratio of independent boards has no effect on dividend policy. It is hoped that the research results will provide input for companies and investors to consider institutional ownership, concentration of ownership, size of the board of directors, the ratio of women's board of directors, and the ratio of independent boards because they have an influence on dividend policy.

Agency Cost, Financial Performance, And Women in Board of Commissioners

This study aims to examine the influence of agency costs on financial performance and women on the board of commissioners on the influence of agency costs on financial performance. The sample in this study is a non-financial company listed on the Indonesian stock exchange in 2014-2018. Data analysis was performed using panel data regression. This study indicates that agency costs negatively influence financial performance, and the existence of women on the board of commissioners can reduce the negative influence of agency costs on financial performance. It is indicated that women on the board of commissioners increase the alignment of principals and management. Women in the board of commissioners increase the board's ability to monitor the agent when making the decision, and women have characteristics such as risk-averse, conservatism, and ethics.JEL: G23, G32, J16

Women in Boards and Sustainability: Empirical evidence from Sri Lanka

Women in boards is an emerging concept as a solution to break gender barriers across boardrooms. Thus, a comparative study has been conducted, focusing on examining the degree of women in boards and the level of sustainability based on the resource dependency theory, contingency theory, and agency theory. But there is a dearth of studies related to the women in board and sustainability in Sri Lanka. This study is carried out as a solution to the empirical gap and contextual gap. The archival data is gathered based on the audited annual set of financial statements based on the highest market capitalization for the period of 2016 to 2019 and the sample consists of 50 companies. In addition to secondary data, direct interviews were conducted for the sample taking an approach of the triangulation method. The gathered data was dropped down and analyzed by using descriptive statistics, regression, and independent sample T-test. The researcher has used sustainability as the dependent variable and the women directors on the board as an independent variable. The results indicate a significant positive relationship between women in boards and sustainability in Sri Lanka. Sri Lankan companies with the critical mass concept have a greater mean difference than companies without having female directors at least three. Furthermore, it also reveals that women’s power of managing different roles and gender stereotypes tend to increase sustainability performance in social, economic, and environmental spheres. The inclusion of female directors will be a pragmatic solution to gender diversity and to create an interest in sustainability which is proving to be an emerging trend in Sri Lanka. This study has proved that the inclusion of women’s voices in the board room adds more colour not only to survive in the corporate world but also to highlight and accentuate an organization by contributing more to society and the environment with growing performance.
 Keywords: Women in Boards, Corporate Sustainability, Critical Mass Concept

Editorial introductions.

Editorial introductions.

Does women's board representation affect non‐managerial gender inequality?

AbstractResearch examining gender and corporate boards has explored how women's representation impacts firm strategy and policy, particularly around corporate social responsibility (CSR) issues related to communities and other relevant stakeholders, the environment, and diversity and equity initiatives. However, fewer studies have examined how women's representation on boards affects gender inequality in firms. The studies that have been conducted generally focus on gender board diversity and the appointment of women executives. Yet, prior research has not sufficiently examined women's board representation and gender equality below executive level. Does women's representation have broader effects on gender equity beyond top leadership? And if so, is there a critical mass effect? In this article, we examine the relationship between women's board representation and non‐managerial gender segregation. Gender segregation is an ideal measure of gender equality given that it captures the evenness of the distribution of women and men across jobs within workplaces and its well‐known relationship to gender disparities in earnings and other job rewards. Drawing on Australian organization data (2014–2019) we find that the contemporaneous relationship between women's board representation and gender segregation is nonsignificant, but becomes significant and increases in magnitude with 1, 2, and 3‐year lags. Our critical mass analysis suggests that having one woman on a board may not be enough to promote change but rather two or more women directors, or holding 20% or more board seats, appears to be more effective in reducing gender segregation. These findings demonstrate that the appointment of more women to corporate boards has broader effects on workplace gender equity beyond top leadership teams.

PERAN DEWAN WANITA PADA PENGUNGKAPAN ANTI PENYUAPAN DAN KINERJA KEUANGAN DI PERUSAHAAN SEKTOR PERTAMBANGAN DI BEI

This study aimed to examine the effect of Anti-Bribery Disclosure on Financial Performance and also to examine the role of the Women Board on Anti-Bribery Disclosure and Financial Performance where the Women Board is a moderating variable. This research was a quantitative research using 101 observation units from Mining Sector Companies listed on the Indonesia Stock Exchange during 2017-2019. This study used regression analysis techniques that were processed using the STATA version 14 application. The results showed that the Anti-Bribery Disclosure had no significant effect on financial performance as measured by ROA. The results also showed that the Women Board does not significantly moderate the relationship between Anti-Bribery Disclosure and Financial Performance. This research contributes to an increase in the assessment of company management that focuses on the gender of the company board and its role in achieving integrity and transparency of corporate activities in order to improve corporate sustainability.

Editorial introductions

Editorial introductions

Women in Board: An Enquiry into the Women Participation in Boards of Major Indian Banks

Women in Board: An Enquiry into the Women Participation in Boards of Major Indian Banks

The Role of Social Capital in the Relationship between Human Capital and Career Success: A Research on Women Manager

Human capital is a continuously increasing concept that covers all of the following elements: experience, ability, knowledge, and ability. Social capital theory emphasizes that the network connections of women managers, their relationships and trust are important. The relationship between social capital and human capital is important. In this context, it is aimed to emphasize the relationship between human capital and career success and the role of social capital in this particular sample on this study. Independent women's board members who are active in the boards of the companies that are actively traded in Borsa İstanbul A.Ş. have been determined and the relationships, bonds and contacts that each woman board member has with secondary data collection method have been determined and network between human capital and career success have been revealed.