RT info:eu-repo/semantics/article
T1 Women directors, educational background and firm value of Spanish listed companies
A1 Molinero Díez, Patricia
A1 Blanco Mazagatos, Virginia
A1 García Rodríguez, Íñigo
A1 Romero Merino, María Elena
K1 Women
K1 Corporate social responsibility
K1 Firm value
K1 Board of directors
K1 Economic performance
K1 Educational background
K1 Economía
K1 Economics
K1 Empresas
K1 Business enterprises
K1 Igualdad
K1 Equality
AB Purpose – This study aims to evaluate changes in the presence of women on Spanish boards after theUnified Good Governance Code of Listed Companies (2006) and the Organic Law 3/2007 on GenderEquality, and this study compares the educational background of women and men directors. Also, thisstudy analyses the influence of gender diversity and educational background of women directors oneconomic performance, corporate social responsibility (CSR) and, ultimately, firm value. In addition, thisstudy explores the differences in board gender composition and its effect on firm value during the crisisand post-crisis periods. Finally, this study analyses the different influence of women directors dependingon their typology.Design/methodology/approach – This study uses a system of structural equations and a sample of4,101 directors of 30 Spanish companies listed on IBEX-35 over 2008–2017.Findings – The results show that women’s presence on boards has grown since 2008, and they have highereducational background than men. This study finds that women directors improve economic performanceand CSR, though results are non-significant for firm value. Women directors with a bachelor’s or master’sdegree increase economic and social performance but reduce firm value. Women directors with business orindustry-related studies positively influence CSR but business specialisation negatively affects economicperformance and firm value.Originality/value – This study analyses the direct and indirect effect of women directors on firm value,the influence of their educational background and the potential differences arising from the economicsituation (crisis) and the type of board position they hold.
PB Emerald Publishing Limited
SN 1754-2413
YR 2022
FD 2022-08-22
LK http://hdl.handle.net/10259/9222
UL http://hdl.handle.net/10259/9222
LA eng
DS Repositorio Institucional de la Universidad de Burgos
RD 21-jun-2024