Governmental and scientific news and insights on investor oriented environmental, social, and governance (ESG) data.

Female directors and real activities manipulation: Evidence from China

Unlike previous studies that focus on accrual-based earnings management, this study analyzes real activities manipulation and investigates whether female directors on boards of directors (BoDs) affect managers’ real activities manipulation. Using a large sample of 11,831 firm-year observations from Chinese listed companies from the 2000 to 2011 period, we find that higher female participation on [...]

By | 2018-03-30T13:38:20+00:00 March 30th, 2018|ESG, Gender inequality, Governance, Indicators, Risk|0 Comments

Symbolic Management and the Glass Cliff: Evidence from the Boardroom Careers of Female and Male Directors

This paper uses archival board data to demonstrate that women who take positions as directors of UK companies have shorter tenures than their male counterparts. The authors show that female directors face a much higher risk of dismissal as they approach nine years of service on the board, when their long service deprives them of [...]

By | 2018-01-29T20:59:17+00:00 January 29th, 2018|Gender inequality, Governance|0 Comments

The Ceiling Trumps the Cliff – Gender-Related Promotion Patterns to Executive Boards in DAX-Firms

Previous field studies on the glass cliff hypothesis in corporate settings focused on the Anglo-American context and yielded mixed results. This study analyzes promotion patterns to executive boards in Germany, the country of largest economic power in Europe. Screening the boards of all 160 firms listed in the German DAX-30, MDAX, SDAX and TecDAX from [...]

By | 2017-08-15T08:28:59+00:00 August 15th, 2017|Firm Value, Gender inequality, Governance|0 Comments

The Effects of Board Gender Diversity on a Firm’s Risk Strategies

We study whether board gender diversity (BGD) affects corporate risk strategies. Specifically, we investigate the association between BGD and firms’ reputation risk and financial risk. Using S&P data from 1997 to 2013, we find that BGD is negatively associated with tax avoidance, suggesting firms with gender-diverse boards are more cautious about potential reputation risks associated [...]

By | 2017-02-17T13:05:13+00:00 February 17th, 2017|Gender inequality, Governance, Risk|0 Comments

IMF: Gender Diversity in Senior Positions and Firm Performance: Evidence from Europe

This paper examines the link between gender diversity in senior corporate positions and financial performance of 2 million companies in Europe. We document a positive association between corporate return on assets and the share of women in senior positions and establish two potential channels through which gender diversity may affect firm performance. The positive correlation [...]

Corporate Governance and the Firm’s Workforce

This paper uses matched employer-employee data to study the effects of corporate governance on the earnings and composition of the firm's workforce. Stronger corporate governance is measured using the passage of shareholder-sponsored proposals to declassify the board of directors. Following vote passage, employee earnings decrease by 12% on average, directionally consistent with previous research. However, [...]

By | 2016-06-30T11:49:18+00:00 June 2nd, 2016|CSR, Firm Value, Gender inequality, Governance, Social|0 Comments

Do Women and Ethnic Minority Directors Influence Firm Value? Evidence from Post‐Apartheid South Africa

Previous studies on the value relevance of board gender and ethnic diversity have produced mixed results. This paper re‐examines this relationship using hand‐collected data of 245 South African listed firms over the period 2008–2013. We document a positive and significant effect of both board gender and ethnic diversity on firm value. We also find that [...]

By | 2016-06-30T11:49:19+00:00 June 1st, 2016|Firm Value, Gender inequality, Governance, Social|0 Comments