Women on Board: Does Boardroom Gender Diversity Affect Firm Risk?
Women on Board: Does Boardroom Gender Diversity Affect Firm Risk?
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DOI：
10.2139/ssrn.2379025
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发表时间：
2016-02
期刊：
影响因子：
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通讯作者：
Vathunyoo Sila;Angelica Gonzalez;Jens Hagendorff
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文献类型：
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作者：
Vathunyoo Sila;Angelica Gonzalez;Jens Hagendorff
我们研究了董事会性别多样性与公司风险之间的关系。为了确定性别对风险的因果关系，我们使用了一个动态模型，该模型控制了反向因果关系以及性别和风险受到不可观察的企业因素的影响。我们没有发现女性董事席位影响股权风险的证据。我们还表明，两个变量之间的负相关的发现是虚假的，并由未观察到的企业间异质性因素驱动。
We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and for gender and risk being influenced by unobservable firm factors. We find no evidence that female boardroom representation influences equity risk. We also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors.