Do gender-diverse boards affect corporate governance and board performance?

董事会性别多元化会影响公司治理和董事会绩效吗？

• 批准号: 2251536
• 金额: --
• 依托单位: UNIVERSITY OF EXETER
• 依托单位国家: 英国
• 项目类别: Studentship
• 财政年份: 2019
• 资助国家: 英国
• 起止时间: 2019 至 无数据
• 项目状态: 已结题
• 来源: https://gtr.ukri.org/projects?ref=studentship-2251536
• 关键词: Do; gender; diverse; boards; affect

There has been much focus on creating more diverse corporate boardrooms. The UK government-sponsored Davies reports of 2011-15 outlined the business case and set targets to help drive this agenda. By-and-large corporations embraced the targets with the number of women sitting on FTSE 100 boards increasing from 152 to 305 from 2011 to 2018. However, research elsewhere reveals mixed outcomes when linking board diversity to financial performance. Considering the wider lens of "value creation", link greater board diversity and better managed governance processes, citing women's greater monitoring, differing perspectives and willingness to ask difficult questions. Feedback from FTSE Chairs in board evaluations is that diversity creates better quality debate as there are different perspectives and this, in turn, leads to better outcomes for the business as a whole. However, with some notable exceptions, most of the research looking at composition and performance fails to consider the processes between those 'input' and 'output' relationships. With more than 20 years of descriptive women on boards data in the USA, Canada and UK, a more nuanced understanding is sought of whether and how gender-diverse boards affect corporate governance and board performance. The proposed PhD will address these issues over three related projects which tie together investor motivations to board makeup and the impact a Chair has on the effective running of a diverse board.1. What diversity factors do Institutional Investors pay attention to when constructing their voting strategies?Diversity reporting is part of the Code of Governance in the UK but is often not fully adhered to (FRC, 2018). Survey data collected from institutional investors will determine whether their methods match their motivations for their engagement on corporate diversity issues.2. Do diverse boards behave differently to homogenous boards in terms of accountability, oversight and risk?The Financial Conduct Authority (FCA) collects data on regulated firms via regulatory returns, authorisation requests and supervisory activities, which when analysed should allow an understanding of the interplay between conduct risk and board composition. They also hold data on Complaints, Suspicious Activity Reports, and Enforcement Cases. UoEBS already has access to BoardEx proprietary data and the FCA is also suggesting the use of FCA / PRA data on prudential risk; potential FCA data on compensation structures; and Mifid II data containing relatively detailed information on the trading desks carrying out a trade, including individual characteristics. Exeter Centre for Leadership (ExCL) and the FCA are in the process of signing Non-Disclosure Agreements to collaborate in access to their data sets.3. What is the role of the Chair in ensuring the effectiveness of a diverse board?Through interviews with board Chairs and potentially board evaluators, this work will add to our knowledge of board dynamics - the behavioural and socio-cognitive processes explaining how and why diversity affects performance in elite groups. Access to such individuals is often a major barrier to this type of research (Leblanc & Schwartz, 2007). With my network and that of ExCL, this is a strength of this proposal. With such limited field research in the area of corporate board Chairs, it will provide insight directly from people working on and with boards, at a very practical level, to better understand the dynamics and influences of business and diversity outcomes.

人们一直把重点放在创建更多样化的企业董事会上。英国政府赞助的2011-15年戴维斯报告概述了商业案例，并设定了帮助推动这一议程的目标。大体上，企业接受了这些目标，从2011年到2018年，富时100指数成份股公司董事会中的女性人数从152人增加到305人。然而，其他地方的研究显示，在将董事会多样性与财务表现联系起来时，结果好坏参半。考虑到“价值创造”这一更广泛的视角，将董事会更多元化与管理更好的治理进程联系起来，指出妇女受到更大的监督、不同的观点和提出困难问题的意愿。富时董事长在董事会评估中的反馈是，多元化带来了更高质量的辩论，因为存在不同的观点，这反过来又会为整个企业带来更好的结果。然而，除了一些值得注意的例外，大多数关注作文和表现的研究都没有考虑到这些“输入”和“输出”关系之间的过程。根据美国、加拿大和英国20多年来女性在董事会中的描述性数据，人们试图更细致地理解性别多元化的董事会是否以及如何影响公司治理和董事会业绩。拟议的博士学位将通过三个相关项目解决这些问题，这三个项目将投资者参与化妆的动机与主席对多元化董事会有效运行的影响联系在一起。机构投资者在构建投票策略时需要注意哪些多元化因素？多元化报告是英国《治理守则》的一部分，但往往没有得到完全遵守(FRC，2018)。从机构投资者那里收集的调查数据将决定他们的方法是否与他们参与公司多元化问题的动机相匹配。在问责、监督和风险方面，不同董事会的表现是否与同类董事会不同？金融市场行为监管局(FCA)通过监管报告、授权请求和监管活动收集受监管公司的数据，分析这些数据时，应该能够理解行为风险和董事会构成之间的相互作用。它们还保存有关投诉、可疑活动报告和执法案件的数据。UoEBS已经可以访问BoardEx的专有数据，FCA还建议使用关于审慎风险的FCA/PRA数据；关于薪酬结构的潜在FCA数据；以及包含进行交易的交易部门的相对详细信息的MIFID II数据，包括个人特征。埃克塞特领导中心(EXCL)和FCA正在签署保密协议，以合作获取他们的数据集。董事会主席在确保多元化董事会有效性方面的作用是什么？通过对董事会主席和潜在的董事会评估者的采访，这项工作将增加我们对董事会动态的知识-解释多样性如何以及为什么影响精英群体的绩效的行为和社会认知过程。接触到这样的人往往是这类研究的一个主要障碍(LeBlc&Schwartz，2007)。有了我的关系网和EXCL的关系网，这是这个提议的一个优势。由于在公司董事会主席领域的实地研究如此有限，它将在非常实际的水平上提供来自董事会工作人员和与董事会一起工作的人的直接见解，以更好地了解商业和多样性结果的动态和影响。