Article2015

Does gender diversity on corporate boards increase risk‐taking?

141 citations0/0 files storedCanadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration

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Gender Diversity and Inequality Corporate Finance and Governance Gender Politics and Representation

Abstract

Abstract We study the impact of board gender diversity on firm risk‐taking in a developing market. Our study is drawn from a sample of 30 Tunisian‐listed firms between 1997 and 2010. First, we found that women have a risk perception that leads to risk avoidance behaviour: the presence of women directors, even when there is one woman director, is positively associated with cash ratio. Second, we showed no significant relationship between board gender diversity and the propensity to take strategic or financial risk‐taking. Third, the presence of state officer/bureaucrats and/or politically connected women have a positive effect on cash holding and investment opportunities. Finally, we found that foreign investors do not invest in firms with gender‐diverse boards. We conclude with a discussion of contributions to scholarship and practice, and present avenues for future research. Copyright © 2015 ASAC. Published by John Wiley & Sons, Ltd.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 2011External Control of Organizations: Resource Dependence Perspective 1999Corporate Ownership Around the World 1972A Garbage Can Model of Organizational Choice 1990HIERARCHIES, JOBS, BODIES:1996Higher market valuation of companies with a small board of directors 2009Gender Differences in Preferences

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