Women directors, educational background and firm value of Spanish listed companies

Patricia Molinero-Díez · Virginia Blanco Mazagatos · Íñigo García-Rodriguez · M. Elena Romero‐Merino

14 citations0/0 files storedGender in Management An International Journal

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

Abstract

Purpose This study aims to evaluate changes in the presence of women on Spanish boards after the Unified Good Governance Code of Listed Companies (2006) and the Organic Law 3/2007 on Gender Equality, and this study compares the educational background of women and men directors. Also, this study analyses the influence of gender diversity and educational background of women directors on economic performance, corporate social responsibility (CSR) and, ultimately, firm value. In addition, this study explores the differences in board gender composition and its effect on firm value during the crisis and post-crisis periods. Finally, this study analyses the different influence of women directors depending on their typology. Design/methodology/approach This study uses a system of structural equations and a sample of 4,101 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 higher educational background than men. This study finds that women directors improve economic performance and CSR, though results are non-significant for firm value. Women directors with a bachelor’s or master’s degree increase economic and social performance but reduce firm value. Women directors with business or industry-related studies positively influence CSR but business specialisation negatively affects economic performance 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 economic situation (crisis) and the type of board position they hold.

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2009Women in the boardroom and their impact on governance and performance☆1991Corporate Social Performance Revisited 2003Corporate Governance, Board Diversity, and Firm Value 1989Boards of Directors and Corporate Financial Performance: A Review and Integrative Model 2010The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation 2007Gender Diversity in the Boardroom and Firm Financial Performance 2003Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives 2014Women on Boards and Firm Financial Performance: A Meta-Analysis

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