Voluntary gender diversity targets and their impact on firm performance and firm value

Marques, Ana ORCID: https://orcid.org/0000-0003-1595-0028 and Pascaru, Olga (2023) Voluntary gender diversity targets and their impact on firm performance and firm value. Journal of International Accounting Research, 22 (3). 157–173. ISSN 1542-6297

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Regulators in the United Kingdom recommend that 33 percent of board members of large U.K. firms be female by 2020. We use this setting to investigate whether greater female representation and any associated financial benefits can be achieved without establishing quotas. Using data between 2012 and 2018 for the Financial Times Stock Exchange (FTSE) 350 firms, we find a significant increase in female representation on boards in recent years, and the rate of increase in gender diversity is higher in these years. Our results also indicate that board gender diversity is positively associated with both financial performance and firm value. However, this association exists only in recent years. Finally, capital market participants value nonexecutive female board members more than executive female board members.

Item Type: Article
Uncontrolled Keywords: davies report,ftse 350,executive directors,gender quotas,business and international management,accounting ,/dk/atira/pure/subjectarea/asjc/1400/1403
Faculty \ School: Faculty of Social Sciences > Norwich Business School
UEA Research Groups: Faculty of Social Sciences > Research Groups > Accounting & Quantitative Methods
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Depositing User: LivePure Connector
Date Deposited: 07 Feb 2023 16:32
Last Modified: 07 Nov 2023 02:44
URI: https://ueaeprints.uea.ac.uk/id/eprint/91068
DOI: 10.2308/JIAR-2021-010


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