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The Impact of Women Power on Firm Value
Literature Item
Author Information:
Name: Tiago Cruz Gonçalves, Cristina Gaio and Micaela Rodrigues
Email: tiago@iseg.ulisboa.pt
Website: https://sciprofiles.com/profile/tiago-cruz-goncalves
Abstract:
Companies have been encouraged by policy to place women on board and top management positions. Proposals from regulators and governance reforms explicitly stress the importance of gender diversity in the boardroom. This 2022 paper analyses the impact of the presence of women in executive and non-executive positions, as Chairs, CEOs or CFOs, on firm value in the context of European public companies, thus relating to the sphere of economic power. The results suggest that the presence of women impacts firm value positively. The results also suggest that, in countries governed by women, firm values are higher. A further analysis provides evidence that, when women CEOs and Chairs are simultaneously shareholders, firm value is negatively impacted. In contrast, when a Chair changes from a man to a woman, firm value is positively impacted. This study contributes to the ongoing debate on whether appointing women to board positions and management positions has positive valuation effects, and it is of the interest to policymakers and investors, among others.
Keywords:
firm value, gender diversity, board, chairperson, CEO
Dates:
Aug. 2, 2022 - None
Source Specificity:
Initiative/Practice/Project/Programme/Case Studies
Website:
https://www.mdpi.com/2076-3387/12/3/93
Power Domains:
Political, Economic
Methods Tools:
Gender Training, Awareness-raising, Benchmarking
Country:
PT
City:
LIsbon
Implementation Scale:
international
Language:
English
Other Links:
https://doi.org/10.3390/admsci12030093
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