메뉴 건너뛰기




Volumn 51, Issue 3, 2011, Pages 314-338

Does board gender diversity improve the informativeness of stock prices?

Author keywords

Diversity; Earnings quality; Female director; Governance; Idiosyncratic volatility; Transparency

Indexed keywords


EID: 79953026541     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2011.01.005     Document Type: Article
Times cited : (995)

References (58)
  • 1
    • 70349151758 scopus 로고    scopus 로고
    • Women in the boardroom and their impact on governance and performance
    • Adams R., Ferreira D. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics 2009, 94(2):291-309.
    • (2009) Journal of Financial Economics , vol.94 , Issue.2 , pp. 291-309
    • Adams, R.1    Ferreira, D.2
  • 2
    • 0042780791 scopus 로고    scopus 로고
    • The effect of international institutional factors on properties of accounting earnings
    • Ball R., Kothari S.P., Robin A. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting & Economics 2000, 29(1):1-51.
    • (2000) Journal of Accounting & Economics , vol.29 , Issue.1 , pp. 1-51
    • Ball, R.1    Kothari, S.P.2    Robin, A.3
  • 3
    • 0040884260 scopus 로고    scopus 로고
    • Boys will be boys: gender, overconfidence, and common stock investment
    • Barber B.M., Odean T. Boys will be boys: gender, overconfidence, and common stock investment. Quarterly Journal of Economics 2001, 116:261-292.
    • (2001) Quarterly Journal of Economics , vol.116 , pp. 261-292
    • Barber, B.M.1    Odean, T.2
  • 4
    • 67649961791 scopus 로고    scopus 로고
    • Top management team diversity and firm performance: moderators of functional-background and locus-of-control diversity
    • Boone C., Hendriks W. Top management team diversity and firm performance: moderators of functional-background and locus-of-control diversity. Management Science 2009, 55(2):165-180.
    • (2009) Management Science , vol.55 , Issue.2 , pp. 165-180
    • Boone, C.1    Hendriks, W.2
  • 5
    • 79953026719 scopus 로고    scopus 로고
    • Women on Boards: Moving Beyond Tokenism, .
    • Bourez, V., 2005. Women on Boards: Moving Beyond Tokenism, http://www.EuropeanPWN.net.
    • (2005)
    • Bourez, V.1
  • 7
    • 84992969566 scopus 로고    scopus 로고
    • Performance gains through diverse top management teams
    • Carson C.M., Mosley D.C., Boyar S.L. Performance gains through diverse top management teams. Team Performance Management 2004, 10(5/6):121-126.
    • (2004) Team Performance Management , vol.10 , Issue.5-6 , pp. 121-126
    • Carson, C.M.1    Mosley, D.C.2    Boyar, S.L.3
  • 9
    • 0001369142 scopus 로고
    • Tests of equality between sets of coefficients in two linear regressions
    • Chow G.C. Tests of equality between sets of coefficients in two linear regressions. Econometrica 1960, 28(3):591-605.
    • (1960) Econometrica , vol.28 , Issue.3 , pp. 591-605
    • Chow, G.C.1
  • 10
    • 79953027082 scopus 로고    scopus 로고
    • The XX factor in the boardroom: why women make better directors
    • August
    • Clarke C.J. The XX factor in the boardroom: why women make better directors. Directors Monthly 2005, (August):12-14.
    • (2005) Directors Monthly , pp. 12-14
    • Clarke, C.J.1
  • 11
    • 0007122510 scopus 로고    scopus 로고
    • The effect of gender and academic discipline diversity on the ethical evaluations, ethical intentions and ethical orientation of potential public accounting recruits
    • Cohen J.R., Pant L.W., Sharp D.J. The effect of gender and academic discipline diversity on the ethical evaluations, ethical intentions and ethical orientation of potential public accounting recruits. Accounting Horizons 1998, 12(3):250-270.
    • (1998) Accounting Horizons , vol.12 , Issue.3 , pp. 250-270
    • Cohen, J.R.1    Pant, L.W.2    Sharp, D.J.3
  • 12
    • 0001298191 scopus 로고
    • Lack of timeliness and noise as explanations for the low contemporaneous return-earnings associations
    • Collins D.W., Kothari S.P., Shanken J., Sloan R. Lack of timeliness and noise as explanations for the low contemporaneous return-earnings associations. Journal of Accounting and Economics 1994, 18(3):289-324.
    • (1994) Journal of Accounting and Economics , vol.18 , Issue.3 , pp. 289-324
    • Collins, D.W.1    Kothari, S.P.2    Shanken, J.3    Sloan, R.4
  • 13
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures
    • Comment R., Schwert G.W. Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. Journal of Financial Economics 1995, 39(1):3-43.
    • (1995) Journal of Financial Economics , vol.39 , Issue.1 , pp. 3-43
    • Comment, R.1    Schwert, G.W.2
  • 14
    • 28244478077 scopus 로고    scopus 로고
    • Governance mechanisms and equity prices
    • Cremers K.J.M., Nair V.B. Governance mechanisms and equity prices. Journal of Finance 2005, 60(6):2859-2894.
    • (2005) Journal of Finance , vol.60 , Issue.6 , pp. 2859-2894
    • Cremers, K.J.M.1    Nair, V.B.2
  • 15
    • 0036997124 scopus 로고    scopus 로고
    • The quality of accruals and earnings: the role of accruals estimation errors
    • Dechow P.M., Dichev I.D. The quality of accruals and earnings: the role of accruals estimation errors. Accounting Review 2002, 77:35-59.
    • (2002) Accounting Review , vol.77 , pp. 35-59
    • Dechow, P.M.1    Dichev, I.D.2
  • 16
    • 84935941592 scopus 로고
    • The structure of corporate ownership: causes and consequences
    • Demsetz H., Lehn K. The structure of corporate ownership: causes and consequences. Journal of Political Economy 1985, 93(6):1155-1177.
    • (1985) Journal of Political Economy , vol.93 , Issue.6 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 17
    • 1642331944 scopus 로고    scopus 로고
    • Value-enhancing capital budgeting and firm specific stock return variation
    • Durnev A., Morck R., Yeung B. Value-enhancing capital budgeting and firm specific stock return variation. Journal of Finance 2004, 59(1):65-105.
    • (2004) Journal of Finance , vol.59 , Issue.1 , pp. 65-105
    • Durnev, A.1    Morck, R.2    Yeung, B.3
  • 18
    • 0346898286 scopus 로고    scopus 로고
    • Does greater firm-specific return variation mean more or less informed stock pricing?
    • Durnev A., Morck R., Yeung B., Zarowin P. Does greater firm-specific return variation mean more or less informed stock pricing?. Journal of Accounting Research 2003, 41(5):797-836.
    • (2003) Journal of Accounting Research , vol.41 , Issue.5 , pp. 797-836
    • Durnev, A.1    Morck, R.2    Yeung, B.3    Zarowin, P.4
  • 19
    • 0000928969 scopus 로고
    • Risk, return, and equilibrium: empirical test
    • Fama E.F., MacBeth J.D. Risk, return, and equilibrium: empirical test. Journal of Political Economy 1973, 81(3):607-636.
    • (1973) Journal of Political Economy , vol.81 , Issue.3 , pp. 607-636
    • Fama, E.F.1    MacBeth, J.D.2
  • 20
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama E.F., French K. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 1993, 22:3-56.
    • (1993) Journal of Financial Economics , vol.22 , pp. 3-56
    • Fama, E.F.1    French, K.2
  • 21
    • 84993845943 scopus 로고
    • Size and book-to-market factors in earnings and returns
    • Fama E.F., French K. Size and book-to-market factors in earnings and returns. Journal of Finance 1995, 50(1):131-155.
    • (1995) Journal of Finance , vol.50 , Issue.1 , pp. 131-155
    • Fama, E.F.1    French, K.2
  • 22
    • 0013413658 scopus 로고    scopus 로고
    • Multifactor explanations of asset pricing anomalies
    • Fama E.F., French K. Multifactor explanations of asset pricing anomalies. Journal of Finance 1996, 51(1):55-84.
    • (1996) Journal of Finance , vol.51 , Issue.1 , pp. 55-84
    • Fama, E.F.1    French, K.2
  • 23
    • 33947212344 scopus 로고    scopus 로고
    • Corporate governance, idiosyncratic volatility, and information flow
    • Ferreira M.A., Laux P.A. Corporate governance, idiosyncratic volatility, and information flow. Journal of Finance 2007, 62(2):951-989.
    • (2007) Journal of Finance , vol.62 , Issue.2 , pp. 951-989
    • Ferreira, M.A.1    Laux, P.A.2
  • 28
    • 79953029401 scopus 로고    scopus 로고
    • Board diversity and the demand for higher audit effort. Working Paper, .
    • Gul, F.A., Srindhi, B., Tsui, J.S.L., 2008. Board diversity and the demand for higher audit effort. Working Paper, http://ssrn.com/paper=1359450.
    • (2008)
    • Gul, F.A.1    Srindhi, B.2    Tsui, J.S.L.3
  • 29
    • 0344153909 scopus 로고    scopus 로고
    • Institutional investors and executive compensation
    • Hartzell J., Starks L. Institutional investors and executive compensation. Journal of Finance, 58, 6 2003, 2351-2374.
    • (2003) Journal of Finance, 58, 6 , pp. 2351-2374
    • Hartzell, J.1    Starks, L.2
  • 30
    • 79953024592 scopus 로고    scopus 로고
    • Review of the Role and Effectiveness of Non-executive Directors, .
    • Higgs, D., 2003. Review of the Role and Effectiveness of Non-executive Directors, http://www.dti.gov.uk/cld/non_execs_review.
    • (2003)
    • Higgs, D.1
  • 32
    • 79953024698 scopus 로고    scopus 로고
    • Five years of change in Norway
    • Edward Elgar, Northampton, MA, USA, S. Vinnicombe, V. Singh, R.J. Burke, D. Bilimoria, M. Huse (Eds.)
    • Hoel M. Five years of change in Norway. Women on Corporate Boards 2008, 79-87. Edward Elgar, Northampton, MA, USA. S. Vinnicombe, V. Singh, R.J. Burke, D. Bilimoria, M. Huse (Eds.).
    • (2008) Women on Corporate Boards , pp. 79-87
    • Hoel, M.1
  • 33
    • 33644550276 scopus 로고    scopus 로고
    • How Scandinavian women make and can make contributions on corporate boards
    • Huse M., Solberg A. How Scandinavian women make and can make contributions on corporate boards. Women in Management Review 2006, 21:113-130.
    • (2006) Women in Management Review , vol.21 , pp. 113-130
    • Huse, M.1    Solberg, A.2
  • 35
    • 30744457624 scopus 로고    scopus 로고
    • R2 around the world: new theory and new tests
    • Jin L., Myers S.C. R2 around the world: new theory and new tests. Journal of Financial Economics 2006, 79(2):257-292.
    • (2006) Journal of Financial Economics , vol.79 , Issue.2 , pp. 257-292
    • Jin, L.1    Myers, S.C.2
  • 36
    • 84881884977 scopus 로고    scopus 로고
    • Women board directors in the United States: an eleven year retrospective
    • Edward Elgar Publishing, Inc., Northamton, MA, USA, S. Vinnicombe, V. Singh, R.J. Burke, D. Bilimoria, M. Huse (Eds.)
    • Joy L. Women board directors in the United States: an eleven year retrospective. Women on Corporate Boards of Directors 2008, 15-23. Edward Elgar Publishing, Inc., Northamton, MA, USA. S. Vinnicombe, V. Singh, R.J. Burke, D. Bilimoria, M. Huse (Eds.).
    • (2008) Women on Corporate Boards of Directors , pp. 15-23
    • Joy, L.1
  • 37
    • 0000358003 scopus 로고
    • Trading volume and price reaction to public announcements
    • Kim O., Verrecchia R. Trading volume and price reaction to public announcements. Journal of Accounting Research 1991, 29(2):302-322.
    • (1991) Journal of Accounting Research , vol.29 , Issue.2 , pp. 302-322
    • Kim, O.1    Verrecchia, R.2
  • 38
    • 84986133623 scopus 로고    scopus 로고
    • Gender influences in decision-making processes in top management teams
    • Klenke K. Gender influences in decision-making processes in top management teams. Management Decision 2003, 41(10):1024-1034.
    • (2003) Management Decision , vol.41 , Issue.10 , pp. 1024-1034
    • Klenke, K.1
  • 39
    • 10844291858 scopus 로고    scopus 로고
    • More women in the workplace: is there a payoff in firm performance?
    • Kravitz D.A. More women in the workplace: is there a payoff in firm performance?. The Academy of Management Executive 2003, 17(3):148.
    • (2003) The Academy of Management Executive , vol.17 , Issue.3 , pp. 148
    • Kravitz, D.A.1
  • 40
    • 34548289334 scopus 로고    scopus 로고
    • Corporate governance, accounting outcomes and organizational performance
    • Larcker D.F., Richardson S.A., Tuna I. Corporate governance, accounting outcomes and organizational performance. The Accounting Review 2007, 82(4):963-1008.
    • (2007) The Accounting Review , vol.82 , Issue.4 , pp. 963-1008
    • Larcker, D.F.1    Richardson, S.A.2    Tuna, I.3
  • 41
    • 0001860499 scopus 로고
    • Women's self-confidence in achievement settings
    • Lenney E. Women's self-confidence in achievement settings. Psychological Bulletin 1977, LXXXIV:1-13.
    • (1977) Psychological Bulletin , vol.84 , pp. 1-13
    • Lenney, E.1
  • 43
    • 84881911780 scopus 로고    scopus 로고
    • Championing the discussion of tough issues: how women corporate directors contribute to board deliberations
    • Edward Elgar, Northampton, MA, USA, S. Vinnicombe, V. Singh, R.J. Burke, D. Billimoria, M. Huse. (Eds.)
    • McInerney-Lacombe N., Billimoria D., Salipante P. Championing the discussion of tough issues: how women corporate directors contribute to board deliberations. Women on Corporate Boards of Directors 2008, 123-139. Edward Elgar, Northampton, MA, USA. S. Vinnicombe, V. Singh, R.J. Burke, D. Billimoria, M. Huse. (Eds.).
    • (2008) Women on Corporate Boards of Directors , pp. 123-139
    • McInerney-Lacombe, N.1    Billimoria, D.2    Salipante, P.3
  • 44
    • 0001373089 scopus 로고    scopus 로고
    • The information content of stock markets: why do emerging markets have synchronous price movements?
    • Morck R., Yeung B., Yu W. The information content of stock markets: why do emerging markets have synchronous price movements?. Journal of Financial Economics 2000, 58:215-260.
    • (2000) Journal of Financial Economics , vol.58 , pp. 215-260
    • Morck, R.1    Yeung, B.2    Yu, W.3
  • 45
    • 33846796592 scopus 로고    scopus 로고
    • Do women shy away from competition? Do men compete too much?
    • August
    • Niederle M., Vesterlund L. Do women shy away from competition? Do men compete too much?. Quarterly Journal of Economics 2007, (August):1067-1101.
    • (2007) Quarterly Journal of Economics , pp. 1067-1101
    • Niederle, M.1    Vesterlund, L.2
  • 46
    • 84989095272 scopus 로고
    • Diversification strategy, profit performance and the entropy measure
    • Palepu K. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal 1985, 6(3):239-255.
    • (1985) Strategic Management Journal , vol.6 , Issue.3 , pp. 239-255
    • Palepu, K.1
  • 47
    • 0041924491 scopus 로고
    • Some evidence on the SEC's system of continuous disclosure
    • Pastena V. Some evidence on the SEC's system of continuous disclosure. The Accounting Review 1979, 54(4):776-783.
    • (1979) The Accounting Review , vol.54 , Issue.4 , pp. 776-783
    • Pastena, V.1
  • 48
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • Petersen M.A. Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies 2009, 22:435-481.
    • (2009) Review of Financial Studies , vol.22 , pp. 435-481
    • Petersen, M.A.1
  • 49
    • 8744259825 scopus 로고    scopus 로고
    • The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices
    • Piotroski J., Roulstone D. The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices. Accounting Review 2004, 79(4):1119-1151.
    • (2004) Accounting Review , vol.79 , Issue.4 , pp. 1119-1151
    • Piotroski, J.1    Roulstone, D.2
  • 50
    • 79953027039 scopus 로고    scopus 로고
    • Regulatory and firm specific causes of frequent, comprehensive and timelier continuous disclosures. Working Paper, School of Accountancy, Massey University.
    • Rahman, A., Ganesh, S., 2008. Regulatory and firm specific causes of frequent, comprehensive and timelier continuous disclosures. Working Paper, School of Accountancy, Massey University.
    • (2008)
    • Rahman, A.1    Ganesh, S.2
  • 51
    • 79953027821 scopus 로고    scopus 로고
    • Corporate boards and corporate democracy
    • Ray D.M. Corporate boards and corporate democracy. Journal of Corporate Citizenship 2005, 20:93-105.
    • (2005) Journal of Corporate Citizenship , vol.20 , pp. 93-105
    • Ray, D.M.1
  • 52
    • 20744437533 scopus 로고    scopus 로고
    • The impact of visible diversity on organizational effectiveness: disclosing the contents in Pandora's black box
    • Richard O.C., Kochan T.A., McMillan-Capehart A. The impact of visible diversity on organizational effectiveness: disclosing the contents in Pandora's black box. Journal of Business and Management 2002, 8(3):265-291.
    • (2002) Journal of Business and Management , vol.8 , Issue.3 , pp. 265-291
    • Richard, O.C.1    Kochan, T.A.2    McMillan-Capehart, A.3
  • 53
    • 79953029112 scopus 로고    scopus 로고
    • The corporate governance industry
    • Rose P. The corporate governance industry. Journal of Corporation Law 2007, 32(4):887-926.
    • (2007) Journal of Corporation Law , vol.32 , Issue.4 , pp. 887-926
    • Rose, P.1
  • 54
    • 79953026692 scopus 로고    scopus 로고
    • Female directors and earnings quality. Contemporary Accounting Research, in press.
    • Srinidhi, B., Gul, F.A., Tsui, J., Female directors and earnings quality. Contemporary Accounting Research, in press.
    • Srinidhi, B.1    Gul, F.A.2    Tsui, J.3
  • 55
    • 33645669075 scopus 로고    scopus 로고
    • Leveraging diversity to maximum advantage: the business case for appointing more women to boards
    • September-October
    • Stephenson C. Leveraging diversity to maximum advantage: the business case for appointing more women to boards. Ivey Business Journal 2004, (September-October):4-9.
    • (2004) Ivey Business Journal , pp. 4-9
    • Stephenson, C.1
  • 58
    • 79953024633 scopus 로고    scopus 로고
    • The Tyson Report on the Recruitment and Development of Non-executive Directors, .
    • Tyson, L., 2003. The Tyson Report on the Recruitment and Development of Non-executive Directors, http://www.london.edu/tysonreport.
    • (2003)
    • Tyson, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.