Firm Performance and Women on the Board: Evidence from Spanish Small and Medium-Sized Enterprises

Feminist Economics

Volumn 20, Issue 3, 2014, Pages 136-162

  Martín Ugedo, Juan Francisco ^a   Minguez Vera, Antonio ^a  

^a UNIVERSITY OF MURCIA   (Spain)

Author keywords

ethics; Gender; women's labor force participation

Indexed keywords

EID: 84903276627     PISSN: 13545701     EISSN: 14664372     Source Type: Journal    
DOI: 10.1080/13545701.2014.895404     Document Type: Article

References (62)

1. Abor, Joshua. 2007. "Debt Policy and Performance of SMEs: Evidence from Ghanaian and South African Firms." Journal of Risk Finance 8(4): 364-79. doi: 10.1108/15265940710777315
2. Adams, Renée B. and Daniel B. Ferreira. 2002. "Diversity and Incentives in Teams: Evidence for Corporate Boards." Paper presented at the 24th Encontro Brasileiro de Econometria, Nova Friburgo, December 11-13. http://www.sbe.org.br/dated/ebe24/052.pdf.
3. Adams, Renée B. and Daniel B. Ferreira. 2009. "Women on the Boardroom and Their Impact on Governance and Performance." Journal of Financial Economics 94(1): 291-309. doi: 10.1016/j.jfineco.2008.10.007
4. Albert-Roulhac, Catherine. 2008. "Corporate Governance in Europe: Raising the Bar." Business Strategy Series 9(6): 287-90. doi: 10.1108/17515630810923586
5. Anxo, Dominique, Letizia Mencarini, Ariane Pailhé, Anne Solaz, Maria Letizia Tanturri, and Lennart Flood. 2011. "Gender Differences in Time Use over the Life Course in France, Italy, Sweden, and the US." Feminist Economics 17(3): 159-95. doi: 10.1080/13545701.2011.582822
6. Arellano, Manuel and Stephen R. Bond. 1991. "Some Test of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations." Review of Economic Studies 58(2): 277-97. doi: 10.2307/2297968
7. Baines, Susan and Jane Wheelock. 1997. A Business in the Family: An Investigation of the Contribution of Family to Small Business Survival, Maintenance and Growth. Leeds, UK: Institute for Small Business Affairs, Research Series.
8. Baumgärtner, Stefan. 2006. "Measuring the Diversity of What? And for What Purpose? A Conceptual Comparison of Ecological and Economic Biodiversity Indices." Working Paper Series, Social Science Research Network.
9. Bergmann, Bastian and Søren Holt. 2012. "Determinants of Board Size and Composition: An Empirical Study of Danish Medium and Large Firms." Masters thesis, Copenhagen Business School.
10. Blau, Peter M. 1977. Inequality and Heterogeneity: A Primitive Theory of Social Structure. New York: Free Press.
11. Blundell, Richard and Stephen R. Bond. 1997. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models." Journal of Econometrics 87(1): 115-43. doi: 10.1016/S0304-4076(98)00009-8
12. Bøhren, Øyvind and Reidar Ø. Strøm. 2007. "Aligned, Informed, and Decisive: Characteristics of Value-Creating Boards." Working Paper, Norwegian School of Management.
13. Boone, Audra L., Laura Casares Field, Jonathan M. Karpoff, and Charu G. Raheja. 2007. "The Determinants of Corporate Board Size and Composition: An Empirical Analysis." Journal of Financial Economics 85(1): 66-101. doi: 10.1016/j.jfineco.2006.05.004
14. Brammer, Stephen, Andrew Millington, and Stephen Pavelin. 2007. "Gender and Ethnic Diversity among UK Corporate Boards." Corporate Governance: An International Review 15(2): 393-403. doi: 10.1111/j.1467-8683.2007.00569.x
15. Campbell, Kevin and Antonio Mínguez-Vera. 2008. "Gender Diversity in the Boardroom and Firm Financial Performance." Journal of Business Ethics 83(1):435-51. doi: 10.1007/s10551-007-9630-y
16. Carter, David A., Frank P. D'Souza, Betty J. Simkins, and W. Gary Simpson. 2010. "The Gender and the Ethnic Diversity of U.S. Boards and Board Committees and Firm Financial Performance." Corporate Governance: An International Review 18(5): 396-414. doi: 10.1111/j.1467-8683.2010.00809.x
17. Cole, Patricia M. 1997. "Women in Family Business." Family Business Review 10(4): 353-71. doi: 10.1111/j.1741-6248.1997.00353.x
18. Collerette, Pierre and Paul G. Aubry. 1990. "Socio-Economic Evolution of Women Business Owners in Quebec (1987)." Journal of Business Ethics 9(4/5): 417-22. doi: 10.1007/BF00380340
19. Corporate Women Directors International (CWDI). 2007. "Women Board Directors of the Fortune Global 200." GlobeWomen, Washington, DC.
20. Daily, Catherine M., S. Trevis Certo, and Dan R. Dalton. 1999. "A Decade of Corporate Women: Some Progress in the Boardroom, None in the Executive Suite." Strategic Management Journal 20(1): 93-100. doi: 10.1002/(SICI)1097-0266(199901)20:1<93::AID-SMJ18>3.0.CO;2-7
21. Daily, Catherine M. and Dan R. Dalton. 2003. "Women in the Boardroom: A Business Imperative." Journal of Business Strategy 24(5): 8-9.
22. Daily, Catherine M., Patricia P. McDougall, Jeffrey G. Covin, and Dan R. Dalton. 2002. "Governance and Strategic Leadership in Entrepreneurial Firms." Journal of Management 28(3): 387-412. doi: 10.1177/014920630202800307
23. Dale-Olsen, Harald, Pål Schøne, and Mette Verner. 2013. "Diversity among Norwegian Board of Directors: Does a Quota for Women Improve Firm Performance?" Feminist Economics 19(4): 110-35. doi: 10.1080/13545701.2013.830188
24. Du Rietz, Anita and Magnus Henrekson. 2000. "Testing the Female Underperformance Hypothesis." Small Business Economics 14(1): 1-10. doi: 10.1023/A:1008106215480
25. Farrell, Kathleen A. and Philip L. Hersch. 2005. "Additions to Corporate Boards: The Effect of Gender." Journal of Corporate Finance 11(1/2): 85-206. doi: 10.1016/j.jcorpfin.2003.12.001
26. Fenwick, Graham D. and Derrick J. Neal. 2001. "Effect of Gender Composition on Group Performance." Gender, Work and Organization 8(2): 205-25. doi: 10.1111/1468-0432.00129
27. Fielden, Sandra L., Marilyn J. Davidson, Adel J. Dawe, and Peter J. Makin. 2003. "Factors Inhibiting the Economic Growth of Female Owned Small Businesses in North West England." Journal of Small Business and Enterprise Development 10(2): 152-66. doi: 10.1108/14626000310473184
28. Forbes, Daniel P. and Frances J. Milliken. 1999. "Cognition and Corporate Governance: Understanding Boards of Directors as Strategic Decision-Making Groups." Academy of Management Review 24(3): 489-505.
29. Foster, Richard N. and Sarah Kaplan. 2001. Creative Destruction: Why Companies That Are Built to Last Underperform the Market - And How to Successfully Transform Them. New York: Random House.
30. Gorman, Michael and William A. Sahlman. 1989. "What Do Venture Capitalists Do?" Journal of Business Venturing 4(4): 231-48. doi: 10.1016/0883-9026(89)90014-1
31. Grace, Elizabeth. 2004. "Contracting Incentives and Compensation for Property-Liability Insurer Executives." Journal of Risk and Insurance 71(2): 285-307. doi: 10.1111/j.0022-4367.2004.00090.x
32. Harel, Gedaliahau H., Shay S. Tzafrir, and Yehuda Baruch. 2003. "Achieving Organizational Effectiveness through Promotion of Women into Managerial Positions: HRM Practice Focus." International Journal of Human Resource Management 14(2): 247-63. doi: 10.1080/0958519021000029108
33. Himmelberg, Charles P., R. Glenn Hubbard, and Darius Palia. 1999. "Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance." Journal of Financial Economics 53(3): 353-84. doi: 10.1016/S0304-405X(99)00025-2
34. Huse, Morten, Sabina Tacheva Nielsen, and Inger Marie Hagen. 2009. "Women and Employee-Elected Board Members, and Their Contributions to Board Control Tasks." Journal of Business Ethics 89(1): 581-97. doi: 10.1007/s10551-008-0018-4
35. Jaffe, Dennis T. 1991. Working with the Ones You Love: Strategies for a Successful Family Business. Berkeley, CA: Conari Press.
36. Jehn, Karen A. and Katerina Bezrukova. 2004. "A Field Study of Group Diversity, Workgroup Context, and Performance." Journal of Organizational Behavior 25(1): 703-29. doi: 10.1002/job.257
37. Jianakoplos, Nancy Ammon and Alexandra Bernasek. 1998. "Are Women More Risk Averse?" Economic Inquiry 36(4): 620-30. doi: 10.1111/j.1465-7295.1998.tb01740.x
38. Judge, William Q. and Carl P. Zeithaml. 1992. "Institutional and Strategic Choice Perspectives on Board Involvement in the Strategic Decision Process." Academy of Management Journal 35(4): 766-94. doi: 10.2307/256315
39. Kesner, Idalene F. 1988. "Directors' Characteristics and Committee Membership: An Investigation of Type, Occupation, Tenure, and Gender." Academy of Management Journal 31(1): 66-84. doi: 10.2307/256498
40. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny. 2002. "Investor Protection and Corporate Valuation." Journal of Finance 57(3): 1147-70. doi: 10.1111/1540-6261.00457
41. Loden, Marilyn. 1985. Feminine Leadership, Or, How to Succeed in Business without Being One of the Boys. New York: Times Books.
42. Lundeberg, Mary A., Paul W. Fox, and Judith Puncochar. 1994. "Highly Confident but Wrong: Gender Differences and Similarities in Confidence Judgments." Journal of Educational Psychology 86(1): 114-21. doi: 10.1037/0022-0663.86.1.114
43. Mateos de Cabo, Ruth, Ricardo Gimeno, and Lorenzo Escot Mangas. 2006. Análisis de la presencia de la mujer en los consejos de administración de las mil mayores empresas españolas [Analysis of the presence of women on the boards of the thousand largest Spanish companies]. Madrid: Fundación de las Cajas de Ahorro (FUNCAS).
44. Mateos de Cabo, Ruth, Ricardo Gimeno, and Lorenzo Escot Mangas. 2011. "Disentangling Discrimination on Spanish Boards of Directors." Corporate Governance: An International Review 19(1): 77-95. doi: 10.1111/j.1467-8683.2010.00837.x
45. Milliken, Frances J. and Luis L. Martins. 1996. "Searching for Common Treads: Understanding the Multiple Effects of Diversity in Organizational Groups." Academy of Management Review 21(2): 402-33.
46. Morrison, Anna M. 1992. The New Leaders: Guidelines on Leadership Diversity in America. San Francisco: Jossey-Bass.
47. Nielsen, Sabina Tacheva and Morten Huse. 2010a. "The Contribution of Women on Boards of Directors: Going beyond the Surface." Corporate Governance: An International Review 18(2): 136-48. doi: 10.1111/j.1467-8683.2010.00784.x
48. Nielsen, Sabina Tacheva and Morten Huse. 2010b. "Women Director's Contribution to Board Decision-Making and Strategic Involvement: The Role of Equality Perception." European Management Review 7(1): 16-29. doi: 10.1057/emr.2009.27
49. Olsen, Robert A. and Constance M. Cox. 2001. "The Influence of Gender on the Perception and Response to Investment Risk: The Case of Professional Investors." Journal of Psychology and Financial Markets 2(1): 29-36. doi: 10.1207/S15327760JPFM0201_3
50. Orser, Barbara J., Allan L. Riding, and Kathryn Manley. 2006. "Women Entrepreneurs and Financial Capital." Entrepreneurship: Theory and Practice 30(5): 643-65.
51. Rand, John and Finn Tarp. 2011. "Does Gender Influence the Provision of Fringe Benefits? Evidence from Vietnamese SMEs." Feminist Economics 17(1): 59-87. doi: 10.1080/13545701.2010.542003
52. Randel, Amy E. 2002. "Identity Salience: A Moderator of the Relationship between Group Gender Composition and Work Group Conflict." Journal of Organizational Behavior 23(6): 749-66. doi: 10.1002/job.163
53. Randøy, Trond, Steen Thomsen, and Lars Oxelheim. 2006. "A Nordic Perspective on Corporate Board Diversity." Paper presented at European International Business Academy Annual Conference, Fribourg, December 7.
54. Shannon, Claude E. 1948. "A Mathematical Theory of Communication." Bell System Technical Journal 27(3): 379-423. doi: 10.1002/j.1538-7305.1948.tb01338.x
55. Shrader, Charles B., Virginia B. Blackburn, and Paul Iles. 1997. "Women in Management and Firm Financial Value: An Exploratory Study." Journal of Managerial Issues 9(3): 355-72.
56. Smith, Nina, Valdemar Smith, and Mette Verner. 2006. "Do Women in Top Management Affect Firm Performance? A Panel Study of 2,500 Danish Firms." International Journal of Productivity and Performance Management 55(7): 569-93. doi: 10.1108/17410400610702160
57. Smith, Nina, Valdemar Smith, and Mette Verner. 2012. "Women in Top Management and Firm Performance." Working Paper 08-12, Department of Economics, Aarhus University.
58. Southiseng, Nittana and John Walsh. 2010. "Competition and Management Issues of SME Entrepreneurs in Laos: Evidence from Empirical Studies in Vientiane Municipality, Savannakhet and Luang Prabang." Asian Journal of Business Management 2(3): 57-72.
59. Stiroh, Kevin J. and Adrienne Rumble. 2006. "The Dark Side of Diversification: The Case of US Financial Holding Companies." Journal of Banking and Finance 30(8): 2131-61. doi: 10.1016/j.jbankfin.2005.04.030
60. Turner, Brook. 2007. "The Why Chromosome." Australian Financial Review Magazine, March 23, 54-61.
61. Welbourne, Theresa M., Cynthia Cycyota, and Claudia J. Ferrante. 2007. "Wall Street Reaction to Women in IPOs: An Examination of Gender Diversity in Top Management Teams." Group and Organization Management 32(5): 524-47. doi: 10.1177/1059601106291071
62. Zelechowski, Deborah Dahlen and Diana Bilimoria. 2004. "Characteristics of Women and Men Corporate Inside Directors in the U.S." Corporate Governance: An International Review 12(3): 337-42. doi: 10.1111/j.1467-8683.2004.00374.x