Women on the Board and Managers’ Pay: Evidence from Spain

Journal of Business Ethics

Volumn 129, Issue 2, 2015, Pages 265-280

  Lucas Pérez, Maria Encarnación ^a   Mínguez Vera, Antonio ^a   Baixauli Soler, Juan Samuel ^a   Martín Ugedo, Juan Francisco ^a   Sánchez Marín, Gregorio ^a  

^a UNIVERSITY OF MURCIA   (Spain)

Author keywords

Board characteristics; Board of directors; Gender diversity; Governance effectiveness; Top managers compensation

Indexed keywords

EID: 84930754154     PISSN: 01674544     EISSN: 15730697     Source Type: Journal    
DOI: 10.1007/s10551-014-2148-1     Document Type: Article

References (55)

1. Adams, R. B., Almeida, H. & Ferreira, D. B. (2002). Diversity and incentives in teams: Evidence for corporate boards. Dissertation, University of Chicago, IL.
2. Adams, R. B., & Ferreira, D. B. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics,94, 291–309.
3. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies,58, 277–297.
4. Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics,97, 207–221.
5. Becker, G. (1964). Human capital. Chicago: University of Chicago Press.
6. Beckman, C. M., & Haunschild, P. R. (2002). Network learning: The effects of partners’ heterogeneity of experience on corporate acquisitions. Administrative Science Quarterly,47, 92–124.
7. Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal,16, 301–312.
8. Burges, Z., & Tharenou, P. (2002). Women board directors: Characteristics of the few. Journal of Business Ethics,37, 39–49.
9. Campbell, K., & Minguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics,83, 435–451.
10. Carter, D. A., D’Souza, F. P., Simkins, B. J., & Simpson, W. G. (2010). The gender and the ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review,18, 396–414.
11. Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review,38(1), 33–53.
12. Chaganti, R. (1986). Management in women owned enterprises. Journal of Small Business Management,24, 8–29.
13. Código Unificado de Buen Gobierno. (2006). Informe del grupo especial de trabajo sobre el buen gobierno de las sociedades cotizadas. Madrid: Comisión Nacional del Mercado de Valores (CNMV).
14. Conger, J. A., Finegold, D., & Lawler, E. E. (1998). Appraising boardroom performance. Harvard Business Review,76, 136–148.
15. Conyon, M. J., & Peck, S. I. (1998). Board control, remuneration committees, and top management compensation. Academy of Management Journal,41, 146–151.
16. Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics,51, 371–406.
17. Daily, C. M., & Dalton, D. R. (2003). Women in the boardroom: A business imperative. Journal of Business Strategy,24(5), 8–9.
18. Dalton, D. R., & Dalton, C. M. (2011). Integration of micro and macro studies in governance research: CEO duality, board composition, and financial performance. Journal of Management,37(2), 404–411.
19. Eagly, A. H., Johannesen-Schmidt, M. C., & van Engen, M. L. (2003). Transformational, transactional and laissez-faire leadership styles: A meta-analysis comparing women and men. Psychological Bulletin,129(4), 569–591.
20. Fama, E. F. (1980). Agency problems and the theory of the firm. The Journal of Political Economy,88(2), 288–307.
21. Farrell, K., & Hersch, P. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance,11, 85–106.
22. Fontrodona, J., & Sison, A. J. G. (2006). The nature of the firm, agency theory and shareholder theory: A critique from philosophical anthropology. Journal of Business Ethics,66, 33–42.
23. Forbes, D. P., & Milliken, F. J. (1999). Cognition and corporate governance: Understanding boards of directors as strategic decision making groups. Academy of Management Review,24, 489–505.
24. Francoeur, C., Labelle, R., & Sinclair-Desgagné, B. (2008). Gender diversity in corporate governance and top management. Journal of Business Ethics,81(1), 83–95.
25. Hahn, P. D. (2007). Vanishing board meetings: Has governance doomed the board meeting? Working Paper, London: Sir John Cass Business School.
26. Hermalin, B. E., & Weisbach, M. S. (2003). Boards of directors an endogenously determined institution: A survey of the economic literature. Economic Policy Review,9, 7–26.
27. Hillman, A. J., Cannella, J., & Harris, I. C. (2002). Woman and racial minorities in the boardroom: How do directors differ? Journal of Management,28, 747–763.
28. Huse, M., & Solberg, A. G. (2006). Gender-related boardroom dynamics: How Scandinavian women make and can make contributions on corporate boards. Women in Management Review,21(2), 113–130.
29. Jensen, M. C. (1993). The modem industrial revolution, exit, and the failure of internal control systems. Journal of Applied Corporate Finance,6(4), 4–23.
30. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs and structure. Journal of Financial Economics,3, 305–360.
31. Jensen, M. C., & Murphy, K. J. (1990). Performance and top management incentives. Journal of Political Economy,98, 225–264.
32. Kanter, R. M. (1977). Men and women of the corporation. New York: Basic Books.
33. Ley 2/2011, de 4 de marzo, de Economía Sostenible.
34. Ley de Igualdad [Gender Equality Act] 2007, de 22 de marzo, para la Igualdad efectiva de Mujeres y Hombres.
35. Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. Business Lawyer,48(1), 59–77.
36. Loden, M. (1985). Feminine leadership or how to succeed in business without being one of the boys. New York: Times Books.
37. Mahadeo, J. D., Soobaroyen, T., & Hanuman, V. O. (2012). Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics,105, 375–388.
38. Mateos de Cabo, R., Gimeno, R., & Nieto, M. J. (2012). Gender diversity on European banks’ boards of directors. Journal of Business Ethics,109, 145–162.
39. Milliken, F. J., & Martins, L. (1996). Searching for common treads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Journal,21, 402–433.
40. Nielsen, S., & Huse, M. (2010). Women director’s contribution to board decision-making and strategic involvement: The role of equality perception. European Management Review,7, 16–29.
41. Observatory of European SME’s. (2003). SME’s in Europe 2003. Document No. 7. Brussels: European Commission.
42. Pearce, J., & Zahra, S. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies,29(4), 411–438.
43. Pfeffer, J., & Salancik, G. (1978). The external control of organizations: A resource-dependence perspective. New York: Harper and Row.
44. Powell, G. N. (1990). One more time: Do female and male managers differ? Academy of Management Perspectives,4, 68–75.
45. Robinson, G., & Dechant, K. (1997). Building a business case for diversity. Academy of Management Executive,11, 21–30.
46. Sanchez-Marin, G., Baixauli-Soler, J. S., & Lucas-Perez, M. E. (2010). When much is not better? Top management compensation, board structure and performance in Spanish firms. International Journal of Human Resource Management,21, 2778–2797.
47. Sanders, W. G., & Carpenter, M. A. (1998). Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure. Academy of Management Journal,41, 158–178.
48. Smith, N., Smith, V., & Verner, M. (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, 569–593.
49. Stout, L. (2012). The shareholder value myth. San Francisco: Berrett-Koehler.
50. Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review,17(3), 320–337.
51. Torchia, M., Calabrò, A., & Huse, M. (2011). Women directors on corporate boards: From tokenism to critical mass. Journal of Business Ethics,102, 299–317.
52. Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics,53, 113–142.
53. Westphal, J. D., & Milton, L. P. (2000). How experience and network ties affect the influence of demographic minorities on corporate boards. Administrative Science Quarterly,45, 366–398.
54. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics,40, 185–213.
55. Zelechowski, D., & Bilimoria, D. (2004). Characteristics of women and men corporate inside directors in the US. Corporate Governance: An International Review,12(3), 337–342.