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Board Gender Quotas: Can women realistically boost firm performance

  • Research
  • Corporate and Market Finance, Governance

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This paper investigates the impact of gender quotas on firm performance using countries worldwide that have introduced a gender quota as a quasinatural experiment. Our statistical analysis shows that board members’ characteristics significantly change after implementing the gender quota. The results of our empirical analysis provide evidence that gender quotas reduce the cost of equity in the short term but decrease the Tobin’s Q in the long term and have a neutral impact on profitability in the short term and the longer term.


Mots clés
  • Corporate governance, firm performance, gender quotas, Gouvernance d’entreprise

Auteur.e(s)

TRAN Thu Ha
Associate Professor
Burgundy School of Business

Institution(s)

Vidéos de la même institution

02:51

Consumer-activity identification: identifying antecedents and outcomes

Although consumers rely on their activities to help construct their identity, antecedents and outcomes of consumer-activity identification (CAI) have not been elucidated. This research addresses this gap through the development of a conceptual model that is tested through two studies. Study 1 finds that CAI leads to consumer-brand identification (CBI). Further, CBI mediates the relationship between CAI and brand loyalty. Study 2 expands these findings by understanding the role of brand and activity social benefits as antecedents for CAI and CBI and including a second brand outcome: brand relationship continuance. Taken together, the results indicate that consumers indeed rely on the activities a brand is used within to construct their identity in addition to the brand.
HAWKINS Matthew - Burgundy School of Business |
  • Research
  • Marketing, Sales and Communication
03:18

Bondholder representatives on bank boards: A device for market discipline

Nous étudions si la représentation des détenteurs d'obligations au sein des conseils d'administration peut être un mécanisme de discipline de marché efficace pour réduire le risque bancaire, en utilisant un ensemble de données unique combinant des informations sur les détenteurs d'obligations et les conseils d'administration des banques européennes cotées. Nos résultats montrent que l'influence des représentants des détenteurs d'obligations au sein des conseils d'administration des banques réduit significativement le risque bancaire sans avoir d'impact sur la rentabilité.
TRAN Phan Huy Hieu - Burgundy School of Business |
  • Research
  • Corporate and Market Finance
02:38

Are banks vulnerable to unstable governments?

Des gouvernements plus stables devraient contribuer à la préservation (amélioration) de la stabilité financière des systèmes bancaires en rendant les décisions publiques futures plus prévisibles. À cet égard, notre étude explore la relation entre la stabilité politique mesurée par la part de vote des partis gouvernementaux et la stabilité du système bancaire. En utilisant un échantillon de 84 pays au cours de la période 2004-2017, l’approche de panel dynamique confirme que ce pouvoir de vote n’est lié de manière significative au risque de défaut bancaire que dans les systèmes présidentiels. Une augmentation de la part de vote des partis gouvernementaux favorise probablement l’application de l’agenda politique du président en réduisant le degré d’incertitude politique.
STEF Nicolae - Burgundy School of Business |
  • Research
  • Corporate and Market Finance
03:34

Green Innovation: Good for all

Les entreprises sont confrontées au défi de combiner objectifs économiques et environnementaux. Une question évidente, récurrente est de savoir si, et dans quelles circonstances, une amélioration de la performance environnementale d'une entreprise conduit à des bénéfices plus élevés. En examinant les données sur l'innovation, la présente étude aborde la question de savoir si l'innovation environnementale (IE) est synergique avec d'autres types d'innovation. Dans ce but, nous considérons séparément les gains de compétitivité liés à l'efficacité et des économies de coûts dues à différents types d'innovations environnementales (IE) affectant l'offre et la demande de l’activité d’une entreprise. Nous identifions les interactions synergiques entre l'IE et certains types d'innovation.
GEORGANTZIS Nikolaos - Burgundy School of Business |
  • Research
  • Innovation Management, Sustainable Development and CSR

Vidéos de la même thématique

  • 00:03:38

Green Investing: Balancing Performance and Resilience

This study investigates how green investment assets improve optimal portfolio diversification in terms of tail downside risk. We use the wavelet conditional value-at-risk ratio to explore the benefits of adding green assets to conventional portfolios. We quantify risk based on the contagion between conventional stock market indices and green environmental assets, including a sustainability index, clean energy, and green bonds. Our findings emphasize the high variance between conventional stock pairs, providing evidence of contagion effects before and during the COVID-19 pandemic. We show that including clean energy and green bond indices in conventional portfolios reduces the extreme risk of portfolios. In addition, we find that the diversification benefits of clean energy, green bonds, and safe-haven investments apply especially in the short term during the pandemic. Finally, we show that the considered portfolios could not decrease long-term risk during the COVID-19 crisis because of the systematic risk spread. Our portfolio optimization design supports the superiority of clean energy and green bonds in portfolio diversification over the sustainability index. These insights can be used by portfolio managers to inform diversification in different investment horizons.
FTITI Zied - |
  • Research
  • Corporate and Market Finance
  • 00:03:44

Climate Risk: Does Perception Really Matter?

Increasing awareness of climate change and its potential consequences on financial markets has led to interest in the impact of climate risk on stock returns and portfolio composition, but few studies have focused on perceived climate risk pricing. This study is the first to introduce perceived climate risk as an additional factor in asset pricing models. The perceived climate risk is measured based on the climate change sentiment of Twitter dataset with 16 million unique tweets in the years 2010–2019. One of the main advantages of our proxy is that it allows us to capture both physical and transition climate risks. Our results show that perceived climate risk is priced into S&P 500 Index stock returns and is robust when different asset-pricing models are used. Our findings have implications for market participants, as understanding the relationship between perceived climate risk and asset prices is crucial for investors seeking to navigate the financial implications of climate change, and for policymakers aiming to promote sustainable financing and mitigate the potential damaging effects of climate risk on financial markets, and a pricing model that accurately incorporates perceived climate risk can facilitate this understanding.
FTITI Zied - |
  • Research
  • Corporate and Market Finance
  • 00:01:49

What are Financial Assets?

Financial assets are monetary instruments that can be traded in financial markets, such as stocks, bonds, and mutual funds. They allow investors to generate income or capital appreciation. Unlike physical assets, financial assets derive their value from contractual claims.
SALLOUM Charbel - EM Normandie |
  • Management Dictionary
  • Corporate and Market Finance
  • 00:01:49

What is a Financial Market ?

A financial market is a marketplace where financial assets like stocks, bonds, and commodities are traded. These markets help businesses and governments raise capital and enable the efficient allocation of financial resources. Financial markets are vital for economic growth.
SALLOUM Charbel - EM Normandie |
  • Management Dictionary
  • Corporate and Market Finance
Corporate and Market Finance
Governance

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