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Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market

Author

Listed:
  • Levent Ataünal

    (Istanbul Aydin University)

  • Aslı Aybars

    (Marmara University)

Abstract

Awareness on gender equality has recently increased, however, representation of women on boards is still low and it is still an unanswered question that leveling gender diversity leads to better financial results. This study, based on a data of 151 non-financial firms of BIST between 2008 to 2015, aimed to provide evidence on this relationship. The hypothesis that presence of woman directors improves firm’s performance was rejected, when firm performance was measured by ROE and ROA. A negative relation between presence of woman directors and Tobin’s Q is revealed when endogeneity of gender diversity was addressed, using system GMM estimation.

Suggested Citation

  • Levent Ataünal & Aslı Aybars, 2018. "Gender Diversity in The Board Room and Its Financial Performance Effect: Evidence from an Emerging Market," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 33(109), pages 71-90, April.
    • Handle: RePEc:acc:malfin:v:33:y:2018:i:109:p:71-90
    DOI: https://doi.org/10.33203/mfy.344407
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    More about this item

    Keywords

    Gender diversity; board diversity; firm perfor¬mance; woman directors;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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