IDEAS home Printed from https://ideas.repec.org/a/sek/jijoes/v5y2016i3p50-65.html
   My bibliography  Save this article

Does gender diversity in the boardroom influence Tobin?s Q of Croatian listed firms?

Author

Listed:
  • Tomislava Pavic Kramaric

    (University of Split - University Department for Professional Studies)

  • Toni Milun

    (Algebra University College)

  • Ivan Pavic

    (University of Split - Faculty of Economics)

Abstract

Gender diversity has attracted attention of scientists and practitioners of different fields. Despite the efforts and progress that has been made towards achieving gender equality in the workplace this has remained the weak point especially in the context of management and supervisory board positions. Therefore, the authors wanted to investigate whether this is true for Croatian listed companies. The hypotheses that women in leading positions has a positive impact on performance Croatian listed companies is tested using Tobin?s Q indicator for the year 2014 whereas explanatory variables comprise different corporate governance variables such as Shannon index, Blau index, gender of the president of the management and supervisory board, share of women etc. The analysis is performed by using different empirical research methods including linear regression. The main findings are that women acting as the presidents of the management board positively influence performance. Moreover, having more women in the management board also has beneficial effects on financial success of the firm.

Suggested Citation

  • Tomislava Pavic Kramaric & Toni Milun & Ivan Pavic, 2016. "Does gender diversity in the boardroom influence Tobin?s Q of Croatian listed firms?," International Journal of Economic Sciences, International Institute of Social and Economic Sciences, vol. 5(3), pages 50-65, September.
  • Handle: RePEc:sek:jijoes:v:5:y:2016:i:3:p:50-65
    as

    Download full text from publisher

    File URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-789
    Download Restriction: no

    File URL: https://iises.net/international-journal-of-economic-sciences/publication-detail-789?download=4
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kevin Campbell & Antonio Mínguez-Vera, 2008. "Gender Diversity in the Boardroom and Firm Financial Performance," Journal of Business Ethics, Springer, vol. 83(3), pages 435-451, December.
    2. Adams, Renée B. & Ferreira, Daniel, 2009. "Women in the boardroom and their impact on governance and performance," Journal of Financial Economics, Elsevier, vol. 94(2), pages 291-309, November.
    3. Coad, Alex & Segarra, Agustí & Teruel, Mercedes, 2013. "Like milk or wine: Does firm performance improve with age?," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 173-189.
    4. Kenneth R. Ahern & Amy K. Dittmar, 2012. "The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 127(1), pages 137-197.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tho, Nguyen Xuan, 2024. "The Moderating Role of CEO Age on the Relationship Between CEO Characteristics and Tobin’s Q," Asian Journal of Applied Economics, Kasetsart University, Center for Applied Economics Research, vol. 31(01), January.
    2. Kramaric Tomislava Pavic & Miletic Marko, 2017. "Critical Mass in the Boardroom of Croatian Banks," South East European Journal of Economics and Business, Sciendo, vol. 12(1), pages 22-37, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Benkraiem, Ramzi & Boubaker, Sabri & Brinette, Souad & Khemiri, Sabrina, 2021. "Board feminization and innovation through corporate venture capital investments: The moderating effects of independence and management skills," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    2. Owen, Ann L. & Temesvary, Judit, 2018. "The performance effects of gender diversity on bank boards," Journal of Banking & Finance, Elsevier, vol. 90(C), pages 50-63.
    3. Katia Furlotti & Tatiana Mazza & Veronica Tibiletti & Silvia Triani, 2019. "Women in top positions on boards of directors: Gender policies disclosed in Italian sustainability reporting," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(1), pages 57-70, January.
    4. Nguyen, Tuan & Nguyen, An & Nguyen, Mau & Truong, Thuyen, 2021. "Is national governance quality a key moderator of the boardroom gender diversity–firm performance relationship? International evidence from a multi-hierarchical analysis," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 370-390.
    5. Hiroaki Niikura & Miki Seko, 2020. "The effect of inside and outside female directors on firm performance: comparison of the First section, Second section, Mothers, and Jasdaq in the Tokyo Stock Exchange Market," International Journal of Economic Policy Studies, Springer, vol. 14(1), pages 123-166, February.
    6. Aitzaz Ahsan Alias Sarang & Nicolas Aubert & Xavier Hollandts, 2024. "Board gender diversity and the cost of equity: What difference does gender quota legislation make?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2193-2213, April.
    7. Neji Al-Eid Omri & Abdulhameed Mohanna Alfaleh, 2024. "The effects of boardroom gender diversity on corporate performance: empirical evidence from a sample of European listed companies," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 59(2), pages 86-100, April.
    8. Fujiao Xie & Ying Guo & Shirley J. Daniel & Yuanyang Liu, 2024. "The dynamic relation between board gender diversity and firm performance: the moderating role of shareholder activism," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 225-246, January.
    9. repec:ipg:wpaper:2014-054 is not listed on IDEAS
    10. Nermeen Shehata & Ahmed Salhin & Moataz El-Helaly, 2017. "Board diversity and firm performance: evidence from the U.K. SMEs," Applied Economics, Taylor & Francis Journals, vol. 49(48), pages 4817-4832, October.
    11. Nguyen, Tuan & Locke, Stuart & Reddy, Krishna, 2014. "A dynamic estimation of governance structures and financial performance for Singaporean companies," Economic Modelling, Elsevier, vol. 40(C), pages 1-11.
    12. Gagandeep Singh, 2020. "Corporate Governance: An Insight into the Imposition and Implementation of Gender Diversity on Indian Boards," Indian Journal of Corporate Governance, , vol. 13(1), pages 99-110, June.
    13. Alessandro Manello & Maurizio Cisi & Francesco Devicienti & Davide Vannoni, 2020. "Networking: a business for women," Small Business Economics, Springer, vol. 55(2), pages 329-348, August.
    14. Sultan Sikandar Mirza & Muhammad Ansar Majeed & Tanveer Ahsan, 2020. "Board gender diversity, competitive pressure and investment efficiency in Chinese private firms," Post-Print hal-02956320, HAL.
    15. Ding, Shusheng & Du, Min & Cui, Tianxiang & Zhang, Yongmin & Duygun, Meryem, 2024. "Impact of board diversity on Chinese firms’ cross-border M&A performance: An artificial intelligence approach," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 1321-1335.
    16. Geeta Duppati & Narendar V. Rao & Neha Matlani & Frank Scrimgeour & Debasis Patnaik, 2020. "Gender diversity and firm performance: evidence from India and Singapore," Applied Economics, Taylor & Francis Journals, vol. 52(14), pages 1553-1565, March.
    17. repec:hal:journl:dumas-00934606 is not listed on IDEAS
    18. Aida Sijamic Wahid, 2019. "The Effects and the Mechanisms of Board Gender Diversity: Evidence from Financial Manipulation," Journal of Business Ethics, Springer, vol. 159(3), pages 705-725, October.
    19. Đặng, Rey & Houanti, L’Hocine & Reddy, Krishna & Simioni, Michel, 2020. "Does board gender diversity influence firm profitability? A control function approach," Economic Modelling, Elsevier, vol. 90(C), pages 168-181.
    20. Daunfeldt, Sven-Olov & Rudholm, Niklas, 2012. "Does Gender Diversity in the Boardroom Improve Firm Performance?," HUI Working Papers 60, HUI Research.
    21. Chen, Chia-Wei & Sutton, Ninon K. & Yi, Bingsheng & Zheng, Qiancheng, 2023. "The connection between gender diversity and firm performance: Evidence from Taiwan," International Review of Financial Analysis, Elsevier, vol. 89(C).
    22. Adeel Mustafa & Abubakr Saeed & Muhammad Awais & Shahab Aziz, 2020. "Board-Gender Diversity, Family Ownership, and Dividend Announcement: Evidence from Asian Emerging Economies," JRFM, MDPI, vol. 13(4), pages 1-20, March.

    More about this item

    Keywords

    Corporate Finance; Corporate Governance; Firm Profit; Gender; Inequality;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sek:jijoes:v:5:y:2016:i:3:p:50-65. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klara Cermakova (email available below). General contact details of provider: https://ijoes.iises.net/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.