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Women in finance

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  • Adams, Renée
  • Kirchmaier, Tom

Abstract

Across countries, banks have less gender diverse boards than other firms. Bank board diversity is particularly low in countries with greater gender gaps in PISA math scores and lower average math scores. We find similar results using state-level NAEP math scores in the United States. The influence of math scores appears to transcend standard cultural explanations. Female directors are more likely to have an MBA in banks, especially in countries with greater gender gaps in math scores. Our evidence suggests that differences in educational outcomes for boys and girls may have long-lasting implications for their career development.

Suggested Citation

  • Adams, Renée & Kirchmaier, Tom, 2016. "Women in finance," LSE Research Online Documents on Economics 118970, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:118970
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    File URL: http://eprints.lse.ac.uk/118970/
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    References listed on IDEAS

    as
    1. Eric Hanushek & Ludger Woessmann, 2012. "Do better schools lead to more growth? Cognitive skills, economic outcomes, and causation," Journal of Economic Growth, Springer, vol. 17(4), pages 267-321, December.
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    5. Renée B. Adams & Tom Kirchmaier, 2016. "Women on Boards in Finance and STEM Industries," American Economic Review, American Economic Association, vol. 106(5), pages 277-281, May.
    6. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    7. Glenn Ellison & Ashley Swanson, 2010. "The Gender Gap in Secondary School Mathematics at High Achievement Levels: Evidence from the American Mathematics Competitions," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 109-128, Spring.
    8. Becker, Gary S., 1971. "The Economics of Discrimination," University of Chicago Press Economics Books, University of Chicago Press, edition 2, number 9780226041162, October.
    9. Simon Breakspear, 2012. "The Policy Impact of PISA: An Exploration of the Normative Effects of International Benchmarking in School System Performance," OECD Education Working Papers 71, OECD Publishing.
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    Cited by:

    1. Song, Jun Myung, 2022. "Female senior managers and the gender equality environment: Evidence from south Korean firms," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    2. Liao, Rose C. & Loureiro, Gilberto & Taboada, Alvaro G., 2022. "Gender quotas and bank risk," Journal of Financial Intermediation, Elsevier, vol. 52(C).

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    More about this item

    Keywords

    mathematics; gender gaps; finance; banks; STEM; board; diversity; growth; PISA; NAEP;
    All these keywords.

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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