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Board Gender Diversity and Firm Risk

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  • Zyed Achour

    (INTES - Institut national du travail et des études sociales - UCAR - Université de Carthage (Tunisie))

Abstract

In this chapter, we address the following question: Does board gender diversity affect global risk? Drawing on agency theory, upper echelon theory, and human capital theory, we hypothesize that gender diversity on the board of directors will decrease the volatility of firm risk. Applying fixed effect estimation on a panel data of listed French companies (SBF120) for the years 2011–2018, the results show a negative link between the percentage of female directors on the board and the standard deviation of monthly stock return as firm risk proxy suggesting that the inclusion of more women on corporate boards could improve financial stability. Our findings contribute to the literature by providing empirical evidence from France occupying the first place at the European level with the most female presence on the boards of directors.1

Suggested Citation

  • Zyed Achour, 2021. "Board Gender Diversity and Firm Risk," Post-Print hal-03471445, HAL.
    • Handle: RePEc:hal:journl:hal-03471445
    DOI: 10.5772/intechopen.100189
    Note: View the original document on HAL open archive server: https://hal.science/hal-03471445
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    References listed on IDEAS

    as
    1. Hoang, Tuyen Thanh & Nguyen, Cuong Viet & Van Tran, Hoa Thi, 2019. "Are female CEOs more risk averse than male counterparts? Evidence from Vietnam," Economic Analysis and Policy, Elsevier, vol. 63(C), pages 57-74.
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    More about this item

    Keywords

    board gender diversity; board of directors; corporate governance; firm risk; SBF 120;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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