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Gender Diversity and Firm Performance: Evidence from Dutch and Danish Boardrooms

Author

Listed:
  • J.H. Marinova
  • J. Plantenga
  • C.L.H.S. Remery

Abstract

Drawing on the business case for gender diversity, this article examines whether board gender diversity has a positive effect on firm performance, based on evidence from the Netherlands and Denmark. We use empirical data on 186 listed firms observed in 2007, of which 102 Dutch and 84 Danish. Of these firms, almost 40% have at least one woman in the boardroom. Within boards the average share of women is only 5.4%. In order to investigate the impact of board gender diversity on firm performance, two-stage least-squares estimation is applied, using Tobin’s Q as a measure of performance. Our findings indicate that there is no effect of board gender diversity on firm performance. This implies that the business case for board gender diversity is not supported for this particular sample. Our finding seems in line with most European research.

Suggested Citation

  • J.H. Marinova & J. Plantenga & C.L.H.S. Remery, 2010. "Gender Diversity and Firm Performance: Evidence from Dutch and Danish Boardrooms," Working Papers 10-03, Utrecht School of Economics.
    • Handle: RePEc:use:tkiwps:1003
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Quotas for women?
      by chris dillow in Stumbling and Mumbling on 2010-06-07 18:38:06
    2. The machismo paradox
      by chris dillow in Stumbling and Mumbling on 2012-09-11 18:37:58
    3. Boardroom quotas: some issues
      by chris dillow in Stumbling and Mumbling on 2012-10-23 18:18:19

    Citations

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    Cited by:

    1. Fabio De Matteis & Alessandra Tafuro & Fabrizio Striani & Daniela Preite, 2023. "Totally Publicly-Owned (TPO) Utilities and Financial Performance: What is the role of some aspects of governance?," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2023(3), pages 89-111.
    2. Stark, Oded & Hyll, Walter, 2014. "Socially gainful gender quotas," Journal of Economic Behavior & Organization, Elsevier, vol. 105(C), pages 173-177.
    3. Sujani Thrikawala & Stuart Locke & Krishna Reddy, 2017. "Dynamic endogeneity and corporate governance-performance relationship," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 44(5), pages 727-744, October.
    4. Kay, Rosemarie & Schlömer-Laufen, Nadine, 2016. "Gender diversity in top-management positions in large family and nonfamily businesses," Working Papers 02/16, Institut für Mittelstandsforschung (IfM) Bonn.
    5. Darmadi, Salim, 2010. "Do Women in Top Management Affect Firm Performance? Evidence from Indonesia," MPRA Paper 38743, University Library of Munich, Germany.
    6. 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.
    7. Simona Comi & Mara Grasseni & Federica Origo & Laura Pagani, 2020. "Where Women Make a Difference: Gender Quotas and Firms’ Performance in Three European Countries," ILR Review, Cornell University, ILR School, vol. 73(3), pages 768-793, May.
    8. Darmadi, Salim, 2010. "Board diversity and firm performance: the Indonesian evidence," MPRA Paper 38721, University Library of Munich, Germany.
    9. Saeed, Abubakr & Sameer, Muhammad, 2017. "Impact of board gender diversity on dividend payments: Evidence from some emerging economies," International Business Review, Elsevier, vol. 26(6), pages 1100-1113.
    10. Alessandra Capezio & Astghik Mavisakalyan, 2016. "Women in the boardroom and fraud: Evidence from Australia," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 719-734, November.
    11. Simona, Comi & Mara, Grasseni & Federica, Origo & Laura, Pagani, 2017. "Where Women Make The Difference. The Effects of Corporate Board Gender Quotas on Firms’ Performance across Europe," Working Papers 367, University of Milano-Bicocca, Department of Economics, revised 12 Jul 2017.
    12. Saeed, Abubakr & Belghitar, Yacine & Yousaf, Amna, 2016. "Firm-level determinants of gender diversity in the boardrooms: Evidence from some emerging markets," International Business Review, Elsevier, vol. 25(5), pages 1076-1088.
    13. Irean Yap Lee-Kuen & Chan Sok-Gee & Rozaimah Zainudin, 2017. "Gender Diversity and Firms’ Financial Performance in Malaysia," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 13(1), pages 41-62.

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