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Small Business Economics

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07-04-2021

Women in the boardroom: a bottom–up approach to the trickle-down effect

Authors: Anaïs Périlleux, Ariane Szafarz

Published in: Small Business Economics | Issue 4/2022

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Abstract

This paper argues that role modeling can explain the impact of boardroom gender diversity on corporate performance. It theorizes that female workers are boosted by female leadership, gain increased motivation, and achieve greater productivity, thereby making their female directors more effective. We test this bottom–up approach to the trickle-down hypothesis on data hand-collected among local cooperatives providing microcredit in Senegal. All the organizations surveyed are similar and small, which allows us to use a homogenous performance metric. All of them outsource their human resource management to the same third party, which mitigates the risk of endogeneity. The data cover over 100,000 triads composed of gender dominance on the board, gender of CEO, and gender of credit officer. A better financial performance is achieved when the triad is gender-uniform—be it male or female—confirming the importance of role modeling and suggesting that the performance of female board members depends on the gender composition of the workforce.

Plain English summary Women’s leadership styles differ from men’s. But we still ignore whether the styles adopted by male and female directors make any difference in terms of financial performance. Scholars hold controversial views about whether and how the financial performance of firms depends on gender diversity in the boardroom. This article speculates that female directors act as role models on their subordinates (“trickle-down effect”) and their impact is “bottom–up” in the sense that female workers gain increased motivation when working under female leadership. We hand-collected data from financial cooperatives in Senegal. These organizations enabled us to observe the unlikely situation of boards including over 50% of women. We measured financial performance with loan repayment. Our results confirm that female-dominated boards achieve a better financial performance when they work with female CEOs and female subordinates. The principal implication is that the performance of female board members depends on the gender composition of the workforce.

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Bertrand et al. (2019) used evidence provided by a Norwegian reform that increased the representation of women in boardrooms.

Konrad et al. (2008) suggested a critical mass of around 30% of female directors. By contrast, Lafuente and Vaillant (2019) considered that the gender configuration was balanced when the board included at least 40% of members of each gender. Here, we will simply use the majority criterion (Chapelle and Szafarz 2005) and thus compare women-dominated boards with men-dominated boards.

Recovery rates are factual indicators, freeing us from collecting either supervisors’ subjective perceptions of subordinate performance or market-based indicators, which are typically more volatile than actual productivity (Flabbi et al. 2019).

We excluded the 1.1% of observations concerning either group loans or loans managed by more than one credit officer.

In our database, a board member is any elected member of a governing body (board, credit committee, or supervisory committee). We observed the female percentage of elected members in each cooperative, updated four times a year.

For example, Adams (2016) mentioned that women were more likely to sit on the boards of larger firms.

Our data set records the name of the credit officer only at the beginning of the process. Informal contacts suggest that it is rare for the officer in charge to be changed.

To circumvent rounding issues, we consider that full reimbursement is completed when 95% of the initial capital has been repaid. To be on the safe side, we checked that the 99% threshold would lead to identical results.

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Title: Women in the boardroom: a bottom–up approach to the trickle-down effect
Authors: Anaïs Périlleux
Ariane Szafarz
Publication date: 07-04-2021
Publisher: Springer US
Published in: Small Business Economics / Issue 4/2022
Print ISSN: 0921-898X
Electronic ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-021-00475-8

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Bank failures, local business dynamics, and government policy