Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Increasing gender diversity in the boardroom has been promoted as a way to enhance corporate governance and risk management. This study empirically examines whether boards with more female directors play a role in reducing R&D risk. We first show that female directors help to reduce the positive relationship between R&D investment and future performance volatility. We then report that firms with more gender-diverse boards exhibit a lower adverse effect of R&D on the cost of debt. These results are robust to endogeneity analysis, alternative measures of gender diversity and risky investment, and other sensitivity tests. Overall, our results suggest that female directors improve board effectiveness in risk management with respect to R&D investment.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Adams, R. B., & Ferreira, D. (2004). Gender diversity in the boardroom, Finance working paper No. 58, European Corporate Governance Institute.
Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. CrossRef
Ameen, E. C., Guffey, D. M., & McMillan, J. J. (1996). Gender differences in determining the ethical sensitivity of future accounting professionals. Journal of Business Ethics, 15(5), 591–597. CrossRef
Arjoon, S. (2005). Corporate governance: An ethical perspective. Journal of Business Ethics, 61(4), 343–352. CrossRef
Ashbaugh-Skaife, H., Collins, D. W., & LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, 42(1–2), 203–243. CrossRef
Barron, O. E., Byard, D., Kile, C., & Riedl, E. J. (2002). High-technology intangibles and analysts’ forecasts. Journal of Accounting Research, 40(2), 289–313. CrossRef
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997). Preference parameters and behavioral heterogeneity: An experimental approach in the health and retirement study. Quarterly Journal of Economics, 112(2), 537–579. CrossRef
Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? The Review of Financial Studies, 22(2), 783–827. CrossRef
Beltramini, R. F., Peterson, R. A., & Kozmetsky, G. (1984). Concerns of college students regarding business ethics. Journal of Business Ethics, 3(3), 195–200. CrossRef
Bernardi, R. A., & Arnold, D. F, Sr. (1997). An examination of moral development within public accounting by gender, staff level, and firm. Contemporary Accounting Research, 14(4), 653–668. CrossRef
Bernardi, R. A., Arnold, D. F, Sr, Bean, D. F., & Weippert, K. M. (2002). Signaling gender diversity through annual report pictures: A research note on image management. Accounting, Auditing & Accountability Journal, 15(4), 609–616. CrossRef
Bernasek, A., & Shwiff, S. (2001). Gender, risk, and retirement. Journal of Economic Issues, 35(2), 345–356. CrossRef
Betz, M., O’Connell, L., & Shepard, J. M. (1989). Gender differences in proclivity for unethical behavior. Journal of Business Ethics, 8(5), 321–324. CrossRef
Bhojraj, S., & Sengupta, P. (2003). Effect of corporate governance on bond ratings and yields: The role of institutional investor and outside directors. Journal of Business, 76(3), 455–475. CrossRef
Bublitz, B., & Ettredge, M. (1989). The information in discretionary outlays: Advertising, research and development. The Accounting Review, 64(1), 108–124.
Burton, C., & Ryall, C. (1995). Enterprising nation: Reviewing Australia’s managers to meet the challenges of the Asia-Pacific century: Managing for diversity. Canberra: Australian Government Publishing Service.
Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. CrossRef
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53. CrossRef
Catalyst, (2003a). 2003 Catalyst census of women board directors of the Fortune 1000. New York: Catalyst.
Catalyst, (2003b). Catalyst census of women board directors in Canada. New York: Catalyst.
Chan, L. K. C., Lakonishok, J., & Sougiannis, T. (2001). The stock market valuation of research and development expenditures. The Journal of Finance, 56(6), 2431–2456. CrossRef
Chen, C. X., Lu, H., & Sougiannis, T. (2012). The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General, and Administrative Costs. Contemporary Accounting Research, 29(1), 252–282. CrossRef
Cheng, S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics, 87(1), 157–176. CrossRef
Chung, J., & Monroe, G. (1998). Gender differences in information processing: An empirical test of the hypothesis confirming strategy in an audit context. Accounting and Finance, 38(2), 265–279. CrossRef
Chung, J., & Monroe, G. (2001). A research note on the effects of gender and task complexity on an audit judgment. Bahavioral Research in Accounting, 13(1), 111–125. CrossRef
Ciftci, M., & Cready, W. M. (2011). Scale effects of R&D as reflected in earnings and returns. Journal of Accounting and Economics, 52(1), 62–80. CrossRef
Cumming, D. J., Leung, T. Y. & Rui, O. M. (2012). Gender diversity and security fraud, Working paper, Schulich School of Business, York University.
Daily, C. M., Certo, S. T., & Dalton, D. R. (1999). A decade of corporate women: Some progress in the boardroom, none in the executive suite. Strategic Management Journal, 20(1), 93–99. CrossRef
Dalton, D., & Ortegren, M. (2011). Gender differences in ethics research: The implications of controlling for the social desirability response bias. Journal of Business Ethics, 103(1), 73–93. CrossRef
Doyle, E. M., Hughes, J. F., & Glaister, K. W. (2009). Linking ethics and risk management in taxation: Evidence from an exploratory study in Ireland and the UK. Journal of Business Ethics, 86(2), 177–198. CrossRef
Drennan, L. T. (2004). Ethics, governance and risk management: Lessons from Mirror Group Newspapers and Barings Bank. Journal of Business Ethics, 52(3), 257–266. CrossRef
Eagly, A. H. (1987). Sex differences in social behavior: A social-role interpretation. Hillsdale, NJ: Lawrence Erlbaum.
Eagly, A. H., & Wood, W. (1999). The origins of sex differences in human behavior: Evolved dispositions versus social roles. American Psychologist, 54, 408–423. CrossRef
Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2007). A reexamination of the tradeoff between the future benefit and riskiness of R&D. Journal of Accounting Research, 46(1), 27–52. CrossRef
Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11(2), 102–111. CrossRef
Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1–2), 85–106. CrossRef
Feldman, M. P., & Link, A. N. (2001). Chapter 1 A Preface to the Volume: Innovation policy in the Knowledge-based Economy. In M. P. Feldman & A. N. Link (Eds.), Innovation policy in the Knowledge-based Economy (pp. 1–2). Norwell, MA: Kluwer Academic Publishers. CrossRef
Fischhoff, B., Slovic, P., & Lichtenstein, S. (1977). Knowing with certainty: The appropriateness of extreme confidence. Journal of Experimental Psychology: Human Perception and Performance, 3(4), 552–564.
Francis, R., & Armstrong, A. (2003). Ethics as a risk management strategy: The Australian experience. Journal of Business Ethics, 45(4), 375–385. CrossRef
Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295–327. CrossRef
Galbraith, S., & Stephenson, H. B. (1993). Decision rules used by male and female business students in making ethical value judgments: Another look. Journal of Business Ethics, 12(3), 227–233. CrossRef
Gilligan, C. (1982). In a different voice: Psychological theory and women’s development. Cambridge, MA: Harvard University Press.
Guellec, D., & Potterie, B. V. P. D. l. (2004). From R&D to productivity growth: Do the institutional settings and the source of funds of R&D matter?. Oxford Bulletin of Economics and Statistics 66(3), 353–378.
Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338. CrossRef
Hall, J. A. (1984). Nonverbal sex differences: Communication accuracy and expressive style. Baltimore, MD: Johns Hopkins University Press.
Harris, J. R. (1989). Ethical values and decision processes of male and female business students. Journal of Education for Business, 64(5), 234–238. CrossRef
Hillman, A. J., Shropshire, C., & Cannella, A. A, Jr. (2007). Organizational predictors of women on corporate boards. The Academy of Management Journal, 50(4), 941–952. CrossRef
Jelinek, M., & Adler, N. J. (1988). Women: World-class managers for global competition. The Academy of Management Executive (1987– 1989) 2(1), 11–19.
Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse? Economic Inquiry, 36(4), 620–630. CrossRef
Jones, T. M., & Gautschi, F. H. (1988). Will the ethics of business change? A survey of future executives. Journal of Business Ethics, 7(4), 231–248. CrossRef
Jr, W. B. R., & Chow, K. V. (1992). Asset allocation and individual risk aversion. Financial Analysts Journal, 48(6), 32–37. CrossRef
Klenke, K. (2003). Gender influences in decision-making processes in top management teams. Management Decision, 41(10), 1024–1034. CrossRef
Kothari, S. P., Laguerre, T. E., & Leone, A. J. (2002). Capitalization versus expensing: Evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays. Review of Accounting Studies, 7(4), 355–382. CrossRef
KrackHardt, D., McCarthy, S., & Wittink, D. (1985). What makes it unethical? Determinants of ethical evaluation in business. Paper presented at the Academy of Management Annual Meeting, San Diego
Kristof, N. D. (2009). Mistresses of the universe. The New York Times, Feb 8.
Kugihara, N. (1999). Gender and social loafing in Japan. The Journal of Social Psychology, 139(4), 516–526. CrossRef
Latane, B., Williams, K., & Harkins, S. (1979). Many hands make light the work: The causes and consequences of social loafing. Journal of Personality and Social Psychology, 37(6), 822–832. CrossRef
Lenney, E. (1977). Women’s self-confidence in achievement settings. Psychological Bulletin, 84(1), 1–13. CrossRef
Levi, M., Li, K., & Zhang, F. (2013). Director gender and mergers and acquisitions. Journal of Corporate Finance, available online 13 November 2013.
Lublin, J. S., & Francis, T. (2014). U.S. boards lag behind in appointing women. The Wall Street Journal, February 6.
Lundeberg, M. A., Fox, P. W., & Puncochar, J. (1994). Highly confident but wrong: Gender differences and similarities in confidence judgments. Journal of Educational Psychology, 86(1), 114–121. CrossRef
Martin, A. D., Nishikawa, T., & Williams, M. A. (2009). CEO gender: Effects on valuation and risk. Quarterly Journal of Finance and Accounting, 48(3), 23–40.
Miesing, P., & Preble, J. F. (1985). A comparison of five business philosophies. Journal of Business Ethics, 4(6), 465–476. CrossRef
Moscovici, S., & Zavalloni, M. (1969). The group as a polarizer of attitudes. Journal of Personality and Social Psychology, 12(2), 125–135. CrossRef
OECD. (2009). Corporate governance and the financial crisis: Key findings and main messages. Paris: The Organisation for Economic Co-operation and Development.
Pandit, S., Wasley, C. E., & Zach, T. (2011). The effect of R&D inputs and outputs on the relation between the uncertainty of future operating performance and R&D expenditures. Journal of Accounting Auditing & Finance, 26(1), 121–144. CrossRef
Peterson, R. A., Beltramini, R. F., & Kozmetsky, G. (1991). Concerns of college students regarding business ethics: A replication. Journal of Business Ethics, 10(10), 733–738. CrossRef
Powell, M., & Ansic, D. (1997). Gender differences in risk behaviour in financial decision-making: An experimental analysis. Journal of Economic Psychology, 18(6), 605–628. CrossRef
Ray, D. M. (2005). Corporate boards and corporate democracy. The Journal of Corporate Citizenship, 20, 93–105. CrossRef
Shi, C. (2003). On the trade-off between the future benefits and riskiness of R&D: A bondholders’ perspective. Journal of Accounting and Economics, 35(2), 227–254. CrossRef
Shrader, C. B., Blackburn, V. B., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues, 9(3), 355–372.
Srinidhi, B., Gul, F. A., & Tsui, J. (2011). Do female directors enhance corporate governance? Some evidence on earnings quality. Contemporary Accounting Research, 28(5), 1610–1644. CrossRef
Suisse, Credit. (2012). Gender diversity and corporate performance. Zurich: Credit Suisse.
Sunden, A. E., & Surette, B. J. (1998). Gender differences in the allocation of assets in retirement savings plans. The American Economic Review, 88(2), 207–211.
Trinidad, C., & Normore, A. H. (2005). Leadership and gender: A dangerous liaison? Leadership & Organization Development Journal, 26(7), 574–590. CrossRef
Weber, J. (2006). Discussion of the effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, 42, 245–254. CrossRef
Weeks, W. A., Moore, C. W., McKinney, J. A., & Longenecker, J. G. (1999). The effects of gender and career stage on ethical judgment. Journal of Business Ethics, 20(4), 301–313. CrossRef
- Gender Diversity in the Boardroom and Risk Management: A Case of R&D Investment
Jamie Y. Tong
- Springer Netherlands
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta