Women on the board and executive duration - evidence for European listed firms


Buchwald, Achim ; Hottenrott, Hanna


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URL: https://ub-madoc.bib.uni-mannheim.de/38822
URN: urn:nbn:de:bsz:180-madoc-388229
Document Type: Working paper
Year of publication: 2015
The title of a journal, publication series: ZEW Discussion Papers
Volume: 15-016
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G34 , J24 , J63 , L25 , M00,
Keywords (English): Corporate governance , executive turnover , gender , TMT diversity
Abstract: The participation of women in top-level corporate boards (or rather the lack of it) is subject to intense public debate. Several countries are considering legally binding quotas to increase the share of women on boards. Indeed, research on board diversity suggests positive effects of gender diverse boards on corporate governance and even firm performance. The mechanism through which these benefits materialize remain however mostly speculative. We study boards of directors in a large sample of listed companies in 15 European countries over the period 2003-2011 and find that female representation on firms’ non-executive boards is associated with reduced turnover and an increase in tenure of executive board members. An increase in the performance-turnover sensitivity of executives suggests that this effect may be explained by better monitoring practices rather than by less effective control or a “taste for continuity”.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Buchwald, Achim ; Hottenrott, Hanna (2015) Women on the board and executive duration - evidence for European listed firms. Open Access ZEW Discussion Papers Mannheim 15-016 [Working paper]
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