Gender Diversity in Board of Directors and the Relationship between Performance and Financial Risk in Family Firms

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Published: Oct 17, 2019
DOI: https://doi.org/10.1590/1982-7849rac2019180327
Keywords:
firms with family control, gender diversity, financial performance, risk, board of directors

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Lilian Costa
Fundação Getulio Vargas, Escola de Economia de São Paulo
https://orcid.org/0000-0001-6360-6366 orcid
Joelson de Oliveira Sampaio
Fundação Getulio Vargas, Escola de Economia de São Paulo
http://orcid.org/0000-0001-6560-2481 orcid
Eduardo Silva Flores
Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade
https://orcid.org/0000-0002-5284-5107 orcid

Abstract

This paper analyzes the influence of female participation on the performance and financial risk considering a sample of 218 public companies traded on B3 (Bovespa) from 2010 a 2016. The study also analyzes the influence of female participation on family control companies. Using a random effects methodology and family control dummy and percentage of female presence in boards of director, the study sought to analyze how theses variables and their interactions affect the financial performance of companies. Although the female representation has grown more than 50% in recent years, this share, however, in the board of directors of Brazilian companies is still a minority, close to 9% of the total surveyed. The ownership structure in the family firms is very relevant, with the percentage of 63%. The results suggest a positive relation between female participation and the Tobin-Q, used by value’s proxy, however, this relationship is weaker for firms with a family control. Another result found is that volatility, taken here as a risk’s proxy, is reduced in family run-business.



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How to Cite
Costa, L., Sampaio, J. de O., & Flores, E. S. (2019). Gender Diversity in Board of Directors and the Relationship between Performance and Financial Risk in Family Firms. Journal of Contemporary Administration, 23(6), 721-738. https://doi.org/10.1590/1982-7849rac2019180327
Issue
Vol. 23 No. 6 (2019): Nov/Dec - 2019
Section
Articles

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