Does gender diversity on corporate boards reduce information asymmetry in equity markets?
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Título: | Does gender diversity on corporate boards reduce information asymmetry in equity markets? |
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Autor/es: | Abad, David | Lucas-Pérez, María Encarnación | Minguez-Vera, Antonio | Yagüe, José |
Grupo/s de investigación o GITE: | Finanzas de Mercado y Econometría Financiera |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Economía Financiera y Contabilidad |
Palabras clave: | Corporate board | Female directors | Gender diversity | Information asymmetry | Market microstructure |
Área/s de conocimiento: | Economía Financiera y Contabilidad |
Fecha de publicación: | jul-2017 |
Editor: | Elsevier España |
Cita bibliográfica: | BRQ Business Research Quarterly. 2017, 20(3): 192-205. doi:10.1016/j.brq.2017.04.001 |
Resumen: | We examine the relation between the gender diversity on boards of corporations and the levels of information asymmetry in the stock market. Prior evidence suggests that the presence of women on director boards increases the quantity and quality of public disclosure by firms, and we therefore expect firms with higher gender diversity on their boards to show lower levels of information asymmetry in the market. Using a Spanish sample, proxies for information asymmetry estimated from high-frequency data along with system GMM panel methodology, we find that the gender diversity on boards is negatively associated with the level of information asymmetry in the stock market. Our findings support the changes in the laws that have been introduced in several countries to increase the proportion of female company directors by providing evidence that gender diverse boards have beneficial effects on stock markets. |
Patrocinador/es: | David Abad acknowledges financial support from the Ministerio de Economía y Competitividad through grants ECO2013-4409-P and ECO2014-58434-P. Antonio Minguez-Vera and José Yagüe acknowledge financial support from the Ministerio de Economía y Competitividad through grant FEM2013-40578-P. Encarnación Lucas-Pérez, Antonio Minguez-Vera, and José Yagüe acknowledge financial support from Fundación Caja Murcia. |
URI: | http://hdl.handle.net/10045/67998 |
ISSN: | 2340-9436 | 2340-9444 (Internet) |
DOI: | 10.1016/j.brq.2017.04.001 |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © 2017 Published by Elsevier España, S.L.U. on behalf of ACEDE. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). |
Revisión científica: | si |
Versión del editor: | http://dx.doi.org/10.1016/j.brq.2017.04.001 |
Aparece en las colecciones: | INV - Finanzas de Mercado y Econometría Financiera - Artículos de Revistas |
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