Analysis of the relationship between independent female and institutional female directors and firm performance

Abstract

The present paper analyses the implications that women in the Board of Directors have during the creation of the value of a company. Specially, the hypotheses posed in the studio are mainly focused on the presence of both the independent female and institutional female directors and their effect in the economic profitability. In order to conduct this project, a sample of different companies which are present in Madrid’s stock exchange with all the data referring to 2013 and 2014 working years have been used. The obtained results exhibit that the gender diversity among independent consultants affects positively to the firm performance of the company. However, when dealing with women as institutional directors in the Board of Directors, there has been no remarkable significance. Therefore, there is not enough evidence to accept this hypothesis.