Female Institutional Directors on Boards and Firm Value
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Show full item recordcomunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8648
comunitat-uji-handle3:10234/8649
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INVESTIGACIONMetadata
Title
Female Institutional Directors on Boards and Firm ValueDate
2016-07-18Publisher
SpringerISSN
0167-4544Bibliographic citation
PUCHETA-MARTÍNEZ, María Consuelo; BEL-OMS, Inmaculada; OLCINA-SEMPERE, Gustau. Female Institutional Directors on Boards and Firm Value. Journal of Business Ethics, p. 1-21Type
info:eu-repo/semantics/articlePublisher version
http://link.springer.com/article/10.1007/s10551-016-3265-9Version
info:eu-repo/semantics/submittedVersionSubject
Abstract
The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous ... [+]
The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of pressure-resistant female directors, who represent institutional investors (investment, pension and mutual funds) that only invest in the company, and do not maintain a business relation with the firm. We hypothesize that there is a non-linear association, specifically quadratic, between institutional and pressure-resistant female directors on boards and corporate performance. Our results report that female institutional directors on boards enhance corporate performance, but when they reach a certain threshold on boards (11.72 %), firm value decreases. In line with female institutional directors, pressure-resistant female directors on boards also increase firm value, but only up to a certain figure (12.71 % on boards), above which they have a negative impact on firm performance. These findings are consistent with an inverted U-shaped relationship between female institutional directors and pressure-resistant female directors and firm performance. [-]
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Journal of Business Ethics, (2016)Rights
© Springer Science+Business Media Dordrecht 2016
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
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