Résumés
Abstract
This article examines the link between board gender diversity and firm performance from a dynamic perspective through quantile regression, which allows us to capture the potential impact of female representation at different points of the distributions of the performance measure. Our results from a panel of French listed companies (SBF 120) show that the impact of board gender diversity on firm performance differs across quantiles and depends on the measure of performance under consideration. Typically, board gender diversity affects negatively the Tobin’s Q and positively the return on asset when these variables are high and low, respectively.
JEL classification: G30; G34; J16
Keywords:
- Board of Directors,
- Gender,
- Diversity,
- Corporate Governance
Résumé
Cet article examine le lien entre la diversité des genres au conseil d’administration et la performance des firms à l’aide de la regression quantile. Cette approche dynamique permet en effet de capturer l’impact de la présence des femmes sur les différents quantiles de la distribution conditionnelle de la performance, au lieu de sa moyenne. Nos résultats, à partir d’un échantillon de firmes faisant partie du SBF 120, montrent que l’impact de la diversité des genres sur la performance varie en function des quantiles et depend de la mesure de performance en question. En particulier, la diversité des genres influence négativement le Q de Tobin et positivement le taux de rendement de l’actif investi.
JEL classification : G30; G34; J16
Mots-clés :
- Conseil d’administration,
- Genres,
- Diversité,
- Gouvernance d’entreprise
Resumen
Este artículo examina la relación entre la diversidad de género en el Consejo de Administración y el rendimiento de las empresas con la ayuda de la regresión cuantil. Este enfoque dinámico permite en efecto capturar el impacto de la presencia de las mujeres en los diferentes cuantiles de la distribución condicional del rendimiento en lugar de su media. Nuestros resultados, a partir de una muestra de empresas incluidas en el SBF 120, ponen de manifiesto que el impacto de la diversidad de género en el rendimiento varía según el cuantil y depende de la medida de este rendimiento. En particular, la diversidad de género influye negativamente el Q de Tobin y positivamente el coeficiente de rentabilidad de los activos invertidos.
Clasificación JEL: G30; G34; J16
Palabras clave:
- Consejo de Administración,
- Géneros,
- Diversidad,
- Gobernanza empresarial
Parties annexes
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