Women on board: Does boardroom gender diversity affect firm risk?

Vathunyoo Sila (Lead Author), Angelica Gonzalez, Jens Hagendorff

Research output: Contribution to journalArticlepeer-review

Abstract / Description of output

We investigate the relationship between boardroom gender diversity and firm risk. To identify a causal effect of gender on risk, we use a dynamic model that controls for reverse causality and for gender and risk being influenced by unobservable firm factors. We find no evidence that female boardroom representation influences equity risk. We also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors.
Original languageEnglish
Pages (from-to)26-53
JournalJournal of Corporate Finance
Early online date22 Oct 2015
Publication statusPublished - Feb 2016

Keywords / Materials (for Non-textual outputs)

  • board of directors
  • gender diversity
  • equity risk
  • endogeneity


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