Diversidad de género en los consejos de administraciónel efecto de la normativa en la presencia de mujeres en las empresas españolas cotizadas

  1. Irma Martínez-García 1
  2. María Sacristán-Navarro 2
  3. Silvia Gómez-Ansón 3
  1. 1 Comisión Nacional del Mercado de Valores (España)
  2. 2 Universidad Rey Juan Carlos
    info
    Universidad Rey Juan Carlos

    Madrid, España

    ROR https://ror.org/01v5cv687

    Geographic location of the organization Universidad Rey Juan Carlos
  3. 3 Universidad de Oviedo
    info
    Universidad de Oviedo

    Oviedo, España

    ROR https://ror.org/006gksa02

    Geographic location of the organization Universidad de Oviedo
Show affiliations +
Journal:
aDResearch: Revista Internacional de Investigación en Comunicación

ISSN: 1889-7304

Year of publication: 2020

Issue Title: Monográfico Especial, Mujer y Comunicación

Issue: 22

Pages: 60-81

Type: Article

DOI: 10.7263/ADRESIC-022-03 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

More publications in: aDResearch: Revista Internacional de Investigación en Comunicación

Sustainable development goals

Abstract

Purpose: This paper studies the implication on Spanish listed companies´ corporate governance structures of regulations that aim to promote gender diversity on boards- code of good governance, Spanish national quota legislation and the proposal of Directive of the European Commission-. Design / Methodology / Approach: We analyze the changes in corporate governance, using statistical techniques for related samples and panel data that relate to gender diversity for Spanish listed companies from 2003-2016. Results: The results show a slow positive trend of women in corporate governance of Spanish listed companies as well as a positive effect of gender diversity on boards’ regulation, although not for all variables studied. In fact, the percentage of women executive directors, Chairwoman and women CEOs, and the percentage of women in executive committees are very low over all the studied period. Besides, the effect on women presence in corporate governance structures is higher for national normatives, code and quota, than for the threat of the European Directive. Limitations / Implications: The main paper limitations are associated to the sample used (listed firms) and to the institution context (the Spanish case). The quota approved by theSpanish Equality Act affects large firms, not just quoted firms. Spanish institutional environment and its characteristics may affect the effects associated to the law. In different institutional environments, the results could differ The paper reveals the positive effect on women’s presence in corporate governance structures of legislation that promotes women on boards. Nevertheless, there still remains a long trend to achieve parity. Gender diversity on corporate governance structures has important implication for corporate reputation. Originality / Contribution: We analyze the impact of gender diversity regulation on women presence on boards of directors. We extend the analysis considering directors’ typology and other corporate boards i.e. board committees and TMT.

Bibliographic References

  • Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Quarterly Journal of Economics, 127(1), 137-197.
  • Bertrand, M., Black, S. E., Jensen, S., & Lleras-Muney, A. (2014). Breaking the glass ceiling? The effect of board quotas on female labor market outcomes in Norway. IZA Discussion Paper Series, No. 8266. Retrieved from IZA website: http://ftp.iza.org/dp8266.pdf
  • Bøhren, Ø. & Staubo, S. (2015). Mandatory gender balance and board independence. European Financial Management, 22(1), 3-30.
  • Comi, S., Grasseni, M., Origo, F., & Pagani, L. (2017). Where women make the difference: The effects of corporate board gender-quotas on firms’ performance across Europe. DEMS Working paper series, No. 367. Retrieved from: https://arepecdemssa.z6.web.core.windows.net/repec/pdf/mibwpaper367.pdf
  • Dawson, J., Natella, S., & Kersley, R. (2016). The CS gender 3000: The reward for change. Zurich, Switzerland: Publisher Credit Suisse AG.
  • De la Peña, N. (2012). La reputación corporativa y la gestión de Recursos Humanos. Harvard Deusto Business Review, 3878.
  • Ferrari, G., Ferraro, V., Profeta, P., & Pronzato, C. (2016). Gender quotas: Challenging the boards performance and the stock market. IZA Discussion Paper Series, No. 10239. Retrieved from: http://ftp.iza.org/dp10239.pdf
  • Gabaldon, P., & Giménez, D. (2017). Gender diversity on boards in Spain: A non-mandatory quota. En C. Seierstad, P. Gabaldon, H. Mensi-Klarbach (Eds) Gender Diversity in the Boardroom (pp 47-74). London, UK: Palgrave Macmillan.
  • Gómez-Ansón, S. (2012). Women on boards of EU companies: Present and future, En C. Fagan, M. Gutiérrez, and S. Gómez-Ansón, ed., Women on corporate boards and in elite management: European trends and policy. London: Palgrave McMillan.
  • Hinnerich, B. T. & Jansson, J. (2017). Gender quotas in the board room and firm performance: Evidence from a credible threat in Sweeden, Research Institute of Industrial Economics, IFN, Working Paper No. 1165.
  • Jain, N. & Bhatt, P.(2015). Employment preferences of job applicants: unfolding employer branding determinants, Journal of Management Development, Vol. 34 No. 6, pp. 634- 652. https://doi.org/10.1108/JMD-09-2013-0106
  • Labelle, R., Francoeur, C., & Lakhal, F. (2015). To regulate or not to regulate? Early evidence on the means used around the world to promote gender diversity in the boardroom?, Gender, Work and Organization, 22, 339-363.
  • Lee, L-E., Marshall, R., Rallis, D., & Moscardi, M. (2015). Women on boards: Global trends in gender diversity on corporate boards. MSCI ESG Research.
  • Lending, C. C. & Vähämaa, E. (2017). European board structure and director expertise: The impact of quotas, Research in International Business and Finance, 39, 486-501.
  • Lundkvist, H. (2015). Gender Aware Employer Branding: How to Become Authentic,Unique and Attractive. International Journal of Business and Management, Vol. 10, No. 11.
  • Mateos de Cabo, R., Terjesen, S., Escot, L., & Gimeno, R. (2019). Do ‘soft law’ board gender quotas work? Evidence from a natural experiment. European Management Review. doi: 10.1016/j.emj.2019.01.004
  • Matsa, D. A., & Miller, A. R. (2013). A female style in corporate leadership? Evidence from quotas, American Economic Journal: Applied Economics, 5(3), 136-169. doi:10.1257/app.5.3.13
  • Ministerio De Sanidad, Servicios Sociales E Igualdad (2017). La igualdad como criterio de reputación y proyección económica de la empresa. Colección EME. NIPO: 685-17-036-7. http://www.igualdadenlaempresa.es/enDestacado/docs/Igualdad_reputacion.pdf
  • Palá-Laguna, R. & Esteban-Salvador, L. (2016). Gender quota for boards of corporations in Spain. European Business Organization Law Review, 17(3), 379-404.
  • Pletzer, J. L., Nikolova, R., Kedzior, K. K., & Voelpel, S. (2015). Does gender matter? Females on corporate boards and firm financial performance: A meta-analysis.PLoS One, 10(6): e0130005.
  • Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546-1571.
  • Reguera-Alvarado, N., de Fuentes, P., & Laffarga, J. (2017). Does board gender diversity influence financial performance? Evidence from Spain, Journal of Business Ethics, 141, 337-350.
  • Solimene, S., Coluccia, D. & Fontana, S. (2017). Gender diversity on corporate boards: an empirical investigation of Italian listed companies. Palgrave Communications, 3, 16109
  • Sojo, V. E., Wood, R. E., Wood, S. A., & Wheeler, M. A. (2016). Reporting requirements, targets, and quotas for women in leadership., The Leadership Quarterly, 27, 519- 536.
  • Willey, K. (2017). Bringing Canadian women on boards. Canadian Journal of Women and the Law, 29, 182-210
Data source: Dialnet