Regulación de género en los consejos de administraciónEl papel moderador del entorno institucional

Resum

An analysis was made of a group of companies belonging to the STOXX Europe 600 index for the period 2004-2018 of how regulations on gender diversity on Boards of directors influence the presence of women on Boards of directors and Board committees, and how formal and informal institutional factors moderate the relationship between regulations and the presence of women on Boards of directors and Board committees. The results show that the presence of women on Boards of directors and their committees is greater in countries that have introduced gender regulation (recommendations in corporate governance codes and quotas), although quotas that are not subject to sanctions do not seem to have a significant influence. Formal and informal institutional factors moderate the relationship between regulations and the presence of women on Boards of directors and Board committees. The effectiveness of gender diversity regulations increases in countries with high levels of power distance, individualism, uncertainty avoidance and short-term orientation, but is lower in countries with high quality of governance and a relatively large presence of women in decision-making bodies. Differences are also observed in the influence of the institutional environment as a moderator of the relationship between regulations and the presence of female directors and between regulations and the presence of women on committees.