Journal of
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Archive » January 2017 » Board gender diversity in Italian Ipos

Board gender diversity in Italian Ipos

Cristiana Cardi, Caterina Lucarelli
January 2017 - n. 1
Jel codes: J16, G30, M10

Our empirical analysis of gender diversity, within the boards of 83 Ipos listed in Italian Stock Exchange, shows a lower female participation in board of directors for companies of larger dimensions, higher concentrated shareholding structure, better profitability, higher seniority of both the company and of board members. Financial sector companies show a lower participation of women, as well. Conversely, board gender diversity intensifies when female members hold a familiar relationship with others board members. Our results on effects of gender diversity confirm the ambiguous outcomes revealed in existing literature. Nevertheless, we found evidence that Ipos with a superior gender diversity obtain improved market performances, with a longer survivorship on the stock exchange, lower return volatility and better book to market ratio.

 

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