Many studies have investigated the impact of female directors on firm performance, arising to inconclusive results. This paper aims to overcome the direct relationship between these variables and to explore the moderating role of female owners on the relationship between female on board and firm performance. The main hypotheses are tested, through a panel regression model with cross section random effects, on a sample of 380 firms, in the time-span 2008-2012. Our main findings show that female on board does not affect firm performance. However, this relationship becomes significant when we consider the moderating role of the female presence in ownership. Implications for theory and practice are also discussed.
Women on board of directors and firm performance: the moderating role of female ownership. Empirical evidence from the Italian wine industry
Carmen Gallucci;Antonio D'Amato;Rosalia Santulli
2015
Abstract
Many studies have investigated the impact of female directors on firm performance, arising to inconclusive results. This paper aims to overcome the direct relationship between these variables and to explore the moderating role of female owners on the relationship between female on board and firm performance. The main hypotheses are tested, through a panel regression model with cross section random effects, on a sample of 380 firms, in the time-span 2008-2012. Our main findings show that female on board does not affect firm performance. However, this relationship becomes significant when we consider the moderating role of the female presence in ownership. Implications for theory and practice are also discussed.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
