Journal article
Does board gender diversity improve the informativeness of stock prices?
Journal of Accounting and Economics, Vol.51(3), pp.314-338
2011
Abstract
We show that stock prices of firms with gender-diverse boards reflect more firm-specific information after controlling for corporate governance, earnings quality, institutional ownership and acquisition activity. Further, we show that the relationship is stronger for firms with weak corporate governance suggesting that gender-diverse boards could act as a substitute mechanism for corporate governance that would be otherwise weak. The results are robust to alternative specifications of informativeness and gender diversity and to sensitivity tests controlling for time-invariant firm characteristics and alternative measures of stock price informativeness. We also find that gender diversity improves stock price informativeness through the mechanism of increased public disclosure in large firms and by encouraging private information collection in small firms.
Details
- Title
- Does board gender diversity improve the informativeness of stock prices?
- Authors
- Ferdinand A. Gul (Author) - Monash University MalaysiaBin Srinidhi (Author) - The University of Texas at ArlingtonAnthony C. Ng (Author) - Monash University
- Publication details
- Journal of Accounting and Economics, Vol.51(3), pp.314-338
- Publisher
- Elsevier BV
- DOI
- 10.1016/j.jacceco.2011.01.005
- ISSN
- 1879-1980
- Organisation Unit
- University of the Sunshine Coast, Queensland; School of Business and Creative Industries
- Language
- English
- Record Identifier
- 99679189802621
- Output Type
- Journal article
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