Do Women in Top Management Affect the Value and Performance of Brazilian Firms?
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Abstract
This study analyzes if the presence of women on boards of directors and in top executive positions has impact on firm value and performance. The international literature shows that there is not a unique and defined relation between female participation on boards of directors and top executive positions and firm value and performance. Some studies show a positive effect of the female participation, whereas others present a negative or no significant relation. This work studies the female influence on firm value and performance in Brazil. The analysis of 383 publicly traded companies from 2002 to 2009 indicates that the relationship between the presence of women in top management, firm value and performance is, in general, not statistically significant in Brazil. However, in some econometric models, companies with at least two women in the board of directors tend to have higher value and better performance.
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Long Paper
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