DOES BOARD GENDER DIVERSITY REDUCE INFORMATION ASYMMETRY? EVIDENCE FROM THE USA

Authors : Gerçek Özparlak

Pages : 215-230

Doi:10.30794/pausbed.1494040

View : 107 | Download : 118

Publication Date : 2024-09-20

Article Type : Research Paper

Abstract :The contributions of women managers to the financial, economic and sustainability areas of firms are obvious. However, women managers can also play a key role in reducing asymmetric information. The purpose of this study is to investigate the effect of gender diversity in corporate management on information asymmetry. The study refers to agency theory and critical mass theory. Gender equality, board diversity and control variables are used in the analyses. In the study, an ordinary least squares (OLS) model is used to analyse the relationship of variables. In addition, fixed effect, quantile regression and lag estimation models are used to analyse endogeneity problems. The annual data of 401 American companies listed in the S&P500 index between 2008 and 2023 were used in the sample. The results of the study contribute to the current debate on the benefits of gender diversity in corporate management with different tests and theories. According to the results of the study, increasing the number of women on the board contributes to the reduction of information asymmetry. According to another result of the study, under the critical mass theory, having three or more women in the company management contributes more to the reduction of information asymmetry.
Keywords : Bilgi Asimetrisi, Yönetim Kurulunda Cinsiyet Çeşitliliği, Cinsiyet Eşitliği, Kurumsal Finans, Finansal Modelleme

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