Por Jannine Poletti-Hughes
INARBE organiza este seminario que se celebrará el 23 de octubre a las 11,00h. en la sala de conferencias del edificio Jerónimo de Ayanz.
We study how gender diversity reforms impact on corporate risk-taking using 10,313 non-financial listed firms in 41 countries from the period 2000-2022. Drawing from behavioural agency theory, we find that gender diversity reforms (i.e. quota and comply-or-explain) decrease the risk of below-target performance (i.e. performance hazard risk). Quota reforms lead to greater venturing risk with the prospect of improving firms’ value, suggesting that gender legislation is successful in aligning agents’ incentives to firms’ financial goals. Further analyses evidence that the institutional context is relevant in such relationships, where the prevalence of family business in a country moderates the association of gender reforms and risk-taking. Family business prevalence plays a moderating role that increases both performance hazard risk following voluntary gender diversity reforms and venturing risk following gender diversity reforms. Our findings highlight that voluntary reforms are less effective in countries with family business prevalence to curb the adverse impact of below target performance.