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Women on boards of Philippine publicly traded firms : does gender diversity affect corporate risk-taking behavior

 Format: Print  Author/s: Unite, Angelo Africa; Sullivan, Michael J.; Shi, Ailyn A.; Ong Yiu, Michelle Kris A. and Ricafrente, Louie Angelo  Call Number: THE U55 2017  Place of Publication: Manila  Date of Publication: 2017  Pages: 31  Language: English  Tags: Board diversityCorporate risk-takingCorporations -- PhilippinesEconometric techniques |
 About the Resource:
The idea that more women belong on corporate boards is attracting attention around the world. Some scholars argue that gender diversity on boards improves firm performance and induces more prudent corporate decision-making. This rationale is based on the hypothesis that women are less overconfident and are innately more risk-averse than men. Alternatively, other researchers argue that firms having more female directors are associated with greater corporate risk-taking as the profile of women literature argues that risk-aversion does not vary between homogeneously male boards and more gender-diversed boards. Thus, in this paper, we report results for our examination of the relationship between board measures to proxy for corporate risk-taking and employ the two-step Blundell-Bond System Generalized Method of Moments estimation technique to account for endogeneity issues that may influence this relationship. Our findings show that we cannot definitely conclude that the relationship between board diversity and corporate risk-taking is negative. This suggest that the case for greater gender diversity on Philippine corporate boards should be based on fairness, social, and moral considerations, and not to try to improve the level of corporate risk-taking.
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