The Effects of Women on the Board on the Firm Performance of Thai Listed Companies
Abstract
This study examines the relationships between women on the board and the firm performance of the listed companies on the Stock Exchange of Thailand (SET). We employ observed data on SET Index firms from 7 industries (338 companies) in 2013. For our study of the associations between gender diversity on the board and firm performance, the estimations were conducted with a two- stage least- squares technique, using return on assets (ROA) as the well-known performance measurement technique. The results were significant for relationships between gender diversity and firm performance. The industry group, that is, Agro and Food, Technology, Services and Consumer Products, and so on, was also related to firm performance in Thai listed companies. This study contributes to our nascent understanding of the relationships between women on the board and the firm performance of Thai listed companies using multiple variants of gender diversity on the board. These experimental results are consistent with the corporate governance principles for listed companies on the SET from 2012, which focus on the gender diversity of the board. The study helps to reinforce these values in the corporate governance of the country via the relationships found with gender diversity, which affect firm performance across industries and in some specific industries.References
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[44] Mohamed, A., Moniru, l A. H., Mahmud, H. and Lee, Y. 2009. Corporate Governance and Voluntary Disclosure in Corporate Annual Reports of Malaysian Listed Firms. Journal of Applied Management Accounting Research 7, 1: 1-20.
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[52] Phondej, W., Kittisarn, A. and Neck, P. A. 2010. The Conditions and Factors Associated with Successful Female Leadership in Thailand: A Conceptual Framework.’ Review of International Comparative Management 11, 1: 52-65.
[53] Pietra, R. D., Grambovas, C. A., Raonic, I. and Riccaboni, A. 2008. The Effects of Board Size and ‘Busy’ Directors on the Market Value of Italian Companies.’ Journal of Management Governance 12, 1: 73-91.
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[57] Timmerman, T. 2000. Racial Diversity, Age Diversity, Inter-Dependence, and Team Performance.’ Small Group Re-search 31, 5: 592-606.
[58] Tomson, S. and Pongwat, M. 1999. Women’s Case of Change: The Power Creative in Developing Countries. Bangkok: Institute for Gender and Development.
[59] Vandergrift, D. and Brown, P. 2005. Gender Differences in the Use of High-Variance Strategies in Tournament Competition. Journal of Socio-Economic 34, 6: 834-49.
[60] Virtanen, M., Stansfeld, S. A., Fuhrer, R., Ferrie, F. E. and Kivimaki, M. 2012. Overtime Work as a Predictor of Major Depressive Episode: A 5- Year Follow-up of the Whitehall Ii Study.’ Pols one 7, 1: 1-5.
[61] Wei, X. 2007. Wage Compensation for Job- Related Illness: Evidence from a Matched Employer and Employee Survey in the Uk.’ Journal of Risk and Uncertainty 34, 1: 85-99.
[62] Xie, B., Davision, W. N. and DaDalt, P. J. 2003. Earning Management and Corporate Governance: The Roles of the Board and the Audit Committee. Journal of Corporate Financial 9, 3: 295-311.
[63] Yasser, Q. R. 2012. Affects of Female Directors on Firms Performance in Pakistan. Modern Economy 3, 7: 817-25.
[2] Adler, R. D. 2001. Women in the Executive Suite Correlate to High Profits.
[3] Allen, I. E. and Langowitz, N. S. 2003. Women in Family- Owned Business, Center for Women’s Leadership. United States of America: Babson College.
[4] Alvarado, N. R., Briones, J. L. and Ruiz, P. F. 2011. Gender Diversity on Boards of Directors and Business Success. Investment Management and Financial Innovations 8, 1: 199-209.
[5] Apisakkul, A. 2012: Leadership Style in Family Business. International Journal of Business and Economics 4, 2: 5-20.
[6] Azmi, I. A. G. and Barrett, M. A. 2013. Women on Boards and Company Financial Performance: A Study of Malaysian Smes. Paper presented at the Proceedings of 3rd Global accounting: Finance and Economics Conference, Rydges Melbourne, Australia.
[7] Bathul, H. 2008. Board Characteristics and Firm Performance: Evidence from New Zealand. Faculty of Business, Auckland University of Technology.
[8] Beiner, S., Drobetz, W., Schmid, M. M. and Zimmermann, H. 2004. Is Board Size an Independent Corporate Governance Mechanism? International Review for Social Sciences 57, 3: 327-56.
[9] Beschorner, T. 2013. Creating Shared Value: The One- Trick Pony Approach.’ Business Ethics Journal Review 1, 17: 106-12.
[10] Budsaratragoon, P. and Lhaopadchan, S. 2012. The Relationship between Idiosyncratic Risk and Corporate Governance. Capital Market Research Institute of Thailand.
[11] Bull, I. 2001. Inheritance in Family Business the ‘Long’ Merchant Family Problems Concerning Generation Change. Paper presented at the The Social Science History Association 2001 Annual Meeting, Chicago, November 15-18.
[12] Campbell, K. and Minguez- Vera, A. 2008. Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics 83, 3: 435-51.
[13] Carter, D. A., Simkins, B. J. and Simpson, W. G. 2003. Corporate Governance, Board Diversity and Firm Value. The Financial Review 38, 1: 33-53.
[14] Carter, D. A., D’Souza, F. P., Simkins, B. J. and Simpson, W. G. The Diversity of Corporate Board Committees and Financial Performance. http://ssrn.com/-abstract=1106698.
[15] Catalyst. ‘The Bottom Line: Connecting Corporate Performance and Gender Diversity.’ http://www.catalyst.org/system/files/The_Bottom_Line_-Connecting_Corporate_Performance_and_Gender_Diversity.pdf.
[16] Chiang, H. T. and Chia, F. 2005. An Empirical Study of Corporate Governance and Corporate Performance. Journal of American 6, no. 1: 95-101.
[17] Cole, P. M. 1997. Women in Family Business. Family Business Review 10, 4: 353-71.
[18] Coleman, A. K. 2007. Corporate Governance and Shareholder Value Maximization: An African Perspective. African Development Review 19, 2: 350-67.
[19] Dwyera, S., Richard, O. and Chadwick, K. 2003. Gender Diversity in Management and Firm Performance: The Influence of Growth Orientation and Organizational Culture. Journal of Business Research 56: 1009-19.
[20] Erhardt, N. L., Werbel, J. D. and Shrader, C. B. 2003. Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Perspective 11, 2: 102-11.
[21] Fich, E. M. and Stezak, S. L. 2008. Can Corporate Governance Save Distressed Firms from Bankruptcy? An Empirical Analysis. Review of Quantitative Finance and Accounting 30, 2: 225-51.
[22] Goktan, M. S., Kieschnick, R. and Moussawi, R. 2006. Corporate Governance and Corporate Survival. University of Texas at Dallas, United States of America.
[23] Governance, Center of Corporate. The Principles of Good Corporate Governance for Listed Companies 2012. http://www.set.or.th/th/regulations/cg/files/2013/CGPrinciple2012Thai-Eng.pdf.
[24] Haniffa, R. and Hudaib, M. 2006. Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance and Accounting 33, 7: 1034-62.
[25] Haslam, S. A., Ryan, M. K., Kulich, C., Torjanowski, G. and Atkins, C. 2010. Investing with Prejudice: The Relationship between Women Presence on Company Boards and Objective and Subjective Measures of Company Performance. British Journal of Management, 21, 2: 484-97.
[26] Hermalin, B. E. and Weisbach, M. S. 2003. Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature. Economic Policy Review 9, 1: 7-26.
[27] Institute, Thailand Securities. Fundamental Analysis: Industry Information. http://www.tsi-thailand.org/index.php?option=com_contentandtask=viewandid=1813.
[28] Intanate, J. M. Inherited the Family Business. http://www.bangkokbiznews.com/blog/detail/524181.
[29] Jianakoplos, N. and Bernasek, A. 2007. Are Female More Risk Averse? Economic Inquiry 36, 4: 620-30.
[30] Kang, H., Cheng, M. and Gray, S.J. 2007. Corporate Governance and Board Composition: Diversity and Independence of Australian Boards. Corporate Governance 15, 2: 194-207.
[31] Khan, W. A. and Vieito, J. P. 2013. Ceo Gender and Firm Performance. Journal of Economics and Business 67: 55-66.
[32] Khongjan, A. 2000. Factors Affecting Career Advancement for Women Executives. Chulangkorn Review 13, 49: 77-91.
[33] Kilduff, M., Angelmar, R. and Mehra, A. 2000. Top Management Team Diversity and Firm Performance: Examining the Role of Cognitions. Organization Science 11, 1: 21-34.
[34] Kongjaron, C. 2004. Using Eviews Combined with Gujarati, D. Basic Econometrics. Bangkok, Thailand: Faculty of Economics, Thammasat University.
[35] Konrad, A. M., Lramer, V. and Erkut, S. 2008. The Impact of Three or More Women on Corporate Board. Organizational Dynamics 37, 2: 145-64.
[36] Krishnan, G. and Parsons, L. 2008. Getting to the Bottom Line: An Exploration of Gender and Earnings Quality. Journal of Business Ethics 78: 65-76.
[37] Langdon, D. S., McMenamin, T. M. and Krolik, T. J. 2002. Us Labor Market in 2001: Economy Enters a Recession. Monthly Labor Review 125, 2: 3-33.
[38] Luckerath- Rovers, M. 2011. Women on Boards and Firm Performance. Journal of Management and Governance 17, 2: 491-509.
[39] Lyman, A. R. 1988. Life in the Family Cycle. Family Business Review 1, 4: 383-98.
[40] Maran, M. and Indraah, K. 2009. Can Demographic Diversity in Top Management Team Contribute for Greater Financial Performance? An Empirical Discussion. The Journal of International Sovcial Research 2, 8: 273-86.
[41] Marimuthu, M. 2008. Ethnic Diversity on Boards of Directors and Its Implications on Firm Financial Performance. The Journal of International Social Research 1, 4: 431-45.
[42] Marinova, J., Plantenga, J. and Remery, C. 2008. Gender Diversity and Firm Performance: Evidence from Dutch and Danish Boardrooms. 10-03: Koopmans Research Institute.
[43] Minguez- Vera, A. and Lopez- Martinez, R. 2010. Female Directors and Smes: An Empirical Analysis. Journal of Global Strategic Management 8: 34-46.
[44] Mohamed, A., Moniru, l A. H., Mahmud, H. and Lee, Y. 2009. Corporate Governance and Voluntary Disclosure in Corporate Annual Reports of Malaysian Listed Firms. Journal of Applied Management Accounting Research 7, 1: 1-20.
[45] Molero, E. 2011. Are Workplaces with Many Female in Management Run Differently? Journal of Business Research 64: 385-93.
[46] Montgomery, B. and Sinclair, A. 2011. All in the Family. Business and Economic Review 46, 2: 3-7.
[47] Morris, M. H., Nola, N. M.Craig, E. W. and Susan, M. C. 2003. The Dilemma of Growth: Understanding Venture Size Choices of Women Entrepreneurs. Journal of Small Business Management 44, 2: 221-44.
[48] Noor, Z. M. and Iskandar, T. M. 2012. Corporate Governance and Corporate Failure: A Survival Analysis. Paper presented at the Prosiding Persidangan Kebangsaan Ekonomi Malaysia Ke VII, Malaysia.
[49] Parker, S., Peters, G. F. and Turetsky, H. F. 2002. Corporate Governance and Corporate Failure: A Survival Analysis. Corporate Governance 2, 2: 4-12.
[50] Pelled, L. 1996. Demographic Diversity, Conflict and Work Group Outcomes: An Intervening Process Theory. Organization Science 7, 6: 615-31.
[51] Petersen, R. 2002. The Management of a Diverse Workforce in the Business Environment of Israel and Possible Applications for South Africa, Dissertation Abstracts International Section B. The Sciences and Engineering 60: 4284.
[52] Phondej, W., Kittisarn, A. and Neck, P. A. 2010. The Conditions and Factors Associated with Successful Female Leadership in Thailand: A Conceptual Framework.’ Review of International Comparative Management 11, 1: 52-65.
[53] Pietra, R. D., Grambovas, C. A., Raonic, I. and Riccaboni, A. 2008. The Effects of Board Size and ‘Busy’ Directors on the Market Value of Italian Companies.’ Journal of Management Governance 12, 1: 73-91.
[54] Porter, M. E and Kramer, M. R. 2011. Creating Shared Value.’ Harvard Business Review 89, 1/2: 62-77.
[55] Romnoysawat, T. ‘A Woman with the Role of the Family Business.’ http://www.bloggang.com/viewdiary.php?id=drnuiandmonth=09-2009anddate=27andgroup=1and-gblog=2.
[56] Sweigart, A. 2012. Women on Board for Change: The Norway Model of Boardroom Quotas as a Tool for Progress in the United States and Canada.’ Northwestern Journal of International Law and Business 32, 4: 80-105.
[57] Timmerman, T. 2000. Racial Diversity, Age Diversity, Inter-Dependence, and Team Performance.’ Small Group Re-search 31, 5: 592-606.
[58] Tomson, S. and Pongwat, M. 1999. Women’s Case of Change: The Power Creative in Developing Countries. Bangkok: Institute for Gender and Development.
[59] Vandergrift, D. and Brown, P. 2005. Gender Differences in the Use of High-Variance Strategies in Tournament Competition. Journal of Socio-Economic 34, 6: 834-49.
[60] Virtanen, M., Stansfeld, S. A., Fuhrer, R., Ferrie, F. E. and Kivimaki, M. 2012. Overtime Work as a Predictor of Major Depressive Episode: A 5- Year Follow-up of the Whitehall Ii Study.’ Pols one 7, 1: 1-5.
[61] Wei, X. 2007. Wage Compensation for Job- Related Illness: Evidence from a Matched Employer and Employee Survey in the Uk.’ Journal of Risk and Uncertainty 34, 1: 85-99.
[62] Xie, B., Davision, W. N. and DaDalt, P. J. 2003. Earning Management and Corporate Governance: The Roles of the Board and the Audit Committee. Journal of Corporate Financial 9, 3: 295-311.
[63] Yasser, Q. R. 2012. Affects of Female Directors on Firms Performance in Pakistan. Modern Economy 3, 7: 817-25.
Published
2016-11-24
How to Cite
PETPAIROTE, Wannuda; CHANCHARAT, Nongnit.
The Effects of Women on the Board on the Firm Performance of Thai Listed Companies.
Journal of Advanced Research in Law and Economics, [S.l.], v. 6, n. 1, p. 147-160, nov. 2016.
ISSN 2068-696X.
Available at: <https://journals.aserspublishing.eu/jarle/article/view/454>. Date accessed: 28 apr. 2024.
Section
Journal of Advanced Research in Law and Economics
Keywords
Corporate Governance; firm performance; gender diversity; women on board
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