Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/30898
Title: Does board gender diversity improve the informativeness of stock prices?
Authors: Gul, FA
Srinidhi, B
Ng, AC
Keywords: Diversity
Earnings quality
Female director
Governance
Idiosyncratic volatility
Transparency
Issue Date: 2011
Publisher: Elsevier Science Bv
Source: Journal of accounting and economics, 2011, v. 51, no. 3, p. 314-338 How to cite?
Journal: Journal of Accounting and Economics 
Abstract: We show that stock prices of firms with gender-diverse boards reflect more firm-specific information after controlling for corporate governance, earnings quality, institutional ownership and acquisition activity. Further, we show that the relationship is stronger for firms with weak corporate governance suggesting that gender-diverse boards could act as a substitute mechanism for corporate governance that would be otherwise weak. The results are robust to alternative specifications of informativeness and gender diversity and to sensitivity tests controlling for time-invariant firm characteristics and alternative measures of stock price informativeness. We also find that gender diversity improves stock price informativeness through the mechanism of increased public disclosure in large firms and by encouraging private information collection in small firms.
URI: http://hdl.handle.net/10397/30898
DOI: 10.1016/j.jacceco.2011.01.005
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