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This paper aims to examine the impact of gender diversity on boards and on top management positions on excess cash holdings.

The authors adopt the quantile regression approach to test the relation between gender diversity and excess cash holding. The sample consists of 1,235 firm-year observations for the period 2005–2017.

The authors find that board gender diversity negatively influences the level of excess cash. This result suggests that women appointed in the boardroom are effective in monitoring managerial actions, including financing policies. The results also show that by forcing companies to have a quota of women on their boards, the presence of women no longer has a negative impact on excess cash holdings. However, when women stand at the chief executive officer or chief financial officer position, they tend to accumulate cash for precautionary motives. These results suggest that women behave differently regarding excess cash holding as monitors compared to their role as decision-makers.

The results may be of interest to legislators who may decide to break the glass ceiling, preventing women from gaining greater access to senior management positions. This is in line with the recommendations of the AFEP-MEDEF Governance Code of 2020, which strongly recommends the recruitment of women to senior management positions. The results are also important to investors, who might be likely to trust companies in which women hold positions on boards of directors which may increase firm value. The results may also have a social impact. Indeed, the role of women in society may be enhanced if such initiatives are taken to increase their representation on leadership positions and in society in general.

The results may also have a social impact. Indeed, the role of women in society may be enhanced if such initiatives are taken to increase their representation on leadership positions and in society in general.

This study investigates the role of women both as controllers and decision-makers in holding excessive amounts of cash. It also highlights new evidence on the impact the approach of appointing women on boards (enabling/coercive and market-based) can have on the relation between gender diversity and excess cash holdings.

The purpose of this paper is to shed light on the effect of French family control on the cash flow sensitivity of cash (CFSC). It also investigates the moderating effect of board of directors’ features on this relation.

Based on a sample of French-listed companies from 2012 to 2014, the authors use GLS regression models on panel data estimated with robust standard errors, clustered at the firm level.

The results show that family control is positively associated with the CFSC. This finding suggests that families are likely to hold more cash out of their cash flows for entrenchment and expropriation purposes. A further analysis shows that board size, independence and the two-tier board structure negatively affect the CFSC in family firms. Board efficiency is then a guarantee of minority shareholders’ interests against family expropriation risks in France.

These findings suggest that French family firms are likely to expropriate minority interests by extracting rents through their cash holding behavior. However, in the presence of high-quality board features, the relation turns negative, suggesting that the quality of the board is an efficient corporate governance device that is likely to monitor family corporate decisions.

This paper extends previous research by investigating the moderating effect of board features on the relation between family control and the CFSC. The research provides a metric for agency problems that is the sensitivity of cash to cash flows and offers theoretical support for the agency argument of hoarding cash.

The purpose of this paper is to shed light on the effect of family ownership on corporate tax avoidance. It also investigates whether audit quality affects tax avoidance practices by family firms.

Based on a sample of 55 Tunisian listed companies from 2008 to 2013, the authors use GLS regression models estimated with robust standard errors, clustered at the firm level.

The results show that family ownership is positively associated with corporate tax avoidance practices, suggesting that families expropriate minority interests by extracting rents from tax-saving positions. These practices are less prominent after the 2011 Tunisian revolution, suggesting that the pressure from governments and non-governmental organizations against corruption and unethical behavior has increased after the revolution. However, the findings show that audit quality curbs the incentives of family firms to engage in aggressive tax positions, supporting the moderating effect of audit quality on the relation between family ownership and tax avoidance.

These findings suggest that Tunisian family firms are likely to expropriate minority interests by extracting rents from tax-saving positions. However, in presence of high-quality audit, the relation turns negative, suggesting that external audit quality is an efficient corporate governance device that is likely to monitor family corporate decisions.

This paper extends previous research by investigating the moderating effect of external audit quality on the relation between tax avoidance and family ownership. It also examines tax avoidance by family firms in a unique setting: Tunisia, a transitioning economy subsequently to the 2011 revolution, where investors’ rights are weakly protected and the financial market is not well-developed as in more developed countries.

The purpose of this paper is to examine the effect of Research and Development (R&D) disclosures on earnings management practices.

This study has been conducted by using a longitudinal archival data set of French companies belonging to the CAC All-Tradable index and instrumental variable estimations.

The results of the research highlight the moderating effect of International Financial Reporting Standards (IFRS) adoption and the financial crisis in this relationship. It also shows that R&D disclosures are negatively associated with earnings management. The findings also show that the IFRS adoption is complementary in its monitoring role of managerial behavior in reducing earnings management in the presence of R&D disclosures. Furthermore, this study finds that the negative effect of R&D disclosures on earnings management is more prevalent during the global financial crisis.

This study examined the consequences of the voluntary disclosure of R&D information in the French context. It introduces a measurement for the disclosure of R&D activities in annual reports through the construction of an R&D disclosure index.

This paper aims to investigate the joint effect of board independence and gender diversity on the effectiveness of boards in monitoring CEO compensation in a continental European context, i.e. France.

Fixed-effect regressions are used to study the impact of board independence, gender diversity and their interaction, i.e. the proportion of female independent directors on the different components of CEO compensation (total, fixed and variable).

The authors observe that both the proportions of independent directors and women sitting on the boards positively influence the various components of CEO compensation. However, the interaction of these factors, i.e. the proportion of female independent directors, is negatively associated with CEO compensation. These results suggest that independent women directors improve board effectiveness in monitoring CEO compensation, especially its fixed component.

The results of this research help to elucidate the importance of women being appointed to boards as independent directors to properly monitor managerial pay. These results provide support to the approach of the French Cope-Zimmerman law of January 2011, which promotes female representation on boards as independent directors to enhance board decision-making. Thus, evidence presented and discussed in this paper should provide useful insights for academics, corporate managers and regulators.

This study investigates the relation between the board of directors' attributes and corporate social performance. The authors examine three board of directors: characteristics, size, independence and gender diversity, and how they interact with industry to affect corporate social performance.

The authors use a multivariate approach to analyze and compare the effects of governance variables on two aspects of corporate social performance, its environmental and social dimensions.

Based on a sample of 983 firm-year observations, our main findings indicate that board independence, size and gender diversity each has a different impact on the environmental and social dimensions of performance, but that industrial sector moderates these effects. In particular, our results show that board member independence is positively associated with the environmental dimension of the performance of all the sample industries, but only has a positive association with the social dimension when the firms are in industries other than those that are environmentally sensitive. For these latter industries, board independence is negatively associated with the social dimension. Board size is positively associated with the environmental dimension for environmentally sensitive industries only and with the social dimension for all the industries examined, with a stronger positive effect on the latter in regard to environmentally sensitive industries.

Women directors appear to raise social and environmental concerns within the board, as evidenced by their positive effect on the firms' social and environmental performance, with a stronger impact on the former.

Regulators can promote changes to the way Canadian companies select directors for the purpose of achieving sustainable performance while investors will be better informed about the impact of some of the board attributes on the environmental and social dimension of performance.

This study provides a portrait of the impact of governance attributes on the environmental and social dimension of performance of Canadian companies. Given the increasing interest in gender diversity in recent years, this study provides new evidence on the benefits of female board members for the two non-financial dimensions of performance.

Several mechanisms exist to address the low levels of gender and race diversity in boardrooms, including mandatory quotas, voluntary targets and investor activism. Based on the similarity-attraction theory, the authors investigated whether nomination committees of companies listed on the Johannesburg Stock Exchange (JSE) could serve as an internal change mechanism to promote board gender and race diversity.

Panel data on the gender and race diversity of the nomination committees and boards of the 40 largest listed companies (the JSE Top 40) were analysed over the period 2011- 2016. Panel regressions were conducted to investigate four hypothesised associations.

More diverse boards had significantly more diverse nomination committees in terms of both gender and race. A significant positive association was furthermore reported between the race diversity of nomination committees and the appointment of new directors of colour. The latter finding could partly be attributed to legislation to enhance black representation in all spheres of the South African economy.

South Africa offers a unique socio-political setting in which to conduct board diversity research. In line with the similarity-attraction theory, it is shown that diverse nomination committees have an essential role in setting and achieving board gender and race diversity targets.

The purpose of this paper is to examine the gender diversity on boards and its effect on stock market liquidity in French boardrooms.

Using a sample of French firms between 2002 and 2012 listed on the Paris Stock Exchange (SBF120), the study uses ordinary least squares and three-stage least squares (3SLS) regressions to address endogeneity concerns on the board gender diversity.

The results show that stock market liquidity is positively and significantly associated with the presence of women directors. The authors find that investors’ decisions vary according to their positions in the board: women independent members decrease illiquidity costs, while the presence of female inside directors increases daily trading volume. In addition, the presence of female inside directors increases the firm’s ability to implement better strategies that cope with economic, social and environmental constraints which leads investors to positively react. Surprisingly, the presence of female independent directors reduces company involvement in sustainable development projects.

The empirical findings contribute to the current debate on the benefits of gender diversity on corporate boards and the effectiveness of gender-quota laws. It shows that appointing insider female’ directors incite investors to trade more stocks while appointing independents ones reduces their trading costs.

This paper shows that the benefits of female directors appointing depend on their independence of management team.

This study addresses the endogeneity between stock market liquidity, corporate governance and gender diversity. It is the first study to distinguish between the effects of women inside and independent directors on investors’ trading decisions.

The current study aims to investigate the relation between corporate social responsibility (CSR) and information asymmetry, as well as the moderating effect of board characteristics (gender diversity, size and independence) on this relationship.

This paper uses a panel data regression analysis with the system generalized method of moments (SGMM) estimator of nonfinancial French firms included in the SBF 120 index. The environmental and social disclosure scores are collected from the Bloomberg database, while financial data are collected from the FactSet database.

The empirical results demonstrate that environmental disclosure has a positive impact on the level of information asymmetry, while social disclosure has no effect on the information environment. Gender diversity and board independence negatively impact the opacity index, while board size has a positive effect. The presence of women in board composition has a substitution effect on the relationship between environmental disclosure and information asymmetry. There is no moderating effect of board size on the association between CSR disclosure and information asymmetry. However, the proportion of independent female directors and board independence operates as substitutes to social disclosure on reducing information asymmetry.

Although the models include the most common control variables used in the literature, they omit some variables. Second, the results should be interpreted with caution and should not be generalized to the entire stock market since the sample is based on large French companies.

The results of this study may be of interest to managers, investors and French market authorities since France is characterized by highly developed laws and reforms in the area of CSR. In addition, the paper leads to a better understanding of how women on the board, in particular, independent female directors, affect the relationship between CSR disclosure and information asymmetry. This could be of interest to French authorities, which has encouraged the appointment of women through the adoption of the Copé–Zimmermann law.

First, to the best of the authors' knowledge, this is the first study to explore the moderating effect of board characteristics on the relationship between CSR and information asymmetry. Second, unlike previous studies using individual proxies to measure information asymmetry, the authors favor the opacity index of Anderson et al. (2009). They calculate this index by including a fifth individual measure, namely, share price volatility. The opacity index better describes the information environment of companies than individual measures since it reflects the perceptions of investors and analysts together.

This study examines the impact of female directors on cash holdings in Egyptian listed firms, particularly in light of Decree 123/2019, which mandates female board representation. This study aims to determine if female directors mitigate agency conflicts related to cash holdings and how these dynamics shift post-quota implementation.

Using a panel fixed-effects model, the research analyzes 1,563 firm-year observations from 223 non-financial Egyptian firms listed on the EGX between 2014 and 2022. The robustness of the findings is tested through additional analyses using alternative proxies for cash holdings, different sample periods and a two-stage least squares approach to address endogeneity concerns.

This study finds a significant negative association between female directors and cash holdings, suggesting that female board members may promote more conservative cash management practices. However, this relationship weakens post-quota implementation, becoming statistically insignificant. This implies that while quotas increase female representation, they do not necessarily enhance corporate governance effectiveness regarding cash management. The pre-quota positive link between female directors and excess cash holdings also becomes insignificant post-quota.

The study focuses on female directors’ impact on cash holdings, excluding potential effects on other board subcommittees or functions. It does not capture long-term benefits of increased female representation, which may emerge as the pool of qualified female directors grows. Future research should explore broader implications of gender diversity guidelines and other diversity dimensions across various corporate governance aspects and institutional contexts.

This research provides empirical evidence from an emerging market context on the understudied impact of gender diversity on cash holdings. It critically evaluates the unintended consequences of mandatory gender quotas, highlighting the complexity of regulatory interventions in corporate governance. The study stresses the need for policymakers to address factors limiting the effectiveness of such quotas and to consider potential suboptimal outcomes when increasing female board representation without a corresponding increase in the supply of qualified female directors.