2023 / Nopparat Wongsinhirun , Pattanaporn Chatjuthamard, Pornsit Jiraporn

Corporate culture and board gender diversity: Evidence from textual analysis

The issue of gender diversity on corporate boards of directors has gained prominence in recent decades (Adams & Ferreira, 2009; Arun, Almahrog, & Ali Aribi, 2015; Campbell & Mínguez-Vera, 2007; Carter, Simkins, & Simpson, 2003; Erhardt, Werbel, & Shrader, 2003; Kim & Starks, 2016; Lückerath-Rovers, 2011; Reguera-Alvarado, de Fuentes, & Laffarga, 2015; Sabatier, 2015). For example, several countries, such as Australia, Belgium, France, Germany, Iceland, Italy, Norway, and Spain, have enacted legislation requiring female presence on corporate boards (Chapple & Humphrey, 2013: Li & Chen, 2018). Therefore, the issue of board gender diversity is of interest not only to academics, but also to investors, shareholders, regulators, policymakers, as well as legislators. The importance of female directors on the board cannot be overemphasized. While previous research has concentrated on the influence of board gender diversity on financial performance, there has been much less emphasis on the effects of board gender diversity on other aspects of firm performance. We address this gap in the literature by investigating the influence of board gender diversity on company culture.


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