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Kvinnor i styrelsen och deras inverkan på avkastningen

Winberg, Niclas (2010)
Department of Economics
Abstract
ABSTRACT In this paper we set out to investigate whether the number of women in the boardroom has an impact on stock revenue. Female representation has long been absent in corporate boardrooms and even though this has changed recently, women are still widely underrepresented. Other studies have investigated the differences between men and women and their style on governance and leadership. If such differences exist, and depending on if these differences have any effect on revenue, we presume this would be significant to investors seeking to invest in a company with a multi-gender board. We investigate what impact women in the boardroom have, using statistical data from thirty different randomly selected companies. The data we have... (More)
ABSTRACT In this paper we set out to investigate whether the number of women in the boardroom has an impact on stock revenue. Female representation has long been absent in corporate boardrooms and even though this has changed recently, women are still widely underrepresented. Other studies have investigated the differences between men and women and their style on governance and leadership. If such differences exist, and depending on if these differences have any effect on revenue, we presume this would be significant to investors seeking to invest in a company with a multi-gender board. We investigate what impact women in the boardroom have, using statistical data from thirty different randomly selected companies. The data we have collected are sampled between years 2000 - 2008 and focuses on the percentage of female board members and the annual stock revenue of the company they represent. These variables are tested using two commonly used regression models, The CAPM and The Fama/French tree-factor model. The models are used to test time-series regressions in order to understand how the effect develops over time. The data tested shows that there is a small positive correlation between more women in the boardroom and higher stock revenue. These results are however not significant on a 95 % - confidence interval, which leads us to the conclusion that more women in the board room is not a significant factor of stock revenue success. Further, it is not shown in our tests that enlarging the female representation in corporate board rooms would have a negative effect on the stock revenue. (Less)
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author
Winberg, Niclas
supervisor
organization
year
type
M2 - Bachelor Degree
subject
keywords
avkastning, CAPM, Fama/French, Kvinnor i styrelsen, Economics, econometrics, economic theory, economic systems, economic policy, Nationalekonomi, ekonometri, ekonomisk teori, ekonomiska system, ekonomisk politik
language
Swedish
id
1553964
date added to LUP
2010-02-15 00:00:00
date last changed
2010-08-03 10:53:04
@misc{1553964,
  abstract     = {ABSTRACT In this paper we set out to investigate whether the number of women in the boardroom has an impact on stock revenue. Female representation has long been absent in corporate boardrooms and even though this has changed recently, women are still widely underrepresented. Other studies have investigated the differences between men and women and their style on governance and leadership. If such differences exist, and depending on if these differences have any effect on revenue, we presume this would be significant to investors seeking to invest in a company with a multi-gender board. We investigate what impact women in the boardroom have, using statistical data from thirty different randomly selected companies. The data we have collected are sampled between years 2000 - 2008 and focuses on the percentage of female board members and the annual stock revenue of the company they represent. These variables are tested using two commonly used regression models, The CAPM and The Fama/French tree-factor model. The models are used to test time-series regressions in order to understand how the effect develops over time. The data tested shows that there is a small positive correlation between more women in the boardroom and higher stock revenue. These results are however not significant on a 95 % - confidence interval, which leads us to the conclusion that more women in the board room is not a significant factor of stock revenue success. Further, it is not shown in our tests that enlarging the female representation in corporate board rooms would have a negative effect on the stock revenue.},
  author       = {Winberg, Niclas},
  keyword      = {avkastning,CAPM,Fama/French,Kvinnor i styrelsen,Economics, econometrics, economic theory, economic systems, economic policy,Nationalekonomi, ekonometri, ekonomisk teori, ekonomiska system, ekonomisk politik},
  language     = {swe},
  note         = {Student Paper},
  title        = {Kvinnor i styrelsen och deras inverkan på avkastningen},
  year         = {2010},
}