Critical Mass & Masculinity

Detta är en C-uppsats från Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering

Sammanfattning: In this study, we investigate a non-linear relationship between board gender diversity and firm performance as suggested by the critical mass theory. Further, we examine the moderation of national culture based on institutional theory. Using panel regression models on a dataset of 62 countries between 2013 and 2021, we find a positive relation between board gender diversity and firm performance. Moreover, the shape of the relationship differs depending on if firm performance is measured using the market-based measure Tobin's Q or the accounting-based measure return on equity. We further find that the positive relationship between board gender diversity and firm performance is diminished in national cultures characterized by a higher degree of masculinity. Lastly, we argue that critical mass theory may only hold in highly masculine cultures when measuring firm performance as return on equity. We believe this study contributes to understanding the relationship between board gender diversity and firm performance.

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