Impact of Women Directors & Board Independence on Family Firm Performance: Evidence from India
Published: 2020
Author(s) Name: Juili Milind Ballal and Varadraj Bapat |
Author(s) Affiliation: Shailesh J Mehta School of Management, Indian Institute of Technology Bombay, Mumbai, Maharashtra
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Abstract
After the announcement of mandatory
quota in 2013 for women directors
and independent directors
on board, the Indian listed companies
have undergone tremendous
changes in their board structures.
This study undertakes a pre-announcement
and post-announcement
comparative analysis of the
relationship between women directors
and firm performance and independent
directors and family
firm performance measured by return
on assets (ROA) and Tobin’s
Q, by employing a multiple linear
regression on a sample of 163 publicly
listed family firms over a 10-
year period. Findings reveal that
women directors have a negative
effect on ROA and a positive effect
on Tobin’s Q, while independent
directors have a positive effect
on ROA and mixed effects on
Tobin’s Q.
Keywords: N.A.
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