University of Twente Student Theses
The Effect of Gender Diversity on the Financial Performance of Swedish Listed Firms
Lappas, R. (2023) The Effect of Gender Diversity on the Financial Performance of Swedish Listed Firms.
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| Abstract: | The purpose of this research is to examine the effect that gender diversity has on performance and therefore seeks to answer the research question to what extent board gender diversity may have an impact on financial performance of a firm. Previous studies investigating this relationship provide mixed results. In outline, the agency theory suggests that a higher degree of board gender diversity does not have a positive nor negative effect on the financial performance of a firm. Moreover, the stakeholder theory predicts a higher degree of female to be fruitful for the financial performance of a firm. Therefore, the objective of this thesis is to examine the diversity in the form of participation of women on the board of Swedish listed firms at the Nasdaq Stockholm stock exchange with the financial performance of those firms since the literature considers Sweden to be a pioneer. The topic is currently under political debate surrounding the women quote on corporate boards, which makes this study relevant. In this field of research, scientific publications with Swedish listed firms as the unit of analysis appear to be scarce, emphasizing the relevancy of this thesis even further. This thesis has conducted a study based on panel data for 309 complete observations of Swedish listed firms at the Nasdaq Stockholm stock exchange over the years 2018- 2020. The analysis involves a descriptive analysis using Excel and EViews 12. The multiple regression analysis includes Pooled OLS & Breusch-Pagan Test, Fixed Effects & Wald Test, Random Effects & Hausman Test, and Interaction Test followed by examining the test using R, Panel EGLS & Hadri-Z Test and lastly a Granger Causality Test for causality testing. The results show no significant indication for the relationship between gender diversity and performance of a firm, where performance is measured by Tobin’s Q. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 85 business administration, organizational science |
| Programme: | Business Administration MSc (60644) |
| Link to this item: | https://purl.utwente.nl/essays/97932 |
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