Corporate culture and board gender diversity: Evidence from textual analysis

被引:15
作者
Wongsinhirun, Nopparat [1 ]
Chatjuthamard, Pattanaporn [1 ]
Jiraporn, Pornsit [2 ]
机构
[1] Chulalongkorn Univ, Ctr Excellence Management Res Corp Governance & Be, Sasin Sch Management, Bangkok, Thailand
[2] Penn State Univ, Sch Grad Profess Studies, Malvern, PA 19355 USA
关键词
Corporate culture; Board gender diversity; Female directors; Corporate governance; Machine learning; Textual analysis; Agency theory; FIRM PERFORMANCE; FEMALE DIRECTORS; SOCIAL-RESPONSIBILITY; POLICY UNCERTAINTY; ETHNIC DIVERSITY; WOMEN DIRECTORS; OWNERSHIP; IMPACT; MANAGEMENT; RISK;
D O I
10.1016/j.irfa.2023.102534
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Exploiting a distinctive measure of corporate culture based on advanced machine learning, we investigate the effect of board gender diversity on corporate culture. Our results demonstrate that greater board gender diversity considerably strengthens positive corporate culture. The findings support the notion that board gender diversity enhances board oversight and helps solve agency problems, resulting in managers being compelled to take measures that benefit shareholders and consequently, building a strong company culture. Further analysis val-idates the results, including propensity score matching (PSM), entropy balancing, an instrumental-variable analysis, Lewbel's (2012) heteroscedastic identification, and Oster's (2019) testing for coefficient stability. Our study is the first to link board gender diversity to corporate culture, using cutting-edge information obtained from sophisticated machine learning.
引用
收藏
页数:15
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