Keywords
quote rosa
governance
performance
governance
performance
How to Cite
Bianchi, M. T., Morrone, C., Ricco, S., & Faioli, D. (2021). Female governance and performance. Piccola Impresa Small Business, (3). https://doi.org/10.14596/pisb.408
Received 2020-08-11
Accepted 2021-01-06
Published 2021-02-20
Accepted 2021-01-06
Published 2021-02-20
Abstract
The purpose of this research is to investigate the correlation between female presence in the governance and corporate performance.
To make the survey meaningful, the sample is composed of small and medium-sized enterprises that are more representative of Italian entrepreneurship than the listed or, in any case, larger companies.
The construction of the sample is based on a big data model, which has allowed to consider a significant number of variables in order to determine companies’ performance and the related health status.
The correlation between performance and female presence in the governance is not highlighted, showing that the choice of directors should be based on individual's skills and competences regardless of gender.
References
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Adams, R.B., & Ferreira, D. (2009). Women in the boardroom and their im-pact on governance and performance. Journal of Financial Economics, 94, 291-309. doi: 10.1016/j.jfineco.2008.10.007
Adler, R.D. (2001). Women in the Executive Suite Correlate to High Profits. Harvard business review, 79(3).
Baldarelli, M. G., Del Baldo, M., & Vignini, S. (2016). Pink accounting in Ita-ly: Cultural perspectives over discrimination and/or lack of interest. Meditari Accountancy Research, 24(2), 269-292. doi: 10.1108/MEDAR-10-2015-0065
Bell, L.A. (2005). Women-Led Firms and the Gender Gap in Top Executive Jobs. IZA Discussion Papers 1689, Institute of Labor Economics (IZA).
Berezinets, I, Garanina, T., & Ilina, Y. (2016). Intellectual capital of a board of directors and its elements: introduction to the concepts. Journal of Intellec-tual Capital, 17(4 632-653. doi: 10.1108/JIC-01-2016-0003
Bertini U. (1995). Scritti di politica aziendale, Torino, Giappichelli.
Bianchi, M., & Iatridis, G. (2014). Board gender diversity and corporate fi-nancial performance: Evidence from CAC 40. Investment Management and Financial Innovations, 11(4), 25-35.
Bianco, M., Ciavarella, A., & Signoretti, R. (2015), Women on corporate boards in Italy: The role of family connections. Corporate Governance: An In-ternational Review, 23(2), 129-144. doi: 10.1111/corg.12097
Bresciani-Turroni, C. (1914). Sul significato logico del “coefficiente di corre-lazione„, Giornale degli Economisti e Rivista di Statistica, 49(3), 189-197.
Brogi, M. (2016). Corporate Governance, Milano, EGEA.
Cadbury, A., (1992). The Financial Aspects of Corporate Governance (Cadbury Report), London, UK: The Committee on the Financial Aspect of Corporate Governance (The Cadbury Committee) and Gee and Co, Ltd.
Campbell, K., & Mínguez-Vera, A. (2008). Gender Diversity in the Board-room and Firm Financial Performance. Journal of Business Ethics, 83, 435-451.
Campopiano, G., De Massis A., Rinaldi F. R., & Sciascia S. (2017). Wom-en's involvement in family firms: Progress and challenges for future research. Journal of Family Business Strategy, 8(4), 200-212. doi: 10.1016/j.jfbs.2017.09.001
Capone, D. (2020), Diversità e inclusione nelle banche italiane: un'analisi empirica delle misure a sostegno della presenza femminile nei board. Questioni di Economia e Finanza, Occasional Papers N. 552, Banca d’Italia.
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38, 33-53. doi: 10.1111/1540-6288.00034
Carter, D.A., D'Souza, F., Simkins, B.J., & Simpson, W.G. (2010). The gender and ethnic diversity of US boards and board committees and firm fi-nancial performance. Corporate Governance: An International Review, 18(5), 396-414. doi: 10.1111/j.1467-8683.2010.00809.x
Cassia, L., De Massis, A., & Giudici, F. (2011). I family business e la suc-cessione padre-figlia nella cultura italiana: un caso di studio. Piccola impresa / Small business, 1, 65-87.
Catalyst (2004). The Bottom Line; Connecting Corporate Performance and Gender Diversity, New York, Catalyst.
Cesaroni, F. M., & Sentuti, A. (2014). Women and family businesses. When women are left only minor roles. History of the Family, 19(3), 358-379. doi: 10.1080/1081602X.2014.929019
Cesaroni, F.M., Sentuti, A., & Buratti A. (2015). Same crisis, different strat-egies? Italian men and women entrepreneurs in front of the economic reces-sion. Journal of Research in Gender Studies, 5(2), 205-231.
Chadwick, I. C., & Dawson, A. (2018). Women leaders and firm perfor-mance in family businesses: An examination of financial and nonfinancial out-comes. Journal of Family Business Strategy, 9(4), 238-249. doi: 10.1016/j.jfbs.2018.10.002
Chamochumbi Diaz, G.D., Cesaroni, F.M., & Sentuti, A. (2018). What fac-tors influence the presence of women in family business governance?. Picco-la Impresa / Small Business, 3, 59-81.
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Demartini, P. (2018). Innovative Female-Led Startups. Do Women in Business Underperform?. Administrative sciences, 8(4), 70-85.
Di Marcantonio, M., Laghi, E., & Mattei, M. (2015). Does Intellectual Capital Affect Business Performance?. Journal of Modern Accounting and Auditing, 11(10), 515-531. doi: 10.17265/1548-6583/2015.10.003
Faioli, D. (2020). Definizione di un modello per l’attribuzione di uno score sull’equilibrio economico, patrimoniale e finanziario di un’azienda, Tesi Master Universitario di II livello “Big Data. Metodi statistici per la società della cono-scenza”.
Fortuna, F. (2007). Corporate governance: soggetti, modelli e sistemi, Mi-lano, FrancoAngeli.
Francioni, B., Musso, F., & Cioppi, M. (2017). International decision pro-cesses within SMEs: the influence of biological sex and stereotypical gender roles. International Journal of Globalisation and Small Business, 9(4), 203-221. doi: 10.1504/IJGSB.2017.089898
Galeotti M., & Garzella S. (2013). Governo strategico dell’azienda, Torino, Giappichelli.
Gruszczynski, M. (2006). Corporate Governance and Financial Perfor-mance of Companies in Poland. International Advances in Economic Re-search, 12(2), 251-259.
Ingley, C. B., & Van Der Walt, N. T. (2003). Board configuration: Building better boards. Corporate Governance: The international journal of business in society, 3(4), 5-17. doi: 10.1108/14720700310497078
ISTAT (2015). Il Censimento delle Imprese, Atti del 9° Censimento genera-le dell’industria e dei servizi e Censimento delle istituzioni non profit.
ISTAT (2017), http://dati.istat.it/Index.aspx?DataSetCode=DICA_ASIAUE1P consultato il 2 maggio 2020.
ISTAT (2020). Censimento permanente delle imprese 2019: i primi risultati (https://www.istat.it/it/files//2020/02/Report-primi-risultati-censimento-imprese.pdf consultato il 6 maggio 2020).
Keenan, J., & Aggestam, M. (2001). Corporate governance and intellectu-al capital: Some conceptualisations, Corporate Governance An International Review, 9(4), 259-275. doi: 10.1111/1467-8683.00254
Kochan, T., Bezrukova, K., Ely, R., Jackson, S., Joshi, A., Jehn, K., Leon-ard, J., Levine, D., & Thomas, D. (2003). The effects of diversity on business performance: Report of the diversity research network. Human Resource Management, 42(1), 3-21. doi: 10.1002/hrm.10061
Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management and Governance, 17(2), 491-509. doi: 10.1007/s10997-011-9186-1
Magnanelli, B. S., Raoli, E., & Tiscini, R. (2017). Female directors in Italy: The state of art after the mandatory gender quota. Corporate Ownership & Control, 14(3-1), 157-169. doi: 10.22495/cocv14i3c1art1
Mancino, D. (2019), A parità di laurea quanto guadagnano meno le donne (rispetto agli uomini)?, Il Sole 24 Ore (https://www.infodata.ilsole24ore.com/2019/07/02/a-parita-di-laurea-quanto-guadagnano-meno-le-donne-rispetto-agli-uomini/?refresh_ce=1 consultato il 19 maggio 2020).
Marchi, L. & Marasca, S. (2010). Le risorse immateriali nell'economia delle aziende, Il Mulino.
Martín-Ugedo, J.F., Mínguez-Vera, A., & Rossi, F., (2019). Female direc-tors and firm performance in Italian and Spanish listed firms: Does masculinity matter?. Academia Revista Latinoamericana de Administracion, 32(3), 411-436. doi: 10.1108/ARLA-06-2018-0124
Martinez-Jimenez, R., Hernández-Ortiz, M. J., & Cabrera Fernández, A. I. (2020). Gender diversity influence on board effectiveness and business per-formance. Corporate Governance (Bingley), 2, 307-323. doi: 10.1108/CG-07-2019-0206
OECD (2019), https://stats.oecd.org/index.aspx?queryid=54753 consultato il 6 maggio 2020.
OECD (2019a). Uno sguardo sull’istruzione 2019 https://www.oecd.org/education/education-at-a-glance/EAG2019_CN_ITA_Italian.pdf consultato il 23 luglio 2020
Paoloni, M., Paoloni, P., & Lombardi, R. (2019). The impact on the gov-ernance of the gender quotas legislation: the Italian case. Measuring Busi-ness Excellence, 23(3), 317-334. doi: 10.1108/MBE-02-2019-0019
Paoloni, P. & Lombardi, R. (2017). Gender Issues in Business and Eco-nomics, Selections from the 2017 Ipazia Workshop on Gender, Springer.
Paoloni, P., & Lombardi, R. (2019). Gender Studies, Entrepreneurship and Human Capital, 5th IPAZIA Workshop on Gender Issues 2019, Springer.
Rose, C. (2007). Does female board representation influence firm perfor-mance? The Danish evidence. Corporate Governance: An International Re-view 15(2), 404-413. doi: 10.1111/j.1467-8683.2007.00570.x
Schwizer, P., Soana, M. G., & Cucinelli, D. (2012), The advantages of board diversity: an empirical analysis on the Italian market, Bancaria, 3, 24-36.
Shrader, C., Blackburn, V., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues, 9, 355-372.
Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569-593. doi: 10.1108/17410400610702160
Tarantola, A.M. (2008). Il sistema dei controlli interni nella governance bancaria, Convegno DEXIA Crediop 4° Incontro Compliance “Il sistema dei controlli aziendali: alla ricerca di una governance”.
Terjesen, S., Sealy, R., & Singh, V. (2009). Women Directors on Corporate Boards: A Review and Research Agenda. Corporate Governance: An Interna-tional Review, 17(3), 320-337. doi: 10.1111/j.1467-8683.2009.00742.x
World Economic Forum (2019). Global Gender Gap Report 2020, Co-logny/Geneva Switzerland, World Economic Forum.
Adams, R.B., & Ferreira, D. (2009). Women in the boardroom and their im-pact on governance and performance. Journal of Financial Economics, 94, 291-309. doi: 10.1016/j.jfineco.2008.10.007
Adler, R.D. (2001). Women in the Executive Suite Correlate to High Profits. Harvard business review, 79(3).
Baldarelli, M. G., Del Baldo, M., & Vignini, S. (2016). Pink accounting in Ita-ly: Cultural perspectives over discrimination and/or lack of interest. Meditari Accountancy Research, 24(2), 269-292. doi: 10.1108/MEDAR-10-2015-0065
Bell, L.A. (2005). Women-Led Firms and the Gender Gap in Top Executive Jobs. IZA Discussion Papers 1689, Institute of Labor Economics (IZA).
Berezinets, I, Garanina, T., & Ilina, Y. (2016). Intellectual capital of a board of directors and its elements: introduction to the concepts. Journal of Intellec-tual Capital, 17(4 632-653. doi: 10.1108/JIC-01-2016-0003
Bertini U. (1995). Scritti di politica aziendale, Torino, Giappichelli.
Bianchi, M., & Iatridis, G. (2014). Board gender diversity and corporate fi-nancial performance: Evidence from CAC 40. Investment Management and Financial Innovations, 11(4), 25-35.
Bianco, M., Ciavarella, A., & Signoretti, R. (2015), Women on corporate boards in Italy: The role of family connections. Corporate Governance: An In-ternational Review, 23(2), 129-144. doi: 10.1111/corg.12097
Bresciani-Turroni, C. (1914). Sul significato logico del “coefficiente di corre-lazione„, Giornale degli Economisti e Rivista di Statistica, 49(3), 189-197.
Brogi, M. (2016). Corporate Governance, Milano, EGEA.
Cadbury, A., (1992). The Financial Aspects of Corporate Governance (Cadbury Report), London, UK: The Committee on the Financial Aspect of Corporate Governance (The Cadbury Committee) and Gee and Co, Ltd.
Campbell, K., & Mínguez-Vera, A. (2008). Gender Diversity in the Board-room and Firm Financial Performance. Journal of Business Ethics, 83, 435-451.
Campopiano, G., De Massis A., Rinaldi F. R., & Sciascia S. (2017). Wom-en's involvement in family firms: Progress and challenges for future research. Journal of Family Business Strategy, 8(4), 200-212. doi: 10.1016/j.jfbs.2017.09.001
Capone, D. (2020), Diversità e inclusione nelle banche italiane: un'analisi empirica delle misure a sostegno della presenza femminile nei board. Questioni di Economia e Finanza, Occasional Papers N. 552, Banca d’Italia.
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38, 33-53. doi: 10.1111/1540-6288.00034
Carter, D.A., D'Souza, F., Simkins, B.J., & Simpson, W.G. (2010). The gender and ethnic diversity of US boards and board committees and firm fi-nancial performance. Corporate Governance: An International Review, 18(5), 396-414. doi: 10.1111/j.1467-8683.2010.00809.x
Cassia, L., De Massis, A., & Giudici, F. (2011). I family business e la suc-cessione padre-figlia nella cultura italiana: un caso di studio. Piccola impresa / Small business, 1, 65-87.
Catalyst (2004). The Bottom Line; Connecting Corporate Performance and Gender Diversity, New York, Catalyst.
Cesaroni, F. M., & Sentuti, A. (2014). Women and family businesses. When women are left only minor roles. History of the Family, 19(3), 358-379. doi: 10.1080/1081602X.2014.929019
Cesaroni, F.M., Sentuti, A., & Buratti A. (2015). Same crisis, different strat-egies? Italian men and women entrepreneurs in front of the economic reces-sion. Journal of Research in Gender Studies, 5(2), 205-231.
Chadwick, I. C., & Dawson, A. (2018). Women leaders and firm perfor-mance in family businesses: An examination of financial and nonfinancial out-comes. Journal of Family Business Strategy, 9(4), 238-249. doi: 10.1016/j.jfbs.2018.10.002
Chamochumbi Diaz, G.D., Cesaroni, F.M., & Sentuti, A. (2018). What fac-tors influence the presence of women in family business governance?. Picco-la Impresa / Small Business, 3, 59-81.
Cook, A. & Glass, C. (2014). Women and top leadership positions: towards an institutional analysis. Gender, Work and Organization, 21(1), 91-103. doi: 10.1111/gwao.12018
Cottone, N. (2019). Manovra: sale al 40% la quota rosa nelle società quo-tate, Il Sole 24 Ore (https://www.ilsole24ore.com/art/manovra-sale-40percento-quota-rosa-societa-quotate-AC3l9S4 consultato il 17 maggio 2020).
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A.E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Man-agement Journal, 42(6), 674-686.
Demartini, P. (2018). Innovative Female-Led Startups. Do Women in Business Underperform?. Administrative sciences, 8(4), 70-85.
Di Marcantonio, M., Laghi, E., & Mattei, M. (2015). Does Intellectual Capital Affect Business Performance?. Journal of Modern Accounting and Auditing, 11(10), 515-531. doi: 10.17265/1548-6583/2015.10.003
Faioli, D. (2020). Definizione di un modello per l’attribuzione di uno score sull’equilibrio economico, patrimoniale e finanziario di un’azienda, Tesi Master Universitario di II livello “Big Data. Metodi statistici per la società della cono-scenza”.
Fortuna, F. (2007). Corporate governance: soggetti, modelli e sistemi, Mi-lano, FrancoAngeli.
Francioni, B., Musso, F., & Cioppi, M. (2017). International decision pro-cesses within SMEs: the influence of biological sex and stereotypical gender roles. International Journal of Globalisation and Small Business, 9(4), 203-221. doi: 10.1504/IJGSB.2017.089898
Galeotti M., & Garzella S. (2013). Governo strategico dell’azienda, Torino, Giappichelli.
Gruszczynski, M. (2006). Corporate Governance and Financial Perfor-mance of Companies in Poland. International Advances in Economic Re-search, 12(2), 251-259.
Ingley, C. B., & Van Der Walt, N. T. (2003). Board configuration: Building better boards. Corporate Governance: The international journal of business in society, 3(4), 5-17. doi: 10.1108/14720700310497078
ISTAT (2015). Il Censimento delle Imprese, Atti del 9° Censimento genera-le dell’industria e dei servizi e Censimento delle istituzioni non profit.
ISTAT (2017), http://dati.istat.it/Index.aspx?DataSetCode=DICA_ASIAUE1P consultato il 2 maggio 2020.
ISTAT (2020). Censimento permanente delle imprese 2019: i primi risultati (https://www.istat.it/it/files//2020/02/Report-primi-risultati-censimento-imprese.pdf consultato il 6 maggio 2020).
Keenan, J., & Aggestam, M. (2001). Corporate governance and intellectu-al capital: Some conceptualisations, Corporate Governance An International Review, 9(4), 259-275. doi: 10.1111/1467-8683.00254
Kochan, T., Bezrukova, K., Ely, R., Jackson, S., Joshi, A., Jehn, K., Leon-ard, J., Levine, D., & Thomas, D. (2003). The effects of diversity on business performance: Report of the diversity research network. Human Resource Management, 42(1), 3-21. doi: 10.1002/hrm.10061
Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management and Governance, 17(2), 491-509. doi: 10.1007/s10997-011-9186-1
Magnanelli, B. S., Raoli, E., & Tiscini, R. (2017). Female directors in Italy: The state of art after the mandatory gender quota. Corporate Ownership & Control, 14(3-1), 157-169. doi: 10.22495/cocv14i3c1art1
Mancino, D. (2019), A parità di laurea quanto guadagnano meno le donne (rispetto agli uomini)?, Il Sole 24 Ore (https://www.infodata.ilsole24ore.com/2019/07/02/a-parita-di-laurea-quanto-guadagnano-meno-le-donne-rispetto-agli-uomini/?refresh_ce=1 consultato il 19 maggio 2020).
Marchi, L. & Marasca, S. (2010). Le risorse immateriali nell'economia delle aziende, Il Mulino.
Martín-Ugedo, J.F., Mínguez-Vera, A., & Rossi, F., (2019). Female direc-tors and firm performance in Italian and Spanish listed firms: Does masculinity matter?. Academia Revista Latinoamericana de Administracion, 32(3), 411-436. doi: 10.1108/ARLA-06-2018-0124
Martinez-Jimenez, R., Hernández-Ortiz, M. J., & Cabrera Fernández, A. I. (2020). Gender diversity influence on board effectiveness and business per-formance. Corporate Governance (Bingley), 2, 307-323. doi: 10.1108/CG-07-2019-0206
OECD (2019), https://stats.oecd.org/index.aspx?queryid=54753 consultato il 6 maggio 2020.
OECD (2019a). Uno sguardo sull’istruzione 2019 https://www.oecd.org/education/education-at-a-glance/EAG2019_CN_ITA_Italian.pdf consultato il 23 luglio 2020
Paoloni, M., Paoloni, P., & Lombardi, R. (2019). The impact on the gov-ernance of the gender quotas legislation: the Italian case. Measuring Busi-ness Excellence, 23(3), 317-334. doi: 10.1108/MBE-02-2019-0019
Paoloni, P. & Lombardi, R. (2017). Gender Issues in Business and Eco-nomics, Selections from the 2017 Ipazia Workshop on Gender, Springer.
Paoloni, P., & Lombardi, R. (2019). Gender Studies, Entrepreneurship and Human Capital, 5th IPAZIA Workshop on Gender Issues 2019, Springer.
Rose, C. (2007). Does female board representation influence firm perfor-mance? The Danish evidence. Corporate Governance: An International Re-view 15(2), 404-413. doi: 10.1111/j.1467-8683.2007.00570.x
Schwizer, P., Soana, M. G., & Cucinelli, D. (2012), The advantages of board diversity: an empirical analysis on the Italian market, Bancaria, 3, 24-36.
Shrader, C., Blackburn, V., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues, 9, 355-372.
Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569-593. doi: 10.1108/17410400610702160
Tarantola, A.M. (2008). Il sistema dei controlli interni nella governance bancaria, Convegno DEXIA Crediop 4° Incontro Compliance “Il sistema dei controlli aziendali: alla ricerca di una governance”.
Terjesen, S., Sealy, R., & Singh, V. (2009). Women Directors on Corporate Boards: A Review and Research Agenda. Corporate Governance: An Interna-tional Review, 17(3), 320-337. doi: 10.1111/j.1467-8683.2009.00742.x
World Economic Forum (2019). Global Gender Gap Report 2020, Co-logny/Geneva Switzerland, World Economic Forum.
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