Is corruption a determinant of the effectiveness of gender diversity in business management? Application to co-operative banks
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Published
18-03-2020
Yakira Fernández-Torres
Milagros Gutiérrez-Fernández
Ricardo J. Palomo-Zurdo
Abstract
This work is an extension of the literature that studies the relationship between gender diversity in the managerial posts and business profitability. It aims to advance beyond the measurement of a possible direct relationship between both variables in financial entities, applying the institutional theory. In particular, it focus in the senior executive team of Spanish credit cooperatives. The gender effect over the profitability of these entities will be evaluated through the relationship with their partners and with the level of indebtedness, including as a new variable the corruption of the environment as a possible conditioning factor. Such scope is novel with regard to existing research, characterized by focusing mainly on a direct relationship and for not taking into account the institutional context, indicating the need to focus on possible indirect influence and on institutions as quality determinants of business management. To carry out the analysis, dynamic equations will be estimated, treating endogeneity using the Generalized Method of Moments (MGM). The findings confirm the indirect influence of gender measures on profitability, which results enhanced when the level of corruption in the environment is lower.
How to Cite
Fernández-Torres, Y., Gutiérrez-Fernández, M., & Palomo-Zurdo, R. J. (2020). Is corruption a determinant of the effectiveness of gender diversity in business management? Application to co-operative banks. Cuadernos De Gestión, 20(2), 47–74. https://doi.org/10.5295/cdg.180914yf
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Keywords
Board of directors, gender, co-operative banks, profitability, corruption.
References
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Adams R.B. & Ferreira D., 2009. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94 (2), 291-309.
Adams R. B. & Funk P., 2012. Beyond the glass ceiling: Does gender matter? Management Science, 58 (2), 219-235.
Aguilera R. V. & Jackson G., 2003. The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28 (3), 447-465.
Andries A. M., Mutu S. & Ursu S. G., 2014. Impact of institutions, financial reform and economic governance on bank performance. Transformations in Business and Economics, 13 (3C), 410-429.
Arellano M. & Bond S., 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58 (2), 277-297.
Arayssi M., Dah M. & Jizi M., 2016. Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal, 7 (3), 376-401.
Arshad S. & Rizvi S. A., 2013. Impact of corruption on bank profitability: An analysis of islamic banks. International Journal of Business Governance and Ethics, 8 (3), 195-209.
Athanasouli D. & Goujard A., 2015. Corruption and management practices: Firm level evidence. Journal of Comparative Economics, 43 (4), 1014-1034.
Atrevia-IESE, 2017. Mujeres en los consejos del Ibex-35, 5º Informe. Madrid: Atrevia. Disponible en: http://women.iese.edu/wp-content/uploads/sites/2/2017/03/MUJERESIBEX-35.pdf [22 Enero 2018]
Bernasek, A. & Shwiff S., 2001. Gender, risk, and retirement. Journal of Economic Issues, 35 (2), 345-356.
Blau, P.M., 1977. Inequality and Heterogeneity. New York: Free Press.
Blundell R. & Bond S., 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87 (1), 115-143.
Breen M. & Gillanders R., 2012. Corruption, institutions and regulation. Economics of Governance, 13 (3), 263-285.
Byoun S., Chang K. & Kim Y. S., 2016. Does corporate board diversity affect corporate payout policy? Asia-Pacific Journal of Financial Studies, 45 (1), 48-101.
Campbell K. & Mínguez-Vera A., 2008. Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83 (3), 435-451.
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 financial performance. Corporate Governance, 18 (5), 396-414.
Chakrabarty S. & Bass A. E., 2014. Corporate governance in microfinance institutions: Board composition and the ability to face institutional voids. Corporate Governance: An International Review, 22 (5), 367-386.
Chen S., Ni X. & Tong J. Y., 2016. Gender diversity in the boardroom and risk management: A case of R&D investment. Journal of Business Ethics, 136 (3), 599-621.
Collerette P. & Aubry P., 1990. Socio-economic evolution of women business owners in Quebec. Journal of Business Ethics, 9 (4-5), 417-422.
Comisión Europea, 2012: Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures. EUR-Lex. Disponible en: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52012PC0614. [22 Enero 2018]
Dal Bó E. & Rossi M. A., 2007. Corruption and inefficiency: Theory and evidence from electric utilities. Journal of Public Economics, 91(5-6), 939-962.
Darmadi, S., 2013. Do women in top management affect firm performance? Evidence from Indonesia. Corporate Governance (Bingley), 13(3), 288-304.
Farag H. & Mallin C., 2017. Board diversity and financial fragility: Evidence from European banks. International Review of Financial Analysis, 49, 98-112.
Faría H. J., Montesinos-Yufa H. M., Morales D. R., Aviles C. G. B. & Brito-Bigott O., 2013. Does corruption cause encumbered business regulations? An IV approach. Applied Economics, 45 (1), 65-83.
García-Meca E., García-Sánchez I. & Martínez-Ferrero J., 2015. Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance, 53, 202-214.
Ghosh, S., 2017. Why is it a man’s world, after all? Women on bank boards in India. Economic Systems, 41 (1), 109-121.
Gomes J. F. & Schmid, L., 2010. Levered returns. The Journal of Finance, 65 (2), 467-494.
Gutiérrez-Fernández M., Palomo-Zurdo R.J. & Fernández-Barberís G., 2013. Spanish savings banks: A claimed reordering under criteria of economic and social rationality? Cuadernos De Economía y Dirección De La Empresa, 16, 250-258.
Harjoto M., Laksmana I. & Lee R., 2015. Board diversity and corporate social responsibility. Journal of Business Ethics, 132 (4), 641-660.
Helmke G. & Levitsky, S., 2004. Informal Institutions and Comparative Politics: A Research Agenda. Perspectives on Politics, 2(4), 725-740. Disponible en: http://www.jstor.org/stable/3688540 [28 Septiembre 2018]
Hernández C., Martín J. & Minguez A., 2016. La influencia del género en la dirección de las sociedades cooperativas españolas sobre sobre la rentabilidad y el endeudamiento: un análisis empírico, REVESCO. Revista de Estudios Cooperativos, 122 (3), 135-164.
Hernández-Nicolás C. M., Martín-Ugedo J. F. & Mínguez-Vera A., 2015. The influence of gender on financial decisions: Evidence from small start-up firms in Spain. E a M: Ekonomie a Management, 18 (4), 93-107.
Hillman A. J., Keim G. D. & Luce R. A., 2001. Board composition and stakeholder performance: Do stakeholder directors make a difference? Business & Society, 40 (3), 295–314.
Hillman A.J., Shropshire C. & Cannella Jr. A.A., 2007. Organizational predictors of women on corporate boards. Academy of Management Journal, 50 (4), 941-952.
Huang J. & Kisgen D. J., 2013. Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108 (3), 822-839.
ICA, 2015: Co-operative Identity, Values & Principles. International Co-operative Alliance. Disponible en: http://ica.coop/es/node/1625 [22 Diciembre 2016]
Isidro H. & Sobral M., 2015. The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of Business Ethics, 132 (1), 1-19.
Johnson N. D., Ruger W., Sorens J. & Yamarik S., 2014. Corruption, regulation, and growth: An empirical study of the United States. Economics of Governance, 15 (1), 51-69.
Jurkus A. F., J. C. Park & L. S. Woodard, 2011. Women in top management and agency costs. Journal of Business Research, 64 (2), 180–186.
Kalyvas A. N. & Mamatzakis E., 2014. Does business regulation matter for banks in the European Union? Journal of International Financial Markets Institutions & Money, 32, 278-324.
Kaufmann D., Kraay A. & Mastruzzi M., 2015. Worldwide Governance Indicators. Disponible en: http://info.worldbank.org/governance/wgi/index.aspx#home [22 Diciembre 2015]
Kristie, J., 2011. The power of three. Dir. Boards, 35 (5), 22-32.
Lewellyn K. B. & Bao S., 2017. The role of national culture and corruption on managing earnings around the world. Journal of World Business, 52 (6), 798-808.
Ley Orgánica 3/2007, de 22 de marzo, para la igualdad efectiva de mujeres y hombres, BOE Nº.71, de 23 de marzo, 12.611-12.645.
Liu Y., Wei Z. & Xie F., 2014. Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169-184.
Low D. C., Roberts H. & Whiting R. H., 2015. Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35 (A), 381-401.
Lucas-Pérez M. E., Mínguez-Vera A., Baixauli-Soler J. S., Martín-Ugedo J. F. & SánchezMarín G. 2015. Women on the board and managers’ pay: Evidence from Spain. Journal of Business Ethics, 129 (2), 265-280.
Mateos R., Gimeno R. & Escot L., 2010. Discriminación en consejos de administración: Análisis e implicaciones económicas. Revista de Economía Aplicada, 18 (53), 131-162.
Mateos R., Gimeno R. & Escot L. 2011. Disentangling discrimination on Spanish Boards of Directors. Corporate Governance: An International Review, 19 (1), 77-95.
Mateos R., Iturrioz J. & Gimeno R., 2009. La participación financiera y el papel de la mujer en la toma de decisiones de las sociedades cooperativas: Los consejos de administración. Revista Europea de Dirección y Economía de la empresa, 18 (3), 65-82.
Munteanu A. & Brezeanu P., 2014. Government effectiveness and value creation: The case of emerging European listed banks. Transylvanian Review of Administrative Sciences, (42), 140-155.
Nguyen T., Locke S. & Reddy K., 2015. Does boardroom gender diversity matter? Evidence from a transitional economy. International Review of Economics & Finance, 37, 184-202.
Nielsen S. & Huse M., 2010. The contribution of women on boards of directors: Going beyond the surface. Corporate Governance: An International Review, 18 (2), 136-148.
North, D. C., 1990. Institutions. Institutional change and economic performance. New York: Cambridge University Press.
Olsen R. & Cox C., 2001. The influence of gender on the perception and response to investment risk: The case of professional investors. Journal of Psychology and Financial Markets, 2 (1), 29-36.
Orser B., Riding A. & Manley K., 2006. Women entrepreneurs and financial capital. Entrepreneurship Theory and Practice, 30 (5), 643-665.
Palá-Laguna R. & Esteban-Salvador, L., 2016. Gender quota for boards of corporations in Spain. European Business Organization Law Review, 17 (3), 379-404.
Pamburai H. H., Chamisa E., Abdulla C. & Smith C., 2015. An analysis of corporate governance and company performance: a South African perspective. South African Journal of Accounting Research, 29 (2), 115-131.
Peng M. W., Sun S. L., Pinkham B. & Chen H., 2009. The institution-based view as a third leg for a strategy tripod. Academy of Management Perspectives, 23 (3), 63-81.
Post C. & Byron K., 2015. Women on boards and firm financial performance: A metaanalysis. Academy of Management Journal, 58 (5), 1546-1571.
Pucheta-Martínez M. C. & Bel-Oms I., 2015. The gender gap in pay in company boards. Industrial and Corporate Change, 24 (2), 467-510.
Reguera-Alvarado N., de Fuentes P. & Laffarga, J., 2017. Does board gender diversity influence financial performance? Evidence from Spain. Journal of Business Ethics, 141 (2), 337-350.
Rodríguez-Domínguez L., García-Sánchez I. & Gallego-Álvarez I., 2012. Explanatory factors of the relationship between gender diversity and corporate performance. European Journal of Law and Economics, 33 (3), 603-620.
Rodríguez-Ruiz O., Rodríguez-Duarte A. & Gómez-Martínez L., 2016. Does a balanced gender ratio improve performance? The case of Spanish banks (1999-2010). Personnel Review, 45 (1), 103-120.
Roodman D., 2009. How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9 (1), 86-136.
Roper S. & Scott J., 2009. Perceived financial barriers and the start-up decision. International Small Business Journal, 27 (2), 149-171.
Singh V., Vinnicombe S. & Johnson P., 2001. Women directors on top UK boards. Corporate Governance, 9 (3), 206-216.
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.
Torchia M., Calabrò A. & Huse M., 2011. Women Directors on Corporate Boards: From Tokenism to Critical Mass. Journal of Business Ethics, 102 (2), 299-317.
UNACC, 2015. Anuario estadístico de las Cooperativas de Crédito. Unión Nacional de Cooperativas de Crédito. Disponible en: http://www.unacc.com/inicio/Publicaciones/Anuario.aspx. [1 Junio 2017]
Upadhyay A. & Zeng H., 2014. Gender and ethnic diversity on boards and corporate information environment. Journal of Business Research, 67 (11), 2456-2463.
Webb, E., 2004. An examination of socially responsible firms’ board structure. Journal of Management and Governance, 8 (3), 255–277.
Wintoki M.B., Linck J.S. & Netter J.M., 2012. Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105 (3), 581-606.
Yeh C. M. & Trejos B., 2015. The influence of governance on tourism firm performance. Current Issues in Tourism, 18 (4), 299-314.
Adams R.B. & Ferreira D., 2009. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94 (2), 291-309.
Adams R. B. & Funk P., 2012. Beyond the glass ceiling: Does gender matter? Management Science, 58 (2), 219-235.
Aguilera R. V. & Jackson G., 2003. The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28 (3), 447-465.
Andries A. M., Mutu S. & Ursu S. G., 2014. Impact of institutions, financial reform and economic governance on bank performance. Transformations in Business and Economics, 13 (3C), 410-429.
Arellano M. & Bond S., 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58 (2), 277-297.
Arayssi M., Dah M. & Jizi M., 2016. Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal, 7 (3), 376-401.
Arshad S. & Rizvi S. A., 2013. Impact of corruption on bank profitability: An analysis of islamic banks. International Journal of Business Governance and Ethics, 8 (3), 195-209.
Athanasouli D. & Goujard A., 2015. Corruption and management practices: Firm level evidence. Journal of Comparative Economics, 43 (4), 1014-1034.
Atrevia-IESE, 2017. Mujeres en los consejos del Ibex-35, 5º Informe. Madrid: Atrevia. Disponible en: http://women.iese.edu/wp-content/uploads/sites/2/2017/03/MUJERESIBEX-35.pdf [22 Enero 2018]
Bernasek, A. & Shwiff S., 2001. Gender, risk, and retirement. Journal of Economic Issues, 35 (2), 345-356.
Blau, P.M., 1977. Inequality and Heterogeneity. New York: Free Press.
Blundell R. & Bond S., 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87 (1), 115-143.
Breen M. & Gillanders R., 2012. Corruption, institutions and regulation. Economics of Governance, 13 (3), 263-285.
Byoun S., Chang K. & Kim Y. S., 2016. Does corporate board diversity affect corporate payout policy? Asia-Pacific Journal of Financial Studies, 45 (1), 48-101.
Campbell K. & Mínguez-Vera A., 2008. Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83 (3), 435-451.
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 financial performance. Corporate Governance, 18 (5), 396-414.
Chakrabarty S. & Bass A. E., 2014. Corporate governance in microfinance institutions: Board composition and the ability to face institutional voids. Corporate Governance: An International Review, 22 (5), 367-386.
Chen S., Ni X. & Tong J. Y., 2016. Gender diversity in the boardroom and risk management: A case of R&D investment. Journal of Business Ethics, 136 (3), 599-621.
Collerette P. & Aubry P., 1990. Socio-economic evolution of women business owners in Quebec. Journal of Business Ethics, 9 (4-5), 417-422.
Comisión Europea, 2012: Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures. EUR-Lex. Disponible en: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52012PC0614. [22 Enero 2018]
Dal Bó E. & Rossi M. A., 2007. Corruption and inefficiency: Theory and evidence from electric utilities. Journal of Public Economics, 91(5-6), 939-962.
Darmadi, S., 2013. Do women in top management affect firm performance? Evidence from Indonesia. Corporate Governance (Bingley), 13(3), 288-304.
Farag H. & Mallin C., 2017. Board diversity and financial fragility: Evidence from European banks. International Review of Financial Analysis, 49, 98-112.
Faría H. J., Montesinos-Yufa H. M., Morales D. R., Aviles C. G. B. & Brito-Bigott O., 2013. Does corruption cause encumbered business regulations? An IV approach. Applied Economics, 45 (1), 65-83.
García-Meca E., García-Sánchez I. & Martínez-Ferrero J., 2015. Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance, 53, 202-214.
Ghosh, S., 2017. Why is it a man’s world, after all? Women on bank boards in India. Economic Systems, 41 (1), 109-121.
Gomes J. F. & Schmid, L., 2010. Levered returns. The Journal of Finance, 65 (2), 467-494.
Gutiérrez-Fernández M., Palomo-Zurdo R.J. & Fernández-Barberís G., 2013. Spanish savings banks: A claimed reordering under criteria of economic and social rationality? Cuadernos De Economía y Dirección De La Empresa, 16, 250-258.
Harjoto M., Laksmana I. & Lee R., 2015. Board diversity and corporate social responsibility. Journal of Business Ethics, 132 (4), 641-660.
Helmke G. & Levitsky, S., 2004. Informal Institutions and Comparative Politics: A Research Agenda. Perspectives on Politics, 2(4), 725-740. Disponible en: http://www.jstor.org/stable/3688540 [28 Septiembre 2018]
Hernández C., Martín J. & Minguez A., 2016. La influencia del género en la dirección de las sociedades cooperativas españolas sobre sobre la rentabilidad y el endeudamiento: un análisis empírico, REVESCO. Revista de Estudios Cooperativos, 122 (3), 135-164.
Hernández-Nicolás C. M., Martín-Ugedo J. F. & Mínguez-Vera A., 2015. The influence of gender on financial decisions: Evidence from small start-up firms in Spain. E a M: Ekonomie a Management, 18 (4), 93-107.
Hillman A. J., Keim G. D. & Luce R. A., 2001. Board composition and stakeholder performance: Do stakeholder directors make a difference? Business & Society, 40 (3), 295–314.
Hillman A.J., Shropshire C. & Cannella Jr. A.A., 2007. Organizational predictors of women on corporate boards. Academy of Management Journal, 50 (4), 941-952.
Huang J. & Kisgen D. J., 2013. Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108 (3), 822-839.
ICA, 2015: Co-operative Identity, Values & Principles. International Co-operative Alliance. Disponible en: http://ica.coop/es/node/1625 [22 Diciembre 2016]
Isidro H. & Sobral M., 2015. The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of Business Ethics, 132 (1), 1-19.
Johnson N. D., Ruger W., Sorens J. & Yamarik S., 2014. Corruption, regulation, and growth: An empirical study of the United States. Economics of Governance, 15 (1), 51-69.
Jurkus A. F., J. C. Park & L. S. Woodard, 2011. Women in top management and agency costs. Journal of Business Research, 64 (2), 180–186.
Kalyvas A. N. & Mamatzakis E., 2014. Does business regulation matter for banks in the European Union? Journal of International Financial Markets Institutions & Money, 32, 278-324.
Kaufmann D., Kraay A. & Mastruzzi M., 2015. Worldwide Governance Indicators. Disponible en: http://info.worldbank.org/governance/wgi/index.aspx#home [22 Diciembre 2015]
Kristie, J., 2011. The power of three. Dir. Boards, 35 (5), 22-32.
Lewellyn K. B. & Bao S., 2017. The role of national culture and corruption on managing earnings around the world. Journal of World Business, 52 (6), 798-808.
Ley Orgánica 3/2007, de 22 de marzo, para la igualdad efectiva de mujeres y hombres, BOE Nº.71, de 23 de marzo, 12.611-12.645.
Liu Y., Wei Z. & Xie F., 2014. Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169-184.
Low D. C., Roberts H. & Whiting R. H., 2015. Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35 (A), 381-401.
Lucas-Pérez M. E., Mínguez-Vera A., Baixauli-Soler J. S., Martín-Ugedo J. F. & SánchezMarín G. 2015. Women on the board and managers’ pay: Evidence from Spain. Journal of Business Ethics, 129 (2), 265-280.
Mateos R., Gimeno R. & Escot L., 2010. Discriminación en consejos de administración: Análisis e implicaciones económicas. Revista de Economía Aplicada, 18 (53), 131-162.
Mateos R., Gimeno R. & Escot L. 2011. Disentangling discrimination on Spanish Boards of Directors. Corporate Governance: An International Review, 19 (1), 77-95.
Mateos R., Iturrioz J. & Gimeno R., 2009. La participación financiera y el papel de la mujer en la toma de decisiones de las sociedades cooperativas: Los consejos de administración. Revista Europea de Dirección y Economía de la empresa, 18 (3), 65-82.
Munteanu A. & Brezeanu P., 2014. Government effectiveness and value creation: The case of emerging European listed banks. Transylvanian Review of Administrative Sciences, (42), 140-155.
Nguyen T., Locke S. & Reddy K., 2015. Does boardroom gender diversity matter? Evidence from a transitional economy. International Review of Economics & Finance, 37, 184-202.
Nielsen S. & Huse M., 2010. The contribution of women on boards of directors: Going beyond the surface. Corporate Governance: An International Review, 18 (2), 136-148.
North, D. C., 1990. Institutions. Institutional change and economic performance. New York: Cambridge University Press.
Olsen R. & Cox C., 2001. The influence of gender on the perception and response to investment risk: The case of professional investors. Journal of Psychology and Financial Markets, 2 (1), 29-36.
Orser B., Riding A. & Manley K., 2006. Women entrepreneurs and financial capital. Entrepreneurship Theory and Practice, 30 (5), 643-665.
Palá-Laguna R. & Esteban-Salvador, L., 2016. Gender quota for boards of corporations in Spain. European Business Organization Law Review, 17 (3), 379-404.
Pamburai H. H., Chamisa E., Abdulla C. & Smith C., 2015. An analysis of corporate governance and company performance: a South African perspective. South African Journal of Accounting Research, 29 (2), 115-131.
Peng M. W., Sun S. L., Pinkham B. & Chen H., 2009. The institution-based view as a third leg for a strategy tripod. Academy of Management Perspectives, 23 (3), 63-81.
Post C. & Byron K., 2015. Women on boards and firm financial performance: A metaanalysis. Academy of Management Journal, 58 (5), 1546-1571.
Pucheta-Martínez M. C. & Bel-Oms I., 2015. The gender gap in pay in company boards. Industrial and Corporate Change, 24 (2), 467-510.
Reguera-Alvarado N., de Fuentes P. & Laffarga, J., 2017. Does board gender diversity influence financial performance? Evidence from Spain. Journal of Business Ethics, 141 (2), 337-350.
Rodríguez-Domínguez L., García-Sánchez I. & Gallego-Álvarez I., 2012. Explanatory factors of the relationship between gender diversity and corporate performance. European Journal of Law and Economics, 33 (3), 603-620.
Rodríguez-Ruiz O., Rodríguez-Duarte A. & Gómez-Martínez L., 2016. Does a balanced gender ratio improve performance? The case of Spanish banks (1999-2010). Personnel Review, 45 (1), 103-120.
Roodman D., 2009. How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9 (1), 86-136.
Roper S. & Scott J., 2009. Perceived financial barriers and the start-up decision. International Small Business Journal, 27 (2), 149-171.
Singh V., Vinnicombe S. & Johnson P., 2001. Women directors on top UK boards. Corporate Governance, 9 (3), 206-216.
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.
Torchia M., Calabrò A. & Huse M., 2011. Women Directors on Corporate Boards: From Tokenism to Critical Mass. Journal of Business Ethics, 102 (2), 299-317.
UNACC, 2015. Anuario estadístico de las Cooperativas de Crédito. Unión Nacional de Cooperativas de Crédito. Disponible en: http://www.unacc.com/inicio/Publicaciones/Anuario.aspx. [1 Junio 2017]
Upadhyay A. & Zeng H., 2014. Gender and ethnic diversity on boards and corporate information environment. Journal of Business Research, 67 (11), 2456-2463.
Webb, E., 2004. An examination of socially responsible firms’ board structure. Journal of Management and Governance, 8 (3), 255–277.
Wintoki M.B., Linck J.S. & Netter J.M., 2012. Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105 (3), 581-606.
Yeh C. M. & Trejos B., 2015. The influence of governance on tourism firm performance. Current Issues in Tourism, 18 (4), 299-314.
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