Cracking the Glass Ceiling: Women on Boards of Directors and Executive Boards and Their Impact on Financial Performance
研究巴西上市公司2010-2020年女性在董事会和执行董事会中的参与度，发现女性占比不影响公司财务绩效，表明从财务角度无理由歧视女性。
ABSTRACT Women remain significantly underrepresented in positions on boards of directors in Brazil and worldwide. Accordingly, in this study, we conduct a longitudinal analysis of the progress of female participation on companies' boards of directors (BD) and executive boards (EB). Moreover, we explore the relationship between female presence on these boards and companies' financial performance measured by Tobin's Q. Specifically, we performed statistical analyses of the BD and EB in listed firms on the São Paulo Stock Exchange from 2010 to 2020. Then, we conducted ordinary least squares (OLS), two‐stage least squares (2SLS) with instrumental variables, and generalized method of moments (GMM) regressions to verify the relevance of female presence and financial performance. The findings indicate that female board presence does not change firms' financial results. Consequently, there is no rational justification for any discrepancy in gender representation on these boards from a financial performance perspective. This research highlights the long and essential path we must undergo to definitively disrupt the historical barrier that continues to restrict and hinder women's journey toward corporate promotion.