Stock Markets Reactions to Women Appointments and National Culture as a Moderator
This study examines how financial markets respond to the announcement of a woman’s appointment, as opposed to a man’s, to senior executive positions, with a focus on the moderating role of national culture. Leveraging a dataset comprising 16,871 executive appointments across 43 countries from 2002 t...
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| Những tác giả chính: | , , |
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| Định dạng: | Article ou chapitre numérique |
| Ngôn ngữ: | Français |
| Được phát hành: |
2025
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| Những chủ đề: | |
| Truy cập trực tuyến: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
| Tóm tắt: | This study examines how financial markets respond to the announcement of a woman’s appointment, as opposed to a man’s, to senior executive positions, with a focus on the moderating role of national culture. Leveraging a dataset comprising 16,871 executive appointments across 43 countries from 2002 to 2019 (post-Sarbanes-Oxley and pre-COVID-19), we provide a comprehensive analysis of these dynamics. Using an event study methodology, we first demonstrate that stock market reactions vary significantly depending on the firm’s country of origin. We then incorporate cultural dimensions from the GLOBE project and employ multivariate regression analyses to explore the influence of national culture on these reactions. Our findings reveal that markets respond positively to women’s appointments in cultures characterized by collectivism, future orientation, and human orientation. Additionally, we highlight the importance of the specific executive position in shaping market responses. This research contributes to the growing body of literature on gender diversity in corporate leadership by offering new insights into the interplay between gender, culture, and market perceptions. Our findings underscore the necessity of considering cultural norms, social traditions, and practices when evaluating the impact of gender diversity at the upper echelons of corporate management on firm performance. These results provide valuable implications for both scholars and practitioners aiming to understand and leverage the benefits of diversity in executive leadership. JEL Classification: G30, G34, J16 |
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