The Effect of Board Gender Diversity on Corporate Stock Price Informativeness

• Main Authors: Jin-jia Hu, 胡晉佳
• Other Authors: Ming-Chun Wang
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/55232415725759371901

碩士 === 國立高雄第一科技大學 === 金融系碩士班金融組 === 103 === This study investigate the effect of board gender diversity on corporate stock price informativeness. Corporate stock price informativeness is defined as the price volatility that cannot be explained by market model. This study uses the data of listed companies in tourism industry in Taiwan from 2000 to 2011, 12 consecutive years, as the sample to conduct the impact of board gender diversity on stock price informativeness. We find that the number of female board member and the percentage of female board member are negatively associated with corporate stock price informativeness, while managers’ holding is positively related to corporate stock price informativeness. However, there’s no significant evidence indicating that female CEO, female board members, female board existence or female threshold is associated with stock price informativeness. Besides, we also find that the number of female board member and the percentage of female board member display negative association with corporate stock price informativeness only before the financial crisis in 2008.