دانلود رایگان مقاله انگلیسی مدیران زن و افشای اطلاعات سرمایه فکری - الزویر 2017

abstract

This paper uses a resource-based perspective and balanced panel data analysis to explore whether the representation of women on the boards of directors of Spanish companies is associated with an increase in voluntary disclosure of information concerning intellectual capital [IC]. We find that gender diversity is a complementary corporate governance mechanism that has a significant positive effect on levels of disclosure of IC information. This appears due to the presence of women on boards serving to prompt stronger monitoring and oversight behaviour. Our findings should encourage support for policies that will increase current levels of representation of women on corporate boards and influence the setting of corporate governance requirements relating to disclosure by capital market regulators.

5. Conclusions

This study contributes to the corpus of empirical evidence on whether increased representation of women on boards of directors leads to favourable outcomes for stakeholders and improves board effectiveness. The findings aid understanding of how gender diversity increases voluntary disclosures (in this case, ofIC information)in listed companies. The results are consistent with a view that increased representation of women on boards will improve board oversight, enhance transparency, and reduce information asymmetry inrespect ofICinformation. The resultspartially vindicatepublic policy in Spain (and other countries) which impose(s) quotas on the representation of women on company boards.

The finding of a statistically significant association between the representation of women on company boards and levels of IC disclosures should reinforce global initiatives to revise corporate governance regulations by promoting gender diversity. The findings suggest that women directors improve board monitoring and that this leads to improved transparency and increased IC disclosure. The findings can be explained using a resourcesbased perspective: women bring new skills and resources (different personal-social attributes and gender-related values)to boards and seem likely to be effective in prompting increased IC disclosure (Eckes & Trautner, 2000).

The Spanish Equality Law of 2007 appears to have had a complementary corporate governance effect by reducing information asymmetry and improving the comprehensiveness and quality of corporate reporting of IC information. Such an outcome should be contrasted with the negative outcome on levels of IC disclosure that are associated with the inclusion of more external independent directors on boards. The latter has had a substitutive governance effect by leading to less information being disclosed about IC. Thus, regulators should promote the increase of gender diversification on boards and should place less emphasis on the need to increase the number of independent directors.