Council Women and Corporate Performance in the Brazilian Capital Market


Clea Beatriz Macagnan, PhD, Carine De Oliveira and Melissa Gerhard
Sabbatic Time in Massachusetts Institute of Technology, MIT – Sloan School of Management, Senior Prof. Accounting Graduate Program, Universidade do Vale do Rio dos Sinos, Brazil

Series: Business Issues, Competition and Entrepreneurship
BISAC: BUS109000

This book is about the inclusion of women in the council of companies. Specifically, it presents an investigation of whether there is a relationship between the share of economic and financial performance of women measured by the return on assets (ROA) and the Tobin Q ratio. Theoretical analysis (institutional theory) suggests that gender may have both a positive and negative (or neutral) effect on the economic and financial performance of the company. Statistical analysis supports the theoretical position of no effect, positive nor negative. The results are consistent with the explanation that institutions represent values, rules, and norms which evolve over time, and therefore the presence of women on the board can change under different circumstances and at different times. Based on the authors’ research, it could not be stated strongly that the presence of women contributes to the economic and financial performance of a company. However, no negative evidence was found either. The result of the study suggests that decisions regarding the appointment of women as board directors should be based on other perspectives rather than solely basing it on economic and financial performance. (Imprint: Novinka)

Table of Contents

Table of Contents




Chapter 1. Institutional Context

Chapter 2. Feminist Movements

Chapter 3. Corporate Governance

Chapter 4. Board of Directors

Chapter 5. Review of Empirical Literature and Formulation of Hypotheses

Chapter 6. Design Research

Chapter 7. Analysis of Evidence

Chapter 8. Analysis of the Hypotheses and Final Considerations




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