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首页> 外文期刊>International Journal of Business and Management >The Market Reaction to the Appointment of Women on Corporate Boards: Evidence from the Italian Listed Companies
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The Market Reaction to the Appointment of Women on Corporate Boards: Evidence from the Italian Listed Companies

机译：对公司董事会中女性任命的市场反应：来自意大利上市公司的证据

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During the 2012-2016 period, a large number of Italian companies appointed women directors in their boards, an unusual and unpredictable fact in the Italian industrial system. This paper investigates if any significant reaction has consequently occurred in the Italian stock market. It assumes that a significant market reaction would indicate the investors view the female board members as a strategic value added at the decision making level. To achieve the objective, it was collected a database consisting of 76 appointments of women directors in 67 Italian listed companies over the period 2012-2016 and then it was investigated the stock price performance of those companies in that five years span. The research hypothesis is examined empirically through the event study methodology in order to check the existence of abnormal returns on the appointment of women directors. Findings suggest that investors do not strongly believe that the simple appointment of women directors would have a positive effect on the future performance of firms.
机译：在2012年至2016年期间，大量意大利公司任命了董事会女性董事，这在意大利工业体系中是不寻常且不可预测的事实。本文调查了意大利股票市场是否因此发生了重大反应。假设重大的市场反应将表明投资者将女性董事会成员视为决策层的战略增值。为了实现这一目标，该数据库收集了一个数据库，该数据库包含2012年至2016年期间意大利67家上市公司中76位女性董事任命，然后调查了这5年中这些公司的股价表现。通过事件研究方法对研究假设进行实证检验，以检查女性董事任命是否存在异常回报。调查结果表明，投资者并不坚信简单任命女性董事会对公司的未来业绩产生积极影响。

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