Do Women on Corporate Boards Associate with Corporate Reputation or Stock Market Performance? A Seven-Year Study Using Four Distinct Ranking

• In Event: Accounting, Behavior and Organizations 2

Abstract

This study examines a longitudinal sample of 337 corporations that were ranked in the Fortune 500 in all seven years from 2006 through 2012. We also used multiple corporate recognition lists: the Most Admired Companies, the Most Ethical Companies, the Best Companies to Work for, and the Most Transparent Companies. Our findings include that the higher the percent of women on a company’s board of directors, the more likely the company was to appear on these lists. We also found that the average percent of women directors for the listed companies was significantly higher than the average percent of women directors for the companies that did not appear on any of these lists over the period from 2006 through 2012. Finally, we found that the percent of women board members associated with decreased common-stock price volatility for one of the seven years we studied.

Authors

• Richard A Bernardi, Roger Williams University

• Paul W. Arute, Roger Williams University

• Erynne E. Landry, Roger Williams University