Essays
Women on the board of directors in Chilean companies: Pressure or conviction?
Categories
Published 2022-09-22
Keywords
- boards committees,
- diversity,
- gender,
- corporative governance,
- glass ceiling
How to Cite
Torres Zapata, I., & Borges Quintanilla, H. (2022). Women on the board of directors in Chilean companies: Pressure or conviction?. CAPIC REVIEW, 20. https://doi.org/10.35928/cr.vol20.2022.131
Copyright (c) 2022 Isabel Torres Zapata, Humberto Borges Quintanilla
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Abstract
This essay describes the behavior, over the last ten years, of the board of directors in Chilean indexed IGPA firms, with respect to the number of women on these boards, which have been historically dominated by men. We ask if the presence of women on these boards is due to cultural change, a consequence of social pressure, rule changes or the following of a trend in developed countries. From data analysis, an evolution in the number of women in the boardrooms of Chilean indexed IGPA firms, from Chile’s entry into the OCDE in 2010 and after the adoption of the CMF´s NCG 385 in 2015, can be observed. This evolution stems from obligation or trend following rather than cultural change. We have observed that women have relatively little power on the boards where they have been allowed to participate, which clearly implies that there is still a long way to go in this regard, since only the minimum required by the standard is met, which shows the lack of conviction with which Chilean companies have acted, yielding rather to the pressure of a norm, than to a true conviction of the importance of the subject, for which the quota mechanism is recommended as a more effective tool rather than the passage of time with regards to including women on the boards.
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References
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Richard, O. C., Kirby, S. L., & Chadwick, K. (2013). The impact of racial and gender diversity in management on financial performance: How participative strategy making features can unleash a diversity advantage. International Journal of Human Resource Management, 24(13), 2571–2582. https://doi.org/10.1080/09585192.2012.744335
Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
Saona, P., Muro, L., & Alvarado, M. (2020). How do the ownership structure and board of directors' features impact earnings management? The Spanish case. Journal of International Financial Management & Accounting, 31(1), 98-133
Shrader, C. B., Blackburn, V. B., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of managerial issues, 355-372.
Zalata, A. M., Tauringana, V., & Tingbani, I. (2018). Audit committee financial expertise, gender, and earnings management: Does gender of the financial expert matter?. International review of financial analysis, 55, 170-183.
Zurdo, R. J. P., Centeno, M. C. G., Fernández, M. G., & Barberis, G. M. F. (2013). Responsabilidad social corporativa y género en los consejos de administración de las cooperativas de crédito españolas. Prisma Social: revista de investigación social, (10), 332-360.
Ali, M., Ng, Y. L & Kulik, C. T.(2014). Board Age and Gender Diversity: A Test of Competing Linear and Curvilinear Predictions. Journal of Business Ethics, 125(3), 497–512.
Astami, E. W., & Rusmin, R. (2020). Corporate Governance and Earnings Management: The Role of Board of Directors and Audit Committee in Financially Distressed Firms. International Journal of Service Management and Sustainability, 3(1), 113-144.
Avolio, B. E., & Di Laura, G. F. (2017). Progreso y evolución de la inserción de la mujer en actividades productivas y empresariales en América del Sur. Revista Cepal.
Carter, D. Simkins, B. & Simpson, G. (2003) Corporate Governance, Board Diversity, and Firm Value. The Financial Review, 38, 33-53.
Chorla, J. C. y Núñez, M. N. (2011). La eficiencia en el sector financiero en España: un enfoque de género. Cuadernos de Administración, 24(42), 147-164.
Cifuentes, P. y Weidenslaufer, C. (2020). Las cuotas de género en los directorios de las empresas públicas y privadas Experiencia europea y latinoamericana. Asesoría Técnica Parlamentaria, marzo 2020. (Boletín N° 11.771-03). Nº SUP: 124147.
CMF (2020). HANDBOOK DE GÉNERO Informe gestión de indicadores 2020. https://www.cmfchile.cl/portal/estadisticas/617/articles-40211_recurso_1.pdf
CMF (2021) Información de fiscalizados: Directorios. https://www.cmfchile.cl/portal/principal/613/w3-propertyname-815.html
De Luis, P., Martínez, A., Pérez, M. y Vela, M. J. (2007). La diversidad de género en la alta dirección de las mayores empresas españolas. Investigaciones Europeas de Dirección y Economía de la Empresa, 13 (2), 33-53.
Deloitte (2018) Women in the boardroom. A global perspective - 6th edition. Disponible en: https://www2.deloitte.com/global/en/pages/risk/articles/women-in-the-boardroom-global-perspective.html (marzo, 2020).
Du Rietz, A., & Henrekson, M. (2000). Testing the female underperformance hypothesis. Small Business Economics, 14(1), 1-10.
Duong, L., Evans, J., & Truong, T. P. (2020). Getting CFO on board–its impact on firm performance and earnings quality. Accounting Research Journal.
Eagly, A. y L. Carli (2007), “Women and the labyrinth of leadership”, Harvard Business Review [en línea] http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=R0709C.
Fan, Y., Jiang, Y., Zhang, X., & Zhou, Y. (2019). Mujeres en consejos y gestión de ganancias bancarias: De cero a héroe. Diario de Banca y Finanzas, 107, 105607.
Grant Thornton, 2016. “Women in business Turning promise into practice” Grant Thornton International Business Report 2016. https://www.grantthornton.global/globalassets/wib_turning_promise_into_practice.pdf.
Grassi, M. y Cifuentes, P. (2018) Agenda de género: Medidas anunciadas por el Gobierno. 01 de junio de 2018.
Gull, A. A., Nekhili, M., Nagati, H., & Chtioui, T. (2018). Beyond gender diversity: How specific attributes of female directors affect earnings management. The British Accounting Review, 50(3), 255-274.
Harjoto, M., Laksmana, I., & Lee, R. (2015). Board Diversity and Corporate Social Responsibility. Journal of Business Ethics, 132(4), 641–660. https://doi.org/10.1007/s10551-014-2343-0
Kasznik, R., (1999). “On the association between voluntary disclosure and earnings management.” Journal of Accounting Research 37, 57–81.
Klein A., (2002) “Audit Committee, Board of Director Characteristics, and Earnings Management”. Journal of Accounting and Economics, Vol. 33, No. 3, August 2002, pp. 375-400.
Kochan, T., Bezrukova, K., Ely, R., Jackson, S., Joshi, A., Jehn, K, Loenard, J., Levine, D and & Thomas, D. (2003). The effects of diversity on business performance: Report of the diversity research network. Human Resource Management: Published in Cooperation with the School of Business Administration, The University of Michigan and in alliance with the Society of Human Resources Management, 42(1), 3-21
Krook, Mona L. y Fiona Mackay (2011), “Introduction: Gender, Politics and Institutions”, en Mona L. Krook y Fiona Mackay (eds.), Gender, Politics and Institutions: Towards a Feminist Institutionalism, Basingstoke, Palgrave Macmillan, pp. 1-20
Ley 21.356. Establece la representación de género en los Directorios de las empresas públicas y sociedades del Estado, 24-06-2021.
Lombardo, Emanuela, & Verge, Tània. (2017). Cuotas de género en política y economía. Regulación y configuración institucional en España. Política y gobierno, 24(2), 301-331
Mackay, Fiona, Meryl Kenny y Louise Chappell (2010), “New Institutionalism Through a Gender Lens: Towards a Feminist Institutionalism?”, International Political Science Review, 31(5), pp. 573-588.
NCG 385, Norma de Caracter General 385 del 8 de Junio de 2015. Establece Normas para la difusión de información respecto de las prácticas de Gobierno Corporativo adoptados por las sociedades anónimas abiertas.
OCDE (2004), “White Paper” sobre “Gobierno Corporativo en Latinoamérica”
OCDE (2016) Igualdad de Género en la Alianza del Pacífico: Promover el Empoderamiento Económico de la Mujer, Editions OCDE, Paris. https://read.oecd-ilibrary.org/social-issues-migration-health/igualdad-de-genero-en-la-alianza-del-pacifico_9789264263970-es#page19.
Perafán, H. (2018). Diversidad de género y calidad de los ingresos de la Junta. Evidencia del mercado integrado latinoamericano (MILA). Contaduría Universidad de Antioquia, 72, 151-163 Doi: https://doi.org/10.17533/udea.rc.n72a08
Richard, O. C., Kirby, S. L., & Chadwick, K. (2013). The impact of racial and gender diversity in management on financial performance: How participative strategy making features can unleash a diversity advantage. International Journal of Human Resource Management, 24(13), 2571–2582. https://doi.org/10.1080/09585192.2012.744335
Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
Saona, P., Muro, L., & Alvarado, M. (2020). How do the ownership structure and board of directors' features impact earnings management? The Spanish case. Journal of International Financial Management & Accounting, 31(1), 98-133
Shrader, C. B., Blackburn, V. B., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of managerial issues, 355-372.
Zalata, A. M., Tauringana, V., & Tingbani, I. (2018). Audit committee financial expertise, gender, and earnings management: Does gender of the financial expert matter?. International review of financial analysis, 55, 170-183.
Zurdo, R. J. P., Centeno, M. C. G., Fernández, M. G., & Barberis, G. M. F. (2013). Responsabilidad social corporativa y género en los consejos de administración de las cooperativas de crédito españolas. Prisma Social: revista de investigación social, (10), 332-360.
