Do Women in Top Management Teams Have an Effect on Company Performance - Evidence from Scandinavia
Abstract: This paper investigates if a relationship exists between women in TMTs and firm performance for 187 Large- and Mid-Cap firms in Scandinavia for the period 2009-2013. Thereby adding to the scarce international evidence within the gender diversity in TMTs literature. The theoretical simultaneous relationship between performance and gender diversity in TMTs is taken into account and a 2SLS approach is applied. In general, the results from the 2SLS indicate that the inclusion of women in TMTs, as measured by four diversity measures, has a significant impact on firm performance as measured by Tobin’s Q - while having no impact on performance as measured by ROA. Considering the weakness of the instruments employed, panel techniques are also estimated and find no significant effects.
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