Duygu Acar Erdur, Esen Kara
1.074 435


The purpose of the study is to determine whether gender is effective over the financial performance of companies traded uninterruptedly at the Borsa Istanbul National Index (XULUS) for the period of 2006-2013 inclusive of the effects of the Global Crisis period with panel data analysis. As financial performance measure in the study, Tobin’s q ratio which is a market-based indicator has been used. Results show that, the ratio of female members in top management and the fact that the head of the executive board is a woman is positively related to Tobin’s q ratio. On the other hand, the ratio of female members in the executive board and the fact that the CEO/the director is a woman is negatively related to Tobin’s q ratio.

Anahtar kelimeler

Kadın Yönetici, Tobin’s Q Oranı, Finansal

Tam metin:



Abdullah, SN, Ismail, KNI and Nachum, L. (2013) “Women on board of Malaysian firms: performance”, on impact market and accounting

Adams, R. B., and Ferreira, D. (2004) “Gender diversity in the boardroom”, ECGI working paper series in Finance.

Adams, R. B., and Ferreira, D. (2009) “Women in the boardroom and their impact on governance and Performance”, Journal of Financial Economics, 94, p. 291–309.

Alparslan, A., Aygün, M., (2013) “Kurumsal Sosyal Sorumluluk ve Firma Performansı”, Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (18) 1, s. 435-448.

Bathula, H. (2008) “Board Characteristics and Firm Performance: Evidence from New Zealand”, Unpublished PhD thesis, Auckland University of Technology.

Bohren, O.and Storm, R.O. (2005) “The value-creating board: Theory and evidence”, Research Report 8/2005.

Brammer, S., Millington, A. and Pavelin, S. (2007) “Gender and Ethnic Diversity among UK Corporate Boards”, Corporate Governance: An International Review 15(2), p. 393–403.

Campbell, K., Vera, A.M.(2008) “Gender diversity in the boardrom and firm financial performance”, Journal of Business Ethics, 83, p. 435-451.

Carter, D.A., Simkins, B.J.,and Simpson, W.G. (2003) “Corporate Governance, Board Diversity, and Firm Value”, The Financial Review 38 ; p. 33- 53.

Carter, D. A., D'Souza, F.P., Simkins, B. J., and Simpson, W. G. (2007) “The diversity of corporate board committees and firm financial performance”,

Du Rietz, A.and Henrekson, M. (2000) “Testing the Female Underperformance Hypothesis”, Small Business Economics 13(1), p. 1–10.

Eklund, J., Palmberg, J.,and Wiberg, D. (2009 “ Ownership Structure, Board Composition and Investments Performance”, Journal of Corporate Ownership and Control,7(1), p. 117-127.

Farrell, KAand Hersch, PL, (2005) “Additions to corporate boards: the effects of gender”, Journal of Corporate Finance, 11, p. 85-106.

Fama E.F., &Jensen M.C. (1983) “Separation of ownership and control”, Journal of Law and Economics, 26, p. 301-2.

Francoeur, C., Labelle, R. and Sinclair-Desgagne, B. (2008) “Gender diversity in corporate governance and top management”, Journal of Business Ethics, 81(1), p. 83–95.

Gallego, Álvarez I., García-Sánchez, I.M., and Rodríguez-Domínguez, L. (2008) “Voluntary and Compulsory Information Disclosed Online: Effect of Industry Concentration and Other Explanatory Factors”, Online Information Review, 32 (5), p. 596-622.

D. C., Cho, T. S. and Chen, M. J. (1996) “The influence of top management team heterogeneity on firms’ competitive moves”, Administrative Science Quarterly, 41(4), 659–684.

Jianakoplos, N. and Bernasek, A., (1998) “Are women more risk averse?” Economic Inquiry, 36, p. 620–630.

Kang, H., Cheng, M., and Gray, S.J. (2007) “Corporate governance and board composition: Diversity and independence of Australian boards”, Corporate Governance: An International Review, 15(2), p. 194-207.

Konrad A. M., and Kramer, V. W. (2006) “How Many Women Do Boards Need?”, Harvard Business Review, 84(12), p. 22.

Konrad, A.M, Kramer, V. and Erkut, S. (2008) “Critical Mass: The impact of three or more women on corporate boards”, Organizational Dynamics, 37(2), p. 145-64.

Litz, R.A and Folker, C.A. (2002)”When he and she sell seashells: Exploring the relationship between management team gender-balance and small firm performance”, Journal of Developmental Entrepreneurship,7 (4), 3 p. 41-359.

Luckerath-Rovers, M., (2013) “Women On Boards And Firm Performance, Journal Managing Governance”, Journal of Managementand Governance, Volume 17(2), p. 491-509.

Maran, M. and Indraah, K. (2009) “Demographic diversity in top level management and its implications on firm financial performance: An empirical discussion”, International Journal of Business Management, 4(6), p. 176-188.

Pfeffer, J. (1972) “Size and composition of corporate boards of directors: The organization and its environment”, Administrative Science Quarterly 17, p. 218–228.

Pfeffer J, Salancik G., (1978) “The External Control of Organizations: A Resource Dependence Perspective”, New York: NY.Haper and Row Publishers.

Robinson, T. R., Munter, P., Grant, J. (2004) “Financial Statement Analysis”, Pearson/ Prentice Hill

Rose, C. (2007) “Does female board representation influence firm performance? The Danish evidence”, Corporate Governance: An International Review, 15(2), p. 404–413.

Shrader, C. B. V. B. Blackburn, and P. Iles (1997) “Women in management and firm financial performance: An exploratory study”, Journal of Managerial Issue, s 9(3), p. 355–372.

Singh, V.and Vinnicombe, S. (2004). Why So Few Women in Top UK Boardrooms? Evidence and theoretical explanations, Corporate Governance: An International Review, 12, p. 479–488.

Smith, N., Smith, V. and Verner, M. (2006) “Do women in top management affect firm performance? A panel study of 2500 Danish firms”, International Journal of Productivity and Performance Management, 55(7), p. 569-593.

Zelechowski, D.and Bilimoria, D. (2004) “Characteristic of women and men corporate inside directors in the US”, Corporate Governance: An International Review, 12(3), p. 337-342.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.