Women’s presence on the board of directors and stock returns: an event study in the brazilian market
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Revista Catarinense da Ciência Contábil (Online) |
Texto Completo: | https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350 |
Resumo: | Using an event study, the main purpose of this paper was to analyze whether the presence of women on the Board of Directors (BoD) of companies impacts the return of their shares. We collected data on the composition of the BoD on the website of the Brazilian Securities and Exchange Commission (CVM), and financial data were collected from the Economática Database. Considering the events as a whole, no significant effect of disclosure on stock returns was observed (for the individualized analysis, by stock, a significant effect was observed only in some cases in the event window). The paper is relevant in contributing to the literature on gender diversity in Finance, specifically concerning studies addressing the presence of women in the BoD. This research also highlights the semi-strong aspect of the Brazilian stock market, considering the theory of market efficiency. |
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Women’s presence on the board of directors and stock returns: an event study in the brazilian marketPresença de Mulheres no Conselho de Administração e Retorno de Ações: um estudo de eventos no mercado brasileiroConselho de AdministraçãoEstudo de eventosRetorno das açõesHipótese de Eficiência de MercadoPresença de MulheresWomen PresenceBoard of DirectorsEvent StudyStock ReturnsMarket Efficiency HypothesisUsing an event study, the main purpose of this paper was to analyze whether the presence of women on the Board of Directors (BoD) of companies impacts the return of their shares. We collected data on the composition of the BoD on the website of the Brazilian Securities and Exchange Commission (CVM), and financial data were collected from the Economática Database. Considering the events as a whole, no significant effect of disclosure on stock returns was observed (for the individualized analysis, by stock, a significant effect was observed only in some cases in the event window). The paper is relevant in contributing to the literature on gender diversity in Finance, specifically concerning studies addressing the presence of women in the BoD. This research also highlights the semi-strong aspect of the Brazilian stock market, considering the theory of market efficiency.O presente trabalho teve como objetivo analisar se a presença de mulheres no Conselho de Administração (C.A.) das empresas impacta o retorno das ações, utilizando um estudo de eventos. Os dados sobre a composição do C.A. foram coletados no site da Comissão de Valores Mobiliários (CVM), e os dados financeiros foram coletados no Banco de Dados Economática. Analisando os eventos em conjunto, o presente estudo não identificou efeito significativo da divulgação no retorno das ações (na análise individualizada por ações, foi observado efeito estatisticamente significante somente em alguns casos na janela de eventos). O trabalho é relevante ao contribuir para a literatura de diversidade de gênero na área de Finanças, especificamente no que tange a estudos abordando a presença de mulheres no C.A. das empresas. A pesquisa também evidencia o aspecto semiforte do mercado de ações brasileiro, considerando a teoria sobre eficiência de mercado.Conselho Regional de Contabilidade de Santa Catarina2023-05-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/ziptext/xmlhttps://revista.crcsc.org.br/index.php/CRCSC/article/view/335010.16930/2237-766220233350Revista Catarinense da Ciência Contábil; Vol. 22 (2023): RCCC; e3350Revista Catarinense da Ciência Contábil; v. 22 (2023): RCCC; e33502237-76621808-378110.16930/2237-76622023reponame:Revista Catarinense da Ciência Contábil (Online)instname:Conselho Regional de Contabilidade de Santa Catarina (CRCSC)instacron:CRCSCporenghttps://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/2521https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/2522https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/2523https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/252410.16930/2237-766220233350110.16930/2237-7662202333502Copyright (c) 2023 Revista Catarinense da Ciência Contábilhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessDias, Vitor Fonseca Machado Beling Malaquias, Rodrigo FernandesLopes, José Eduardo Ferreira 2023-12-08T12:03:21Zoai:ojs.pkp.sfu.ca:article/3350Revistahttp://www.atena.org.br/revista/ojs-2.2.3-06/index.php/crcscPRIhttp://revista.crcsc.org.br/revista/ojs-2.2.3-06/index.php/CRCSC/oai||revista@crcsc.org.br2237-76621808-3781opendoar:2023-12-08T12:03:21Revista Catarinense da Ciência Contábil (Online) - Conselho Regional de Contabilidade de Santa Catarina (CRCSC)false |
dc.title.none.fl_str_mv |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market Presença de Mulheres no Conselho de Administração e Retorno de Ações: um estudo de eventos no mercado brasileiro |
title |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market |
spellingShingle |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market Dias, Vitor Fonseca Machado Beling Conselho de Administração Estudo de eventos Retorno das ações Hipótese de Eficiência de Mercado Presença de Mulheres Women Presence Board of Directors Event Study Stock Returns Market Efficiency Hypothesis |
title_short |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market |
title_full |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market |
title_fullStr |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market |
title_full_unstemmed |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market |
title_sort |
Women’s presence on the board of directors and stock returns: an event study in the brazilian market |
author |
Dias, Vitor Fonseca Machado Beling |
author_facet |
Dias, Vitor Fonseca Machado Beling Malaquias, Rodrigo Fernandes Lopes, José Eduardo Ferreira |
author_role |
author |
author2 |
Malaquias, Rodrigo Fernandes Lopes, José Eduardo Ferreira |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Dias, Vitor Fonseca Machado Beling Malaquias, Rodrigo Fernandes Lopes, José Eduardo Ferreira |
dc.subject.por.fl_str_mv |
Conselho de Administração Estudo de eventos Retorno das ações Hipótese de Eficiência de Mercado Presença de Mulheres Women Presence Board of Directors Event Study Stock Returns Market Efficiency Hypothesis |
topic |
Conselho de Administração Estudo de eventos Retorno das ações Hipótese de Eficiência de Mercado Presença de Mulheres Women Presence Board of Directors Event Study Stock Returns Market Efficiency Hypothesis |
description |
Using an event study, the main purpose of this paper was to analyze whether the presence of women on the Board of Directors (BoD) of companies impacts the return of their shares. We collected data on the composition of the BoD on the website of the Brazilian Securities and Exchange Commission (CVM), and financial data were collected from the Economática Database. Considering the events as a whole, no significant effect of disclosure on stock returns was observed (for the individualized analysis, by stock, a significant effect was observed only in some cases in the event window). The paper is relevant in contributing to the literature on gender diversity in Finance, specifically concerning studies addressing the presence of women in the BoD. This research also highlights the semi-strong aspect of the Brazilian stock market, considering the theory of market efficiency. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-05-30 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350 10.16930/2237-766220233350 |
url |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350 |
identifier_str_mv |
10.16930/2237-766220233350 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/2521 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/2522 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/2523 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350/2524 10.16930/2237-7662202333501 10.16930/2237-7662202333502 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Revista Catarinense da Ciência Contábil https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Revista Catarinense da Ciência Contábil https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/zip text/xml |
dc.publisher.none.fl_str_mv |
Conselho Regional de Contabilidade de Santa Catarina |
publisher.none.fl_str_mv |
Conselho Regional de Contabilidade de Santa Catarina |
dc.source.none.fl_str_mv |
Revista Catarinense da Ciência Contábil; Vol. 22 (2023): RCCC; e3350 Revista Catarinense da Ciência Contábil; v. 22 (2023): RCCC; e3350 2237-7662 1808-3781 10.16930/2237-76622023 reponame:Revista Catarinense da Ciência Contábil (Online) instname:Conselho Regional de Contabilidade de Santa Catarina (CRCSC) instacron:CRCSC |
instname_str |
Conselho Regional de Contabilidade de Santa Catarina (CRCSC) |
instacron_str |
CRCSC |
institution |
CRCSC |
reponame_str |
Revista Catarinense da Ciência Contábil (Online) |
collection |
Revista Catarinense da Ciência Contábil (Online) |
repository.name.fl_str_mv |
Revista Catarinense da Ciência Contábil (Online) - Conselho Regional de Contabilidade de Santa Catarina (CRCSC) |
repository.mail.fl_str_mv |
||revista@crcsc.org.br |
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