Women’s presence on the board of directors and stock returns: an event study in the brazilian market

Detalhes bibliográficos
Autor(a) principal: Dias, Vitor Fonseca Machado Beling
Data de Publicação: 2023
Outros Autores: Malaquias, Rodrigo Fernandes, Lopes, José Eduardo Ferreira
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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spelling 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
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dc.identifier.uri.fl_str_mv https://revista.crcsc.org.br/index.php/CRCSC/article/view/3350
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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
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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
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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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