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Valdemar Smith

Women in Top Management and Firm Performance

Research output: Working paper/Preprint Working paperResearch


  • Wp 08-12

    Final published version, 226 KB, PDF document

  • Department of Economics
  • Centre for Research in Integration, Education, Qualifications and Marginalization (CIM)
The purpose of this study is to present new evidence on the relationship between gender diversity in management and firm performance. According to corporate governance literature, board diversity is expected to affect firm performance. Using a large data set with more than 10000 time-observations for all Danish firms with more than 50 employees over the period 1994-2003, the analysis suggests that the proportion of women in top management jobs has from none to positive influence on firm performance. However, the results show that the strength of the effects of women in top management depends on how top CEOs are defined and on the method of estimation of the model. Next, the results point towards a positive influence on firm performance of the staff representation in the supervisory board of the firm but more women representing the shareholders in the supervisory board of the firm seems to be unimportant.
Original languageEnglish
Place of publicationAarhus
PublisherAarhus School of Business, Aarhus University, Department of Economics
Number of pages28
ISBN (Print)9788778823465
ISBN (Electronic)9788778823472
Publication statusPublished - 2008

    Research areas

  • Firm performance, Female CEOs, Gender diversity in management

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