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RETOS. Revista de Ciencias de la Administración y Economía

On-line version ISSN 1390-8618Print version ISSN 1390-6291


ROSAS-RODRIGUEZ, Beatriz; DEMMLER, Michael  and  RAZO-ZAMORA, Lizeth A.. Gender diversity and financial performance in Mexican stock companies. Retos [online]. 2023, vol.13, n.25, pp.161-178. ISSN 1390-8618.

since profit maximization is the main objective of private companies, it is important to know how the behavior of some agents can influence decision making within the company. The objective of this document is to estimate if gender diversity on the board of directors has any effect on the financial performance of Mexican stock companies. We use a sample of Mexican non-financial companies listed on the Mexican Stock Exchange and part of the IPC Index during 2011-2021. Four regression models were used: panel data regression, OLS2S regression, GMM system, and DiD. Results show that the presence of only one woman on the board of directors had a negative effect on ROA and that recommendation for female inclusion on boards had an effect on the presence of women on the boards of directors. These results support Critical Mass Theory about how in biased groups women are symbols, and their presence has negative or no effect. In order to have an effect, the number of women on the board of directors must increase.

Keywords : corporate finance; governance; behavioral finance; financial performance; gender diversity; women on boards; corporative decision making; critical mass theory.

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