Diversité & Inclusion au sein CAC40 La mixité est-elle associée à la RSE et à leur performances économiques et boursières? 2021

Michel Ferrary – Observatoire de la féminisation des entreprises SKEMA: https://www.skema-bs.fr/Documents/faculte-recherche/ObservatoireSkemadelaf%c3%a9minisationdes%20entreprises2021.pdf

L’etude 2021 permet une confirmation de résultats déjà observés et traités par des études académiques autour des « gender issues » : la féminisation des instances de direction et des postes de cadres est corrélée à :

·        une meilleure rentabilité de l’entreprise ;

·        une meilleure responsabilité sociétale de l’entreprise  ;

·        une diminution du risque financier ;

·        une diminution des risques extra-financiers


– The business case for board gender diversity – Recherches

Diverse groups tend to consider a greater range of perspectives and hence improve the quality of decision making (Forbes and Milliken, 1999; Burgess and Tharenou, 2002; Singh and Vinnicombe, 2004; Kang et al., 2007).

More Female directors EFFECTS :

*Improve attendance at board meetings – Adams & Ferreira 2009 Women in the boardroom and their impact on governance and performance. Journal of Financial Economics

*Have a stronger stakeholder (e.g., Adams et al., 2011) and environmental CSR orientation (e.g., Hafsi and Turgut, 2013; Larrieta- Rubín de Celis et al., 2015; Al-Shaer, H., & Zaman, M. (2016). Board gender diversity and sustainability reporting quality. Journal of Contemporary Accounting & Economics

*Define morality and ethics differently : for women morality is about responsibilities whereas for men it is about rights. For women such responsibilities include the duty to care for others – Gilligan, C. (1977). In a different voice: Women’s conceptions of self and of morality. Harvard Educational Review,

*Reduce the incidence of corporate fraud – Cumming, D., Leung, T. Y., & Rui, O. 2015. Gender diversity and securities fraud. Academy of Management Journal

*Improve firm reputation in consumer-oriented industries – Brammer, S., Millington, A., & Pavelin, S. 2009. Corporate reputation and women on the board. British Journal of Management,

*Improve decision making, such as decisions about mergers and acquisitions:  Levi, M., Li, K., & Zhang, F. 2014. Director gender and mergers and acquisitions. Journal of Corporate Finance,

*More inclined to take actions to reduce perceived risks:  Schubert, R., Brown, M., Gysler, M., & Brachinger, H. W. 1999 Financial decision making: Are women really more risk-averse? American Economic Review).

*More concerned about ethical practices and socially responsible behavior:  Johnson and Greening, 1999; Bear et al., 2010; Hafsi and Turgut, 2013; Isidro and Sobral, 2015; Al-Shaer and Zaman, 2016; McGuinness et al., 2017.

*More concerned about their firm’s environmental impact: Bear, S., Rahman, N., & Post, C. 2010. The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics)

*Less likely to be subject to environmental lawsuits : Liu, C. 2018. Are women greener? Corporate gender diversity and environmental violations. Journal of Corporate Finance,

* Improve performance :Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A metaanalysis. Academy of Management Journal, 58(5), 1546-1571. Shrader, C. B., Blackburn, V. B., & Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of managerial issues, 355-372.

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