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The Impact of Gender Diversity of the Board of Directors on the Company's Market Value

Student: Speshkova Svetlana

Supervisor: Marina A. Zavertiaeva

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This paper examines the impact of gender diversity (the proportion of women) on the board of directors and, as a result, following the requirements of the gender quota introduced in 2016 in Germany on the market value of German companies. The empirical analysis is based on a sample of 50 large German companies whose shares are traded on the stock exchange, and data on them for 2014-2018. Data on the financial indicators of the companies were taken from the website MorningStar.com, and information on the composition of the board of directors and industry sectors from Investing.com. Based on the results of the regression analysis, a statistically significant positive effect of the share of women on the board of directors of German companies on their market value was revealed. In addition, it was concluded that following the requirements of the introduced gender quota also positively affects the value of German firms.

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