The influence of gender in the direction of Spanish cooperative societies on profitability and indebtedness: an empirical analysis
- Carmen María Hernández Nicolás Universidad de Murcia, España. Departamento de Organización de Empresas y Finanzas
- Juan Francisco Martín Ugedo Universidad de Murcia, España. Departamento de Organización de Empresas y Finanzas
- Antonio Minguez Vera Universidad de Murcia, España. Departamento de Organización de Empresas y Finanzas
Abstract
In this paper the claim for the market for a new business management to ensure the presence of women in decision -making to respond to new social needs addressed. Thus, this paper analyzes the influence of gender diversity of the directors on the profitability and the level of debt for a sample of 5,199 Spanish cooperatives. Unlike capitalist societies, these organizations have a number of peculiarities in their government, and that the partners are themselves major time, agents and customers. The study focuses on the Spanish context, where there is an open debate on the importance of women's business management, as in other countries, driven by the proliferation of legislation on gender equality, being, in addition, Spain, the pioneer in having specific legislation on Social Economy. The results show that cooperatives with greater female representation in theirs Boards have higher profitability. On the other hand, those Boards with a higher percentage of women show a lower level of indebtedness.Downloads
References
Abou Ali, H. Y Abdelfattar, Y.M. (2014) Modeling the relationship between natural resource abundance, economic growth and the environment: A cross country study. En:
Hadri, K.; Mihaik, W. Econometric Methods and their application in finance, macro and related fields. Singapur: World Scientific Publishing, pp. 489-510.
Adams, R. Y Ferreira, D (2009) Women on the boardroom and their impact on governance and performance. Journal of Financial Economics, vol. 94, Nº 1, pp. 291–309.
Alonso, F. (1984) Las relaciones laborales en las cooperativas en España. Revista Española Derecho del Trabajo, Civitas, Nº 20, pp. 525-560.
Álvarez, M.B.; Lopez, P. Y Cantó, C. (2000) Las cooperativas en el marco de la teoría de la agencia. Ciriec - Revista de Economía Pública, Social y Cooperativa, Nº 34, pp. 169-188.
Ancona, D. Y Caldwel, D. (1988) Beyond task and maintenance: Defining external functions in groups. Group and Organization Studies, vol. 13, Nº 4, pp. 468-494.
Baysinger, B. Y Hoskisson, R. (1990) The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, vol. 15, Nº 1, pp. 72-87.
Benhabib, S. Y Cornella, D. (1990) Teoría feminista y teoría crítica. Valencia: Ediciones Alfons el Magnanim, Institució Valenciana D’estudie e investigación, España.
Berenguer, G.; Castellví, J.M.; Cerver, E.; Juan, C.; Torcal, R. Y De La Torre, A. (1999) El Laberinto de Cristal. Valencia: FVECTA.
Berenguer, G.; Cerver, E.; De La Torre, A. Y Torcal, V. (2004) El estilo directivo de las mujeres y su influencia sobre la gestión del equipo de trabajo en las cooperativas valencianas. Ciriec - Revista de Economía Pública, Social y Cooperativa, Nº 50, pp. 123-149.
Bilimoria, D. Y Piderit, S. (1994) Board committee membership: effect of sex –based bias, Academy of Management Journal, vol. 37, Nº 6, pp. 1453-1477.
Blau, P. (1977) Inequality and heterogeneity: A primitive theory of social structure. New York: The Free Press.
Böhren, Ø. Y Ström, R. (2007) Aligned, informed, and decisive: characteristics of valuecreating boards, EFA 2007 Ljubljana Meetings Paper.
Borghans, L.; Golsten, B.; Heckman, J. Y Meijers, H. (2009) Gender differences in risk aversion and ambiguity aversion. Journal of the European Economic Association, vol. 7, Nº 2‐3, pp. 649-658.
Brancato, C. Y Patterson, J. (1999) Board diversity in U.S. corporations: Best practices for broadening the profile of corporate boards, Research Report 1230-99-RR: The Conference Board.
Campbell, K. Y Minguez-Vera, A. (2008) Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, vol. 83, nº 3, pp. 435-451.
Campos-Climent, V. Y Chaves-Ávila, R. (2012) El papel de las cooperativas en la crisis agraria. Estudio empírico aplicado a la agricultura mediterránea española. Cuadernos de Desarrollo Rural, vol. 9, Nº 69, pp. 175-194.
Carrasco, A. Y Laffarga, J. (2007) La diversidad de género en el código unificado español y en la práctica empresarial. Pecnia, nº 4, pp. 1-25.
Carter, D.; D’souza, F.; Simkins, B. Y Simpson, W. (2010) The gender and the ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, vol. 18, Nº 5, pp. 396-414.
Carter, S. Y Shaw, E. (2006) Women’s business ownership: Recent research and policy developments. Report to the Small Business Service. DTI.
Carter, D.; Simkin, B. Y Simpson, W. (2003) The corporate governance, board diversity, and firm value. The Financial Review, vol. 38, Nº 1, pp. 33-53.
Chaves, R. Y Monzón, J.L. (2007) La Economía Social en la Unión Europea. Bruselas: Ciriec - Comité Económico y Social Europeo, 131, Disponible desde: www.eesc.europa.eu/groups/3/index_en.asp?id=1405GR03EN.
Código Unificado De Buen Gobierno (2015) Acuerdo del Consejo de la Comisión Nacional del Mercado de Valores de 18 de febrero de 2015. Madrid: CNMV.
Collerette, P. Y Aubry, P. (1990) Socio-economic evolution of women business owners in Quebec. Journal of Business Ethics, vol. 9, Nº 4-5, pp. 417-22.
CSCE (2001) Sensibilidad y Buenas Prácticas de las Cooperativas de la CAPV en el Fomento de Igualdad de Oportunidades entre Hombres y Mujeres. Anuario del Consejo Superior de Cooperativas de Euskadi Año 2000. Vitoria: Consejo Superior de Cooperativas de Euskadi.
Daily, C. Y Dalton, D. (2003) Women in the boardroom: A business imperative. Journal of Business Strategy, vol. 24, Nº 5, pp. 8-9.
Deangelo, H. Y MASULIS, R. (1980) Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, vol. 8, Nº 1, pp. 3-29.
Diaz Foncea, M. Y Marcuello, C. (2013) Evolución del sector cooperativo en España. Artículo presentado en la 4th International CIRIEC Research Conference on the Social Economy, Antwerp (Belgica).
Diberardinis, J.; Ramage, K. Y Levitt, S. (1984) Risky shift and gender of the advocate: Information theory versus normative theory. Group and Organisation Studies, vol. 9, Nº 2, pp. 189-200.
Doeringer, P. Y Piore, M. (1971) Internal markets and manpower analysis. Lexington: Heath Lexington Books and D.C. Heath and Company.
Du Rietz, A. Y Henrekso, M. (2000) Testing the female underperformance hypothesis. Small Business Economics, vol. 14, Nº 1, pp. 1-10.
Elio Cemborain, E. (2006) Responsabilidad social en las cooperativas: igualdad de oportunidades entre hombres y mujeres. GEZKI, Nº. 2, pp. 35-71.
Engels, F. (1988) El origen de la familia, la propiedad privada y el estado. Debarris: Barcelona.
Esteban Salvador, M.L. (2012) El papel de la mujer en las cooperativas agrícolas turolenses. Ciriec - Revista de Economía Pública, Social y Cooperativa, Nº 74, pp. 177-205.
Esteban Salvador, M.L.; Gargallo CaSTEL, A. y PÉREZ SANZ, F.J. (2010) Composición del Consejo Rector y género en las cooperativas turolenses. REVESCO. Revista de Estudios Cooperativos, Nº 101, pp. 7-27.
Esteban Salvador, M.L.; Gargallo Castel, A. Y Pérez Sanz, F.J. (2013) ¿Son las cooperativas más favorables a la presencia de mujeres en los consejos que otras entidades? REVESCO. Revista de Estudios Cooperativos, Nº 110, pp. 96-128.
FARIÑAS, J.C. Y MARTÍN, A. (2001) Tamaño empresarial, flexibilidad de costes y cambio tecnológico. Papeles de Economía Española, Nº 89-90, pp. 272-285.
Farrell, K. Y Hersch, P. (2005) Additions to corporate boards: the effect of gender. Journal of Corporate Finance, vol. 11, Nº 1, pp. 85-106.
Fattouh, B.; Harris, L. Y Scaramozzino, P. (2008) Non-linearity in the determinants of capital structure: Evidence from UK firms. Empirical Economics, vol. 34, Nº 3, pp. 417-438.
Fenwick, G. Y Neal, D. (2001) Effect of gender composition on group performance, Gender. Work y Organization, vol. 8, Nº 2, pp. 205-225.
Fernández Plaza, A. (2000) Investigación sobre mujeres y cooperativismo en la Comunidad de Madrid. Cuadernos Mujer y Cooperativismo, Nº. 2, pp. 26-27.
Fischer, G.; Nakakoji, K.; Ostwald, J.; Stahl, G Y Sumner, T. (1993) Embedding critics in design environments. The Knowledge Engineering Review, vol. 8, Nº 4, pp. 285-307.
Forbes, D. Y Milliken, F. (1999) Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of Management Review, vol. 24, Nº 3, pp. 489-505.
Fregidou, M. (2004) ¿Es necesario equilibrar el poder en las cooperativas entre mujeres y hombres? Ciriec - Revista de Economía Pública, Social y Cooperativa, Nº 50, pp. 151-163.
García, M. (2010) La necesaria armonización internacional del derecho cooperativo: el Caso español. REVESCO. Revista de Estudios Cooperativos, Nº 102, pp. 79-108.
Gaud, P.; Jani, E.; Hoesli, M. Y Bender, A. (2005) The capital structure of Swiss companies: an empirical analysis using dynamic panel data. European Financial Management, vol. 11, Nº 1, pp. 51–63.
Gómez, L. (1998) Women in co-operatives: The policy of the International Cooperative Alliance. Journal of Co-operative Studies, vol. 31, pp. 2.
Grosvold, J. Y Brammer, S. (2011) National institutional systems as antecedents of female board representation: An empirical study. Corporate Governance: An International Review, vol. 19, Nº 2, pp. 116-135.
Hall, G.; Hutchinson, P. Y Michaelas, N. (2000) Industry effects on the determinants of unquoted SMEs’ capital structure. International Journal of the Economics of Business, vol. 7, Nº 3, pp. 297-312.
Hansmann, H. (1988) Ownership of the firm. Journal of Law, Economy and Organization, pp. 267-304.
Harel, G.; Tzafrir, S. Y Baruch, Y. (2003) Achieving organizational effectiveness through promotion of women into managerial positions: HRM practice focus. International Journal of Human Resource Management, vol. 14, Nº 2, pp. 247-263.
Harrison, D. Y Klein, K. (2007) What's the difference? Diversity constructs as separation, variety, or disparity in organization. Academy of Management Review, vol. 32, Nº 4, pp. 1199-1228.
HEIDRICK Y STRUGGLES (2007) Corporate governance in Europe: 2007 Report. Paris, Business Strategy Series.
HEIDRICK Y STRUGGLES. (2011) Challenging board performance. European Corporate Governance Report 2011 [online], [Citado el 20 de Agosto de 2014]. Disponible en: http://www.heidrick.com/PublicationsReports/PublicationsReports/HS_EuropeanCorpGovRpt2011.pdf.
HERNÁNDEZ-NICOLÁS, C.M.; MARTÍN-UGEDO, J.F. Y MÍNGUEZ-VERA, A. (2015) The influence of gender on financial decisions: Evidence from small start-up firms in Spain. E&M Economics and Management, vol. 18, Nº 4, pp. 93-107.
Herrera, J. Y Sanchís, R. (1993) Hacia una dirección estratégica de los recursos humanos en las empresas cooperativas. Ciriec - Revista de Economía Pública, Social y Cooperativa, Nº 14, pp. 79-103.
Hillman, A.; Cannella, A. Y Harris, I. (2002) Women and racial minorities in the boardroom: how do directors differ? Journal of Management, vol. 28, Nº 6, pp. 747-63.
Huse, M.; Nielsen, S. Y Hagen, I. (2009) Women and Employee-Elected Board Members, and Their Contributions to Board Control Tasks. Journal of Business Ethics, vol. 89, Nº 1, pp. 581–97.
Informe Del Banco Mundial. (2012) Washington: World Bank. Disponible en: http://www.bancomundial.org/content/dam/Worldbank/document/PLBSummer12latest.pdf.
JEHN, K.A. Y BEZRUKOVA, K. (2004) A field study of group diversity, group context, and performance. Journal of Organizational Behavior, vol. 25, Nº 6, pp. 1-27.
Jensen, M. Y Meckling, W. (1976) Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, vol. 3, pp. 305-360.
Jianakoplos, N. Y Bernasek, A. (1998) Are women more risk averse? Economic Inquiry, vol. 36, Nº 4, pp. 620-630.
Kesner, I. F. (1988) Directors’ characteristics and committee membership: an investigation of type, occupation, tenure and gender. Academy of Management Journal, vol. 31, Nº 1, pp. 66-84.
LEY 5/2011, de 29 de marzo, de Economía Social. BOE núm. 76 de 30 de Marzo de 2011.
LEY ORGÁNICA 3/2007, de 22 de marzo, para la igualdad efectiva de mujeres y hombres.
BOE 71 de 23 de Marzo de 2007.
LEY 27/1999, de 16 de julio, de Cooperativas. BOE núm. 170 de 17 de Julio de 1999.
LEVINE, D. M.; BERENSON, M. L. Y KREHBIEL, T.C. (2006) Estadística para administración. Madrid: Pearson Educación.
Loden, M. (1985) Feminine leadership, or how to succeed in business without being one of the boy. New York: Times Books.
Lundeberg, M.; Fox, P. Y Punccohar, J. (1994) Highly confident but wrong: gender differences and similarities in confidence judgments. Journal of Educational Psychology, vol. 86, Nº 1, pp. 114–121.
Majumdar, S. (1997) The impact of size and age on firm-level performance: some evidence from India. Review of Industrial Organization, vol. 12, Nº 2, pp. 231-241.
Mallin, C. (2004) Corporate governance. Boston: Harvard University Press.
MARTÍN-UGEDO, J.F. Y MÍNGUEZ-VERA, A. (2014) Firm performance and women on the board: Evidence from Spanish small and medium-sized enterprises. Feminist Economics, vol. 20, Nº 3, pp. 136-162.
Martínez, I.M.; Arcas, N. Y García, M. (2011) La influencia del género sobre la responsabilidad social empresarial en las entidades de economía social. REVESCO. Revista de Estudios Cooperativos, Nº 105, pp. 143-172.
Masayuki, M. (2012) Financial constraints in intangible investments: Evidence from Japanese firms, RIETI Discussion Paper 12-E-045.
Mateos, R.; Escot, L. Y Gimeno, R. (2006) Análisis de la presencia de la mujer en los Consejos de Administración de las mil mayores empresas españolas. Fundación de las Cajas de Ahorros, Documento de trabajo 263.
Mateos, R.; Escot, L. Y Gimeno, R. (2010) Discriminación en los Consejos españoles: análisis e implicaciones económicas. Revista de Economía Aplicada, vol. 18, Nº 53, pp. 131-162.
Mateos, R.; Gimeno, R. Y Escot, L. y (2011) Disentangling discrimination on Spanish boards of directors. Corporate Governance: An International Review, vol. 19, Nº 1, pp. 77-95.
Mateos, R.; Iturroiz, J. Y Gimeno, R. (2009) La participación financiera y el papel de la mujer en la toma de decisiones de las sociedades cooperativas: los Consejos de Administración. Revista Europea de Dirección y Economía de la Empresa, vol. 18, Nº 3, pp. 65-82.
Miller, C.; Burker, L. Y Glick, W. (1998) Cognitive diversity among upper-echelon executives: Implications for strategic decision processes. Strategic Management Journal, vol. 19, Nº 1, pp. 39-58.
Milliken, F. Y Martins, L. (1996) Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Journal, vol. 21, Nº 2, pp. 402-433.
Mínguez-Vera, A.; Martín-Ugedo, J.F. Y Arcas-Lario, N. (2010) Agency and property rights theories in agricultural cooperatives: Evidence from Spain. Spanish Journal of Agricultural Research, vol. 8, Nº 4, pp. 908-924.
Morales, A. (2004) La dirección de la empresa de trabajo asociado: Una revisión de los estudios empíricos. Revista de Economía Pública, Social y Cooperativa, vol. 48, pp. 99-122.
Morrison, A. (1992) The new leaders: Guidelines on leadership diversity in America. San Francisco: Jossey Bass.
Nielsen, S. Y Huse, M. (2010) Women director’s contribution to board decision-making and strategic involvement: The role of equality perception. European Management Review, vol. 7, Nº 1, pp. 16-29.
Nilsson, J. (1996) The nature of values and principles. Annals of public and cooperative economics, vol. 67, Nº 4, pp. 633-653.
OLSEN, R Y COX, C. (2001) The influence of gender on the perception and response to investment risk: The case of professional investors. Journal of Psychology and Financial Markets, vol. 2, Nº 1, pp. 29-36.
Orellana, W.E. (2002) El control de las empresas de trabajo asociado: Revisión crítica desde una perspectiva de la agencia, de los principales mecanismos de control y análisis de sus repercusiones organizativas. Revista de Economía Pública, Social y Cooperativa, Nº 42, pp. 49-80.
Orser, B.; Riding, A. Y Manley, K. (2006) Women entrepreneurs and financial capital. Entrepreneurship Theory and Practice, vol. 30, Nº 5, pp. 643-665.
Pettit, R. Y Singer, R. (1985) Small business finance: a research agenda. Financial Management, vol. 14, Nº 3, pp. 47-60.
Powell, G. (1990) One more time: Do female and male managers differ? The Executive, vol. 4, Nº 3, pp. 68-75.
Rand, J. Y Tarp, F. (2011) Does gender influence the provision of fringe benefits? Evidence from Vietnamese SMEs. Feminist Economics, vol. 17, Nº 1, pp. 59-87.
Randøy, T.; Thomsen, S. Y Oxelheim, L. (2006) A Nordic perspective on corporate board diversity. Artículo presentado en la European International Business Academy Annual Conference, Fribourg.
Robinson, G. Y Dechant, K. (1997) Building a business case for diversity. Academy of Management Executive, vol. 11, Nº 3, pp. 21-30.
ROPER, S Y SCOTT, J. (2009) Perceived financial barriers and the start-up decision. International Small Business Journal, vol. 27, Nº 2, pp. 149-171.
Rose, C. (2007) Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, vol. 15, Nº 2, pp. 404–413.
Scherr, F. Y Hulburt, H. (2001) The debt maturity structure of small firms. Financial Management, vol. 30, pp. 85-111.
Scherr, F.; Sugrue, T. Y Ward, J. (1993) Financing the small firm start-up: determinants of debt use. The Journal of Small Business Finance, vol. 3, Nº 1, pp. 17-36.
Server, R. Y Capó, J. (2009) La responsabilidad social empresarial en un contexto de crisis. Repercusión en las sociedades cooperativas. Ciriec - Revista de Economía Pública, Social y Cooperativa, vol. 65, pp. 7-31.
Shrader, C.; Blackburn, V. Y Iles, P. (1997) Women in management and firm financial value: An exploratory study. Journal of Managerial Issues, vol. 9, pp. 355-372.
Smith, N.; Smith, V. Y Verner, N. (2006) Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management, vol. 55, Nº 7, pp. 569-593.
Spear, R. (2004) Governance in democratic member-based organizations, Annals of public and cooperative economics, vol. 75, Nº 1, pp. 33-59.
Terjesen, S.; Sealy, R. Y Singh, V. (2009) Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, vol. 17, Nº 3, pp. 320-337.
Verheul, I. Y Thurik, R. (2001) Start-up capital: Does gender matter? Small Business Economics, vol. 16, Nº 4, pp. 329-346.
Vossen, R. (1998) Relative strengths and weaknesses of small firms in innovation. International Small Business Journal, vol. 16, Nº 3, pp. 88-94.
Waddock, S. Y Graves, S. (1997) The corporate social performance. Strategic Management Journal, vol. 8, Nº 4, pp. 303-319.
Welbourne, T.; Cycyota, C. Y Ferrante, C. (2007) Wall Street reaction to women in IPOs: An examination of gender diversity in top management teams. Group and Organization Management, vol. 32, Nº 5, pp. 524–47.
Zelechowski, D. Y Bilimoria, D. (2004) Characteristics of women and men corporate inside directors. Corporate Governance: An International Review, vol. 12, Nº 3, pp. 337-342.
Article download
Crossmark
License
In order to support the global exchange of knowledge, the journal Revesco. Revista de Estudios Cooperativos is allowing unrestricted access to its content as from its publication in this electronic edition, and as such it is an open-access journal. The originals published in this journal are the property of the Complutense University of Madrid and any reproduction thereof in full or in part must cite the source. All content is distributed under a Creative Commons Attribution 4.0 use and distribution licence (CC BY 4.0). This circumstance must be expressly stated in these terms where necessary. You can view the summary and the complete legal text of the licence.
