Abstract

PUCHETA MARTINEZ, María Consuelo  and  SANCHEZ PUEYO, Paula. Relación entre la diversidad de género y la rentabilidad económica de las empresas del IBEX 35. La ventana [online]. 2013, vol.4, n.38, pp.331-371. ISSN 1405-9436.

The aim of this study is to analyse how the presence of women in the board of directors affects to the return on assets (ROA) of the IBEX-35's companies. To reach this aim, the study examines the relationship between the number of women in the board of directors and the ROA of the firms. Moreover, we use as control variables that influence the ROA the company size, the leverage, the sale growth, the liquidity ratio and the employee productivity. The findings show that the presence of women in the board of directors is not statistically significant, and therefore, it does not affect to the ROA of the IBEX-35's firms. In addition, the results also reveal that the company size and the leverage influence negatively on the ROA. It is important to highlight that the sale growth, the liquidity rate and the employee productivity do not affect to the ROA. On the other hand, the study also does the same analysis but excluding from the sample the six financial firms that belong to the IBEX-35, in order to examine if these companies can bias the results. The evidence finds that the presence of women in the board of directors, after excluding from the sample the financial companies, does not affect to the ROA, which shows that these firms do not bias the findings.

Keywords : Directors' women; return on assets (ROA); board of directors; gender.