Publication Type
Journal Article
Version
publishedVersion
Publication Date
10-2018
Abstract
This study examines investor reaction to the appointment of female directors in New Zealand-listed companies. Using the event study method, we ϐind that female directors tend to be appointed as independent directors rather than in a Chief Executive Ofϐicer (CEO) role. The results reveal that female board appointments are generally negatively associated with stock performance. This study captures both the gender diversity arising in New Zealand companies and the performance of stock price resulting from the reaction of investors to the different positions of female directors. The evidence of a decrease in market performance is shown by the negative cumulative average abnormal returns (CAARs) from the announcements of women appointees to the board.
Keywords
Stock returns, Women directors, New Zealand
Discipline
Business and Corporate Communications | Organizational Behavior and Theory
Publication
Journal of Administrative and Business Studies
Volume
4
Issue
5
First Page
247
Last Page
257
ISSN
2519-0407
Publisher
TAF Publishing
Citation
DING, Kuan Yong David and CHEN, Echo Su.
The market impact of the appointment of female directors in listed companies in New Zealand. (2018). Journal of Administrative and Business Studies. 4, (5), 247-257.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/6470
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Included in
Business and Corporate Communications Commons, Organizational Behavior and Theory Commons