La diversité de genre et la qualité des revenus au sein des conseils d’administration des entreprises. Témoignages du Marché Integré Latino-américain (MILA)
DOI :
https://doi.org/10.17533/udea.rc.n72a08Mots-clés :
qualité de l’information financière, diversité de genre, conseils d’aministration, Amérique-LatineRésumé
La diversité de genre au sein des conseils d’administration est un sujet qui a suscité de l’intérêt dans la recherche en finances des entreprises. Néanmoins, il existe peu d’études qui aient analysé son influence sur la qualité de l’information financière dans les marchés développés. C’est aussi le cas pour les marchés émergents où – la Chine exceptée- ce type d’études est presque inexistant. Ainsi, cette recherche analyse le rapport entre la diversité de genre dans les conseils d’administration et la qualité d’information financière en Amérique Latine, se concentrant sur le Marché Integré Latino-Américan (MILA), composé par les entreprises cotées dans les bourses de valeurs de Mexique, Chili, Pérou et Colombie. Avec un panneau de données de 361 observations de la période comprise entre les années 2002 et 2014, ce travail fait des régressions des moindres carrés ordinaires (MCO) qui rendent compte d’une rélation entre la forme en U inversé entre la diversité de genre des conseils d’administrations et la qualité de l’information financière, après avoir passé par des variables telles que la taille, le levier financier, la rentabilité des actifs, le flux de trésorerie disponible, les pertes comptables et l’industrie. Du même, les résultats indiquent l’existence d’un niveau minimum de femmes dans les conseils d’administration ( 30,8%). À partir de ce pourcentage l’on peut déduire que, à plus des femmes dans les conseils d’administration, plus de qualité dans l’information financière des entreprises.
Téléchargements
Références
Adams, R. B., and Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. http://doi.org/10.1016/j.jfineco.2008.10.007
Arun, T. G., Almahrog, Y. E., and Ali Aribi, Z. (2015). Female directors and earnings management: Evidence from UK companies. International Review of Financial Analysis, 39, 137–146. http://doi.org/10.1016/j.irfa.2015.03.002
Ascioglu, A., Hegde, S., Krishnan, G., and McDermott, J. (2012). Earnings management and market liquidity. Review of Quantitative Finance and Accounting, 38, 257–274. http://doi.org/10.1007/s11156-010-0225-9
Cabrera-Fernández, A. I., Martínez-Jiménez, R., and Hernández-Ortiz, M. J. (2016). Women’s participation on boards of directors : a review of the literature. International Journal of Gender and Entrepreneurship, 8(1), 69–89. http://doi.org/10.1108/IJGE-02-2015-0008
Campbell, K., and Minguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. http://doi.org/10.1007/s10551-007-9630-y
Carter, D. A., Simkins, B. J., Simpson, W. G., Borokhovich, K., Crutchley, C., Elson, C., … Longhofer, S. (2003). Corporate Governance, Board Diversity, and Firm Value. The Financial Review, 38, 33–53. http://doi.org/10.1111/1540-6288.00034
Dechow, P. M., and Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. In Accounting Review (Vol. 77, pp. 35–59). http://doi.org/10.2308/accr.2002.77.s-1.61
Dechow, P. M., Sloan, R. G., and Sweeney, A. P. (1995). Detecting Earnings Management. The Accounting Review, 70(2), 193–225.
Defond, M. L., and Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17(1-2), 145–176. http://doi.org/10.1016/0165-4101(94)90008-6
Erhardt, N. L., Werbel, J. D., and Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. http://doi.org/10.1111/1467-8683.00011
Fama, E. F., and French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. http://doi.org/10.1016/S0304-405X(96)00896-3
Farrell, K. A., and Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1-2), 85–106. http://doi.org/10.1016/j.jcorpfin.2003.12.001
Francis, J., LaFond, R., Olsson, P., and Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295–327. http://doi.org/10.1016/j.jacceco.2004.06.003
Franz, D. R., HassabElnaby, H. R., and Lobo, G. J. (2014). Impact of proximity to debt covenant violation on earnings management. Review of Accounting Studies, 19(1), 473–505. http://doi.org/10.1007/s11142-013-9252-9
Ge, W., and Kim, J. B. (2014). Real earnings management and the cost of new corporate bonds. Journal of Business Research, 67(4), 641–647. http://doi.org/10.1016/j.jbusres.2013.01.021
Hales, J., and Williamson, M. G. (2010). Implicit employment contracts: The limits of management reputation for promoting firm productivity. Journal of Accounting Research, 48(1), 51–80. http://doi.org/10.1111/j.1475-679X.2009.00359.x
Hillman, A. J., Canella, A. A., and Harris, I. C. (2002). Women and racial minorities in the boardroom: How do directors differ? Journal of Management. http://doi.org/10.1016/S0149-2063(02)00192-7
Huse, M., and Solberg, A. G. (2006). Gender-related boardroom dynamics: How Scandinavian women make and can make contributions on corporate boards. Women In Management Review, 21(2), 113–130. http://doi.org/10.1108/09649420610650693
Hutton, A. P., Marcus, A. J., and Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of Financial Economics, 94(1), 67–86. http://doi.org/10.1016/j.jfineco.2008.10.003
Jha, A. (2013). Earnings Management Around Debt-Covenant Violations – An Empirical Investigation Using a Large Sample of Quarterly Data. Journal of Accounting, Auditing and Finance, 28(4), 369–396. http://doi.org/10.1177/0148558X13505597
Jones, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193–228. http://doi.org/10.2307/2491047
Kim, B. H., Lei, L., and Pevzner, M. (2010). Debt Covenant Slack and Real Earnings Management. SSRN Working Paper Series. Retrieved from http://search.proquest.com/docview/815316704?accountid=26357
Konan, C., Chan, L. K. C., Jegadeesh, N., and Lakonishok, J. (2006). Earnings Quality and Stock Returns. Journal of Business, 79(3), 1041–1082. Retrieved from http://www.lib.lsu.edu/apps/onoffcampus.php?url=http://search.ebscohost.com/login.aspx?direct=trueanddb=bthandAN=21080240andsite=ehost-liveandscope=site
Kyaw, K., Olugbode, M., and Petracci, B. (2015). Does gender diverse board mean less earnings management? Finance Research Letters, 14, 135–141. http://doi.org/10.1016/j.frl.2015.05.006
McNichols, M. F. (2002). DISCUSSION OF The Qualityof Accruals and Earnings : The Role of Accruals Estimation Errors. The Accounting Review, 77, 61–69. http://doi.org/10.2308/accr.2002.77.s-1.61
Niskanen, J., Karjalainen, J., and Niskanen, M. (2011). Auditor gender and corporate earnings management behavior in private Finnish firms. Managerial Auditing Journal, 26(9), 778–793.
" target="_blank">http://doi.org/10.1108/02686901111171448
Peni, E., and Vähämaa, S. (2010). Female executives and earnings management. Managerial Finance, 36(7), 629–645. http://doi.org/10.1108/03074351011050343
Peterson, C. A., and Philpot, J. (2007). Women’s roles on U.S. Fortune 500 boards: Director expertise and committee memberships. Journal of Business Ethics, 72(2), 177–196. http://doi.org/10.1007/s10551-006-9164-8
Srinidhi, B., Gul, F. A., and Tsui, J. (2011). Female Directors and Earnings Quality. Contemporary Accounting Research, 28(5), 1610–1644. http://doi.org/10.1111/j.1911-3846.2011.01071.x
Stanley, B. W., and Sharma, V. I. (2011). To Cheat or Not to Cheat: How Bank Debt Influences the Decision to Misreport. Journal of Accounting, Auditing and Finance, 26, 383–414. http://doi.org/10.1177/0148558X11401221
Sun, J., Liu, G., and Lan, G. (2011). Does Female Directorship on Independent Audit Committees Constrain Earnings Management? Journal of Business Ethics, 99(3), 369–382. http://doi.org/10.1007/s10551-010-0657-0
Thiruvadi, S., and Huang, H.-W. (2012). Audit committee gender differences and earnings management. Gender in Management: An International Journal, 26(7), 483–498. http://doi.org/10.1108/17542411111175469
Tucker, J. W., and Zarowin, P. a. (2006). Earnings Informativeness ?, 81(1), 251–270. Valipour, H., and Moradbeygi, M. (2010). Corporate Debt Financing and Earnings Quality. Journal of Business Finance and Accounting, 37(5-6), 538–559. http://doi.org/10.1111/j.1468-5957.2010.02194.x
Walsh, P., Craig, R., and Clarke, F. (1991). “Big bath accounting” using extraordinary items adjustments: Australian empirical evidence. Journal of Business Finance and Accounting, 18(2), 173–189. http://doi.org/10.1111/j.1468-5957.1991.tb00587.x
Ye, K., Zhang, R., and Rezaee, Z. (2010). Does top executive gender diversity affect earnings quality? A large sample analysis of Chinese listed firms. Advances in Accounting, 26(1), 47–54. http://doi.org/10.1016/j.adiac.2010.02.008
Téléchargements
Publié-e
Comment citer
Numéro
Rubrique
Licence
(c) Tous droits réservés Contaduría Universidad de Antioquia 2018
Cette œuvre est sous licence Creative Commons Attribution - Pas d'Utilisation Commerciale - Partage dans les Mêmes Conditions 4.0 International.
Los derechos de autor sobre los artículos son cedidos a la Universidad de Antioquia para disponer de resúmenes y el texto completo en bases de datos que difunden los contenidos de cada edición. Sin embargo, los autores podrán hacer difusión de sus trabajos publicados en la revista a través de sus páginas personales y repositorios institucionales.
