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국회도서관 홈으로 정보검색 소장정보 검색

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Title page

Contents

Abstract 1

1. Introduction 6

2. Contribution to the existing literature 7

3. Gender gaps in corporate leadership-stylized facts 10

3.1. How did the board and management gender composition evolve? 10

3.2. What were the women board member characteristics? 16

3.3. Did the effect of the Companies Act (2013) trickle down to C-suite and middle management positions? 22

4. Gender composition of boards and firm performance 25

4.1. Sample design 25

4.2. Empirical model 26

4.3. Trends by treatment group and common time trends 27

4.4. Regression results 33

4.5. Heterogeneity by size 34

4.6. Robustness check - consistent sample of firms 39

4.7. Interpretation of results and caveats 40

5. Women in leadership positions and firm culture 42

5.1. Data description and methodology 42

5.2. Association between ratio of women in boards and firm culture 45

6. Conclusion 48

7. Policy recommendations 48

References 51

Appendix I. Data sources and sample - gender composition of boards and firm performance 54

Appendix II 57

Tables

TABLE 1. DiD in reverse regression results 33

TABLE 2. DDR regression results - sub-sample by firm size 38

TABLE 3. DDR regression results - consistent sample 39

TABLE 4. DDR regression results - consistent sample, sub-sample by firm size 40

TABLE 5. OLS with firm and review-level characteristics, for 2023 46

TABLE 6. OLS with firm and review-level characteristics, for 2023 - sub-sample based on presence of women in top management 47

Figures

FIGURE 1. Share of women on boards 11

FIGURE 2. Average share and number of women in leadership by firm size 12

FIGURE 3. Share of women on boards (march 2023) and average year-on-year change (fy 2005-06-fy 2022-23) 14

FIGURE 4. Average age of directors, by gender 16

FIGURE 5. Average minimum years of education, by gender 18

FIGURE 6. Average number of other directorships held, by gender 19

FIGURE 7. Average share of board meetings attended, by gender 21

FIGURE 8. Average share of board independence - total vs. Women vs. Men 22

FIGURE 9. Share of women in management positions in a global context 23

FIGURE 10. Share of firms in sample by number of women in leadership 24

FIGURE 11. Share of women in top management 24

FIGURE 12. Number and ratio of women on board by treatment group 28

FIGURE 13. Unconditional means and conditional differences 30

FIGURE 14. Unconditional means and conditional differences - subset of mid- and large-cap firms 35

FIGURE 15. Example of employee review from ambitionbox 43

Boxes

BOX 1. The Companies Act (2013) 9

BOX 2. Status of women in the top ten firms in India 14

Appendix Tables

TABLE A1. Firm characteristics by treatment group 56

TABLE A2. OLS with firm and review-level characteristics, for 2023 61

TABLE A3. OLS with firm and review-level characteristics, for 2023 - sub-sample based on presence of women in top management 61

Appendix Figures

FIGURE A1. Average share and number of women in leadership by industry 57

FIGURE A2. Average share and number of women in leadership by firm age 59