Corporate culture and board gender diversity: Evidence from textual analysis |
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| Institution: | 1. Center of Excellence in Management Research for Corporate Governance and Behavioral Finance, Sasin School of Management, Chulalongkorn University, Bangkok, Thailand;2. Pennsylvania State University, School of Graduate Professional Studies, Malvern, PA 19355, USA;1. Belk College of Business, University of North Carolina at Charlotte, 9209 Mary Alexander Rd, Charlotte, NC 28262, USA;2. Zanvyl Krieger School of Arts and Sciences Johns Hopkins University, 1717 Massachusetts Avenue NW, Suite 104S, Washington, DC 20036, USA;3. Department of Business & Economics, 1600 Burrstone RD, Utica University, Utica, NY 13502, USA;1. University of Sussex, UK;2. Massey University, New Zealand;3. University of Queensland, Australia;4. Auckland University of Technology, New Zealand;1. NUST Business School, National University of Sciences and Technology, Sector H-12 Main Campus, Islamabad 44000, Pakistan;2. The University of Chicago Booth School of Business, 5807 S Woodlawn Ave, Chicago, IL 60637, United States;1. Grossman School of Business, 55 Colchester Ave, The University of Vermont, Burlington, VT 05405, United States of America;2. Pamplin College of Business, 880 West Campus Drive, Virginia Tech, Blacksburg, VA 24061, United States of America |
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| Abstract: | Exploiting a distinctive measure of corporate culture based on advanced machine learning, we investigate the effect of board gender diversity on corporate culture. Our results demonstrate that greater board gender diversity considerably strengthens positive corporate culture. The findings support the notion that board gender diversity enhances board oversight and helps solve agency problems, resulting in managers being compelled to take measures that benefit shareholders and consequently, building a strong company culture. Further analysis validates the results, including propensity score matching (PSM), entropy balancing, an instrumental-variable analysis, Lewbel's (2012) heteroscedastic identification, and Oster's (2019) testing for coefficient stability. Our study is the first to link board gender diversity to corporate culture, using cutting-edge information obtained from sophisticated machine learning. |
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