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Do board gender diversity and remuneration impact earnings quality? Evidence from Spanish firms

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2025121122834581_saona51.pdf (1.335Mb)
Date
2024-01-23
Author
Saona Hoffmann, Paolo Rodrigo
Muro, Laura
San Martin, Pablo
McWay, Ryan
Estado
info:eu-repo/semantics/publishedVersion
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Abstract
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Purpose This study aims to investigate how gender diversity and remuneration of boards of directors’ influence earnings quality for Spanish-listed firms. Design/methodology/approach The sample includes 105 nonfinancial Spanish firms from 2013 to 2018, corresponding to an unbalanced panel of 491 firm-year observations. The primary empirical method uses a Tobit semiparametric estimator with firm- and industry-level fixed effects and an innovative set of measures for earnings quality developed by StarMine. Findings Results exhibit a positive correlation between increased gender diversity and a firm’s earnings quality, suggesting that a gender-balanced board of directors is associated with more transparent financial reporting and informative earnings. We also find a nonmonotonic, concave relationship between board remuneration and earnings quality. This indicates that beyond a certain point, excessive board compensation leads to more opportunistic manipulation of financial reporting with subsequent degradation of earnings quality. Research limitations/implications This study only covers nonfinancial Spanish listed firms and is silent about how alternative board features’ influence earnings quality and their informativeness. Originality/value This study introduces measures of earnings quality developed by StarMine that have not been used in the empirical literature before as well as measures of board gender diversity applied to a suitable Tobit semiparametric estimator for fixed effects that improves the precision of results. In addition, while most of the literature focuses on Anglo-Saxon countries, this study discusses board gender diversity and board remuneration in the underexplored context of Spain. Moreover, the hand-collected data set comprising financial reports provides previously untested board features as well as a nonlinear relationship between remuneration and earnings quality that has not been thoroughly discussed before.
 
URI
10.1108/GM-04-2021-0113
http://hdl.handle.net/11531/98223
Do board gender diversity and remuneration impact earnings quality? Evidence from Spanish firms
Tipo de Actividad
Artículos en revistas
ISSN
1754-2413
Palabras Clave
.
Earnings quality, Board gender diversity, Board remuneration, Panel data, Spain
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