Vedení firem ženami a finanční výkonnost: Evidence z České Republiky

Bajerová, Veronika

Women are underrepresented in leadership positions even though they constitute half of the population. Even though the number of women in leadership position is growing the literature about the relation between women in leadership positions and financial performance in the Czech Republic is scarce. Therefore, we want to investigate a relation between women in a statutory body and four firm financial performance measurements of different types of firms. Using a data set containing 405 firms we investigate the long-term growth of the number of women in leadership positions and their relation to financial performance during the time frame from 2010 to 2019. We use an instrumental variable estimation method with two types of instruments. The first instrument is a percentage of women in an industry in the Czech Republic and the second is a share of women considering the industry and the year in the data set. The analysis shows a strong positive relation between the returns on assets and women in leadership positions and a neutral relation between other performance measurements and women in leadership positions. This indicates that a firm would experience neutral or positive consequences in terms of financial performance when employing women in a statutory body.

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