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Female directors on the board and cost of debt: evidence from Australia

Pandey, R, Biswas, PK, Ali, MJ and Mansi, M ORCID: 0000-0002-9397-8504 2019 , 'Female directors on the board and cost of debt: evidence from Australia' , Accounting & Finance , pp. 1-30 , doi: 10.1111/acfi.12521.

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Abstract

We examine whether the presence of female board members has any impact on the cost of debt among Australian listed companies. We find that female presence on the board is negatively associated with the cost of debt. Most importantly, our findings support the argument of critical mass theory that a certain threshold of gender balance is required for enhancing board effectiveness. Our results are valid irrespective of alternate model specifications and endogeneity issues. Overall, the results provide support to the ASX Corporate Governance Principles and Recommendation for the appointment of female directors on corporate boards.

Item Type: Article
Authors/Creators:Pandey, R and Biswas, PK and Ali, MJ and Mansi, M
Keywords: Australia, corporate governance, cost of debt
Journal or Publication Title: Accounting & Finance
Publisher: Wiley-Blackwell Publishing Ltd
ISSN: 0810-5391
DOI / ID Number: 10.1111/acfi.12521
Copyright Information:

Copyright 2019 Accounting and Finance Association of Australia and New Zealand

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