Do female directors decrease corporate misconduct?
- Date
- November 29, 2023
- Time
- 12:30 PM EST - 1:30 PM EST
- Location
- Virtual (Zoom)
- Contact
- Gloria Chang <g2chang@torontomu.ca>
SAF Research Seminar Series Finance Presentation
Finance Presentation by Mattew Wynter, Stony Brook University
Do female directors decrease corporate misconduct?
Abstract
S&P 500 companies with more violations from the U.S. Department of Justice tend to have a higher percentage of women on their boards. We find that, after accounting for gender disparities in local director markets, companies with higher percentages of female directors receive fewer violations compared to their local industry peers, particularly for companies with recent violations or more women on select committees. After violations, CEOs are more likely to leave firms that have higher proportions of women on their boards. The findings suggest that gender disparities in director markets can confound the negative impact of female directors on misconduct.
by Dave Carter, Corey A. Shank, Matthew M. Wynter.
Dr. Matthew Wynter is an Assistant Professor of Finance at Stony Brook University, where he conducts research on social, household, and international finance. He won the best paper award in Corporate Finance from the Society of Financial Studies in 2023. His research has been featured in Bloomberg, Businessweek, MSNBC, FOX, and presented at the AEA, FMA, and the American Accounting Association. Prior to joining Stony Brook, he worked as an assistant professor at the University of Illinois at Chicago, and served as a visiting scholar with the U.S. SEC.
