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- Gender diversity and corporate risk-taking:a literature reviewPublication . Teodósio, João; Vieira, Elisabete; Madaleno, MaraPurpose The investigation of the relationship between gender diversity and corporate risk-taking is a recent stream of research. In this study, the authors propose an answer to the following main question: What do the authors know about gender effects in corporate risk-taking and how should we proceed? Design/methodology/approach In order to ensure the quality and the objectiveness of the literature review, the authors selected articles published in journals that are simultaneously ranked by the Chartered Association of Business Schools (ABS, 2018) and by the Journal Citation Reports (JCR, 2018), focused on the Board of Directors (BoD) and Top Management Teams (TMT). Findings The literature review reveals that women's presence on the BoD and TMT impacts corporate risk-taking in different ways. Based on the analysis, it is possible to organize the extant findings in two major categories, according to gender measures, firm type and country of origin: (1) universal effects - women decrease firms' litigation risk, failure risk and operational risk while they have no significant effect on insolvency risk and; (2) contingent effects - women have contingent effects on financial risk, manipulation risk, total risk, idiosyncratic risk and systematic risk. Originality/value Covering several different research fields, this study provides a comprehensive review concerning what the authors know regarding the effects of the BoD and TMT gender diversity in corporate risk-taking. The authors present a model summarizing empirical findings and propose a number of avenues for future research.
- Corporate governance effects on market volatility:empirical evidence from portuguese listed firmsPublication . Teodósio, João; Madaleno, Mara; Vieira, ElisabetePurpose This study examines the relationship between internal corporate governance mechanisms and firm risk-taking. Design/methodology/approach This research comprises a sample of 38 non-financial Portuguese firms listed on Euronext Lisbon, over the period from 2007 to 2017. To test the formulated hypotheses we use panel-corrected standard errors (PCSE) models. Findings Our results provide evidence that, in the Portuguese context, bigger and younger firms, with larger boards of directors and a greater number of independent directors, present higher levels of systematic risk. Our results are consistent across the robustness checks. Originality/value To the best of our knowledge, this is the first time that a robust incremental effect of board size on firm systematic risk is reported. This result contradicts the prevailing literature and opens up a new debate, from a financial markets viewpoint, on the benefits of larger boards of directors in terms of mitigating market volatility.