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Diversity in Global Finance
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Diversity in Global Finance

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (31 October 2022) | Viewed by 19258

Special Issue Editors

Dr. Elisabete Vieira

E-Mail Website
Guest Editor
GOVCOPP – Research Unit on Governance, Competitiveness and Public Policies, Higher Institute of Accounting and Administration (ISCA-UA), University of Aveiro, 3810-500 Aveiro, Portugal
Interests: corporate finance; corporate governance; behavioral finance; sustainable finance
Special Issues, Collections and Topics in MDPI journals
Dr. Mara Madaleno

E-Mail Website
Guest Editor
GOVCOPP – Research Unit on Governance, Competitiveness and Public Policies; Higher Institute of Accounting and Administration (ISCA-UA), University of Aveiro, 3810-500 Aveiro, Portugal
Interests: financial markets; sustainable finance; energy finance; financial economics
Special Issues, Collections and Topics in MDPI journals
Dr. Julio Lobao

E-Mail Website
Guest Editor
Faculty of Economics, University of Oporto, 4099-002 Porto, Portugal
Interests: behavioral finance; financial markets

Special Issue Information

Dear Colleagues,

This Special Issue will accept papers on the general theme of diversity in global finance. Topics of interest include diversity effects in management, diversity and performance, diversity and risk management, diversity and dividend policy, diversity and capital structure, gender management practices, gender differences in leadership, global finance practices, board diversity and global finance, and sustainable finance. New, innovative procedures involving these topics are encouraged. This Special Issue welcomes original theoretical, empirical, literature review, and pedagogical research projects that are not being considered for publication elsewhere.

Dr. Elisabete Vieira
Dr. Mara Teresa da Silva Madaleno
Dr. Julio Lobao
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • diversity
  • performance
  • risk management
  • dividend policy
  • capital structure
  • management practices
  • leadership
  • global finance practices
  • sustainable finance

Published Papers (4 papers)

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Research

20 pages, 331 KiB  
Article
The Effect of Female Directors on ESG Practice: Evidence from China
by Hongyu Peng and Tirapot Chandarasupsang
Int. J. Financial Stud. 2023, 11(2), 66; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs11020066 - 27 Apr 2023
Cited by 2 | Viewed by 4080
Abstract
This paper empirically examines the impact of female directors on corporate ESG disclosure scores based on upper echelons theory and women’s ethics of care theory by conducting a multiple regression analysis on 8193 observations of Chinese listed companies from 2010 to 2020. Our [...] Read more.
This paper empirically examines the impact of female directors on corporate ESG disclosure scores based on upper echelons theory and women’s ethics of care theory by conducting a multiple regression analysis on 8193 observations of Chinese listed companies from 2010 to 2020. Our results demonstrate the importance of female directors’ participation in promoting corporate ESG practices. We conclude that the higher the proportion of female directors on the board, the higher the corporate ESG practice score. Further analysis also revealed that a favorable institutional environment and non-state enterprises positively moderate the relationship between female directors and corporate ESG practices. These results highlight the significant contribution of female directors to corporate ESG practices. Our paper sheds additional light on issues related to female directors and corporate ESG practices in Chinese listed companies, expands the theoretical knowledge of ethical decision-making and institutional environments in listed companies, enriches research in the area of female directors’ decision-making, and has important implications for corporate governance related policy-making in China. Full article
(This article belongs to the Special Issue Diversity in Global Finance)
29 pages, 472 KiB  
Article
How Do Banking Characteristics Influence Companies’ Debt Features and Performance during COVID-19? A Study of Portuguese Firms
by Pedro Manuel Nogueira Reis and António Pedro Soares Pinto
Int. J. Financial Stud. 2022, 10(4), 98; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs10040098 - 19 Oct 2022
Cited by 2 | Viewed by 1955
Abstract
This paper investigates how bank characteristics (market share, principal shareholders, profitability, and size), and the gender of the company’s board members, along with their supervisory abilities, influence the firm’s performance, cost of debt, and leverage. We extracted relevant data from a sample of [...] Read more.
This paper investigates how bank characteristics (market share, principal shareholders, profitability, and size), and the gender of the company’s board members, along with their supervisory abilities, influence the firm’s performance, cost of debt, and leverage. We extracted relevant data from a sample of nearly 18,300 Portuguese companies in 2020 (the pandemic year) to build our model with all the main explanatory variables; then, through the least absolute shrinkage and selection operator estimation, we reduced the variables. The robust ordinary least-squares standard-errors approach was applied by company size. Our findings allowed us to observe the crucial negative role of multiple bank relations, but only on the returns of small companies. A decrease in bank relations led to an increase in debt cost and reduced leverage across larger companies. Profitable banks generate higher company returns, mainly for small companies. Furthermore, the better-informed bank shareholders (management, institutional, or government) persuaded the banks to charge higher interest rates, resulting in a higher leverage ratio for companies of average size. Female board members tended to vote for lower debt ratios due to greater risk aversion, while the opposite was true of male board members. The supervisory capacity of the board in the area of bank relations showed a more substantial link with the increased financing costs of small companies. In brief, bank characteristics and board gender were strongly associated with the financial aggregates of companies relative to their size. This work contributes to the literature by using new bank characteristics and an original variable representing board ability to cope with bank relations. To the best of our knowledge, this is the first study to determine the association of the above characteristics in the Portuguese market relative to company size, and their impact on profitability, cost of debt, and leverage. The company board and banking systems should evaluate the impact of their decisions on corporate activity and make necessary adjustments. Full article
(This article belongs to the Special Issue Diversity in Global Finance)
14 pages, 1762 KiB  
Article
Gender Diversity in Leadership: A Bibliometric Analysis and Future Research Directions
by Elisabete Vieira, Mara Madaleno and Júlio Lobão
Int. J. Financial Stud. 2022, 10(3), 53; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs10030053 - 12 Jul 2022
Cited by 4 | Viewed by 3646
Abstract
Gender diversity in management has become of increased interest to academics and researchers in the last decades since women and men have different personal and psychological characteristics that affect their decision-making process in management actions and leadership. A female presence has been under-represented [...] Read more.
Gender diversity in management has become of increased interest to academics and researchers in the last decades since women and men have different personal and psychological characteristics that affect their decision-making process in management actions and leadership. A female presence has been under-represented on companies’ boards of directors, which affects management decisions and leadership style. This article aims to contribute to the analysis of gender diversity and leadership state of knowledge, conducting a bibliometric review of the existing literature. In this context, we analyze the evolutional research studies published in the Scopus digital library, considering a period of five years, from 2017 to 2021. We focus our analysis on the top 24 cited articles after a wider review of articles published relating to the explored topic (402 articles). Considering the bibliometric analysis done, we then present scrutiny of the state of knowledge on this subject, a summary of the existing gaps, and suggestions for future research. Full article
(This article belongs to the Special Issue Diversity in Global Finance)
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16 pages, 349 KiB  
Article
Gender Diversity on the Board and Firms’ Corporate Social Responsibility
by Cristina Gaio and Tiago Cruz Gonçalves
Int. J. Financial Stud. 2022, 10(1), 15; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs10010015 - 18 Feb 2022
Cited by 15 | Viewed by 8521
Abstract
Corporate Social Responsibility (CSR) has progressively assumed a strategic role in corporate business. In this sense, the board of directors (Board) assumes a preponderant role, since they make decisions about business strategy. One considerably debated characteristic of Board diversity is gender, since women [...] Read more.
Corporate Social Responsibility (CSR) has progressively assumed a strategic role in corporate business. In this sense, the board of directors (Board) assumes a preponderant role, since they make decisions about business strategy. One considerably debated characteristic of Board diversity is gender, since women differ from men in terms of personality, communication style, and values. Therefore, this study analyzes the relationship between CSR and gender diversity on Boards, in a sample of European public firms. Results indicate that firms with a higher percentage of women in the Board have higher CSR practices, suggesting that the presence of women can play an important role in terms of CSR decisions, contributing to more social and sustainable firms. Results also suggest that management teams with a higher female percentage associate with better CSR scores, and firms that exhibit both a higher percentage of women on the Board and on the management team improve CSR scores. From an ethical perspective, more socially responsible firms present more trustworthy financial information, and more sustainable economic performance, which decreases risk assessment from their business partners and remaining stakeholders. Thus, results may be of interest to different stakeholders, such as policymakers, investors, and business partners, in order to increase firms’ involvement in CSR. Full article
(This article belongs to the Special Issue Diversity in Global Finance)
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