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This study aims to explore the role of board gender diversity in mitigating chief executive officer (CEO) luck. CEOs are “lucky” when they receive stock option grants on days when the stock price is the lowest in the month of the grant, implying opportunistic timing.Design/methodology/approachThis study uses a logistic regression analysis and an instrumental-variable analysis. The sample consists of 3,249 firm-year observations from 2010 through 2015.FindingsThe results show that female directors significantly deter the opportunistic timing of option grants. This study finds that gender diversity – as measured by the percentage of women on the board, the percentage of female independent directors and the percentage of female directors on the compensation committee are likely to reduce the odds that CEOs receive opportunistically timed lucky grants. The results are consistent with those in prior research that documents the benefits of board gender diversity.Practical implicationsThe research findings are beneficial to policymakers and regulators, as it allows them to assess the importance of diversity on boards in the monitoring of the managers, particularly as it pertains to the design of CEO compensation packages. Furthermore, these findings have implications for Ibero-American countries as they shed light on the importance to undertake measures and reforms to promote board effectiveness by the introduction of gender diversity.Originality/valueWhile prior research has examined the effect of board gender diversity on firm performance, the study is the first to investigate the effect of female directors on the opportunistic timing of option grants, using a rigorous empirical framework that explicitly accounts for endogeneity.
Management Research The Journal of the Iberoamerican Academy of Management – Emerald Publishing
Published: Jul 27, 2021
Keywords: Diversidade de gênero no conselho; CEO; Eficácia do conselho; Governança corporativa; Outorga de opções de ações; Endogeneidade; Corporate governance; CEO; Endogeneity; Board gender diversity; Board effectiveness; Diversidad de género en la junta; Director ejecutivo; Efectividad de la junta; Gobierno corporativo; Concesiones de opciones sobre acciones; Endogeneidad
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