Female directors on corporate boards provide legitimacy to a company. A resource dependency perspective.

This study addresses the research question why some companies do and others do not have women on their boards. This study provides evidence on the organizational characteristics that affect the likelihood of women being appointed. The results show that in The Netherlands company size, board size, industry and the exchange segment the company is traded on, significantly impact the female representation on board of directors. This study supports resource dependence theory that boards of directors serve as a linking mechanism between companies and their stakeholders, and that they provide legitimacy to different stakeholders or groups within our society. While societal pressure to appoint female directors to corporate boards has increased in the past decade, this is more likely to have influenced companies which are more inclined to conform to societal expectations. Moreover, the presence of female directors on company boards provides legitimacy to the outside world regarding the company’s values on diversity. These results add new evidence to the existing literature whether corporate boards act as a linking mechanism to society. Any comprehensive investigation of the impact of providing legitimacy by female board members on corporate performance should not be limited to profitability (which is mostly concerned with shareholders profit), but should include, for example, social and market performance and the satisfaction of relevant stakeholders.

Nieuws
- Jaarboek Corporate Governance
- Oratie 2014
- Female Board Index 2015
- Nationaal Commissarissen Onderzoek 2015: Remuneratie
- Speech ICC, 17 maart 2016
Columns
- Opinie in FD: Lange Termijn Waardecreatie is het nieuwe buzz-woord in corporate governance
Het Financieele Dagblad, 27-11-2018 - Opinie in FD:Het RvC-verslag wordt informatiever maar kan nog beter
Het Financieele Dagblad, 13-4-2018 - Opinie in FD: Een sectoroverstijgende governance code is verder weg dan ooit
Het Financieel Dagblad, 22-2-2017, p.9 - Integrity should be on the table in the boardroom
- the role of culture and behaviour in corporate governance codes
Speech at ICC March 17th 2016 - Opinie in FD:Minister van Justitie: waar zijn de vrouwen
4 september 2015