Gender diversity on Boards of Directors and business success

This paper analyzes the relationship between gender diversity on Boards of Directors and business success. For this purpose, the authors used one sample of companies listed on the Madrid Stock Exchange. The paper analyzes a period of three years, between 2005 and 2007. A descriptive analysis has been carried out. Women’s labor status has been studied in these three years. The paper also covers a panel analysis. The results show that there are few women in decision-making positions, and Gender diversity and business success are not related

Does Board Gender Diversity Influence Financial Performance? Evidence from Spain

In recent years, several countries have enacted guidelines and/or mandatory laws to increase the presence of women on the boards of companies. Through these regulatory interventions, the aim is to eradicate the social and labor grievances that women have traditionally experienced and which has relegated them to smaller-scale jobs. Nevertheless, and despite the advances achieved, the female representation in the boardroom remains far from the desired levels. In this context, it is now necessary to enhance the advantages of board gender diversity from both ethical and economic points of view. This article examines the relation between board gender diversity and economic results in Spain: the second country in the world to legally require gender quotas in boardrooms and historically characterized by a minimal female participation in the workforce. Based on a sample of 125 non-financial firms listed on the Madrid Stock Exchange from 2005 to 2009, our findings show that in the period analyzed the increase of the number of women on boards was over 98 %. This suggests that compulsory legislation offers an efficient framework to execute the recommendation of Spanish codes of good governance by means of the increase in the number of women in the boards of firms. Furthermore, we find that the increase in the number of women on the boards is positively related to higher economic results. Therefore, both results suggest that gender diversity in boardrooms should be incremented, mandatory laws being a key factor to do so

Cox process goodness-of-fit test. A Matlab file.

The Cox Process (CP) models many real phenomena dealing with counting data. Having observed sample paths of a counting process in a discrete set of time points and assuming that the phenomenon can be modeled by a Cox process or compound Cox process, an important task is to decide if those paths fit a given model. A goodnes-of-fit test to assess the coherence of the new observed data with the given Cox process has been proposed by the authors, taking into account if the process is parametrically known or it has to be estimated. This paper deals with a computational tool to support the test.FQM-307, FQM-246, MTM2010-2050

A Matlab tool for Cox Processes with truncated Gaussian mean

The truncated Gaussian distribution rises in many practical situations, the aim of this paper is to give some tools to solve common tasks within this kind of random variables. A modified maximum likelihood estimation of the parameters of the distribution from an observed data set is given, we also implement a goodness-of- t test for a theoretical truncated Gaussian distribution. Finally, if we assume that the mean of a Cox process at each instant of time is distributed as a truncated Gaussian distribution, we give the most probable value of the process at a given time point.FQM347, MTM2010-2050

¿Afecta la crisis a la gestión del resultado?

En los últimos años han sido numerosos los escándalos financieros que han asaltado la actualidad económica, con la consiguiente repercusión en los mercados de capitales. Esta situación ha tenido la necesaria respuesta por parte de los organismos emisores de normas contables y por los organismos reguladores de los mercados de valores, tanto en el ámbito nacional como internacional, los cuales han elaborado y desarrollado una serie de principios que permitan llevar a cabo una contabilidad que proporcione unos estados financieros que reflejen la imagen fiel del patrimonio y de los resultados de la empresa. No obstante, la contabilidad no es una ciencia exacta y permite cierto grado de discrecionalidad a los directivos. En este contexto, un aspecto crucial en el análisis de la información financiera son las posibles manipulaciones introducidas de forma discrecional por los directivos en la información que dan a conocer a los usuario

¿Influye el tamaño del Consejo de Administración en el número de mujeres presentes en el mismo?

Desde hace unos años parte de la literatura concerniente al gobierno corporativo se ha preocupado de estudiar la presencia de mujeres en los órganos de gobierno de las empresas. El objetivo de nuestro trabajo ha sido estudiar si existe o no relación entre el tamaño del Consejo de Administración y la presencia de mujeres en el mismo. Considerando el Consejo como último mecanismo de control corporativo, y considerando el tamaño del mismo como un elemento que condiciona su eficacia podría considerarse que la no presencia de mujeres en el mismo es un factor de discriminación. El estudio se ha basado en el periodo 2004 a 2008, tomando la información de las empresas que cotizan en la bolsa de Madrid. De los resultados se desprende la dificultad que tienen las mujeres para ser incluidas como consejeras, aunque también se observa un notable incremento en los años analizados

La problemática de cálculo del Impuesto sobre Sociedades en las cooperativas de ámbitos estatal y andaluz. Un caso práctico de análisis comparativo

Three basic regulations determine the tax levied on co-operative companies, which makes it extremely difficult to calculate as, according to the Law that regulates co-operative tax, sums that are obligatorily destined for social funds are deductible from taxable income. Moreover, the co-operative law to be applied in each case has a decisive effect on taxing aspects, regulating as it does not only the specific procedure to be followed in determining the obligatory funding, but also whether to consider co-operative tax itself as a deductible expense. This influences the complexity in calculating co-operative taxation, as far as quantity is concerned and also the sums finally destined to social funds. This study evaluates the practical repercussions inherent in considering co-operative tax as a deductible expense for co-operatives, with a comparative analysis between the general legal framework and Andalusian autonomic legislation.Co-operatives, corporate tax, case study, co-operative laws, Andalusia.

Functional Estimation of the Random Rate of a Cox Process

The intensity of a doubly stochastic Poisson process (DSPP) is also a stochastic process whose integral is the mean process of the DSPP. From a set of sample paths of the Cox process we propose a numerical method, preserving the monotone character of the mean, to estimate the intensity on the basis of the functional PCA. A validation of the estimation method is presented by means of a simulation as well as a comparison with an alternative estimation method.Projects MTM2007-63793 of Dirección General de Investigación, Ministerio de Ciencia, P06-FQM-01470 from Consejería de Innovación, Ciencia y Empresa de la Junta de Andalucía and MTM2007-66791 of Plan Nacional I+D, Ministerio de Ciencia y Tecnología jointly by the FEDER and grant FQM-307 of Conserjería de Innovación de la Junta de Andalucía, all of them in Spai

Modelling the mean of a doubly stochastic Poisson process by functional data analysis

A new procedure for estimating the mean process of a doubly stochastic Poisson process is introduced. The proposed estimation is based on monotone piecewise cubic interpolation of the sample paths of the mean. In order to estimate the continuous time structure of the mean process functional principal component analysis is applied to its trajectories previously adapted to their functional form. A validation of the estimation method is presented by means of some simulations.Projects MTM2004-05992 of Dirección General de Investigación, and MTM2004-04230 of Plan Nacional de I+D+I, Ministerio de Ciencia y Tecnología jointly by the FEDE

Evolución de la situación de las mujeres en los consejos de administración de las empresas cotizadas españolas

The aim of this paper is showing current situation of women in board of directors. This study is focused on quoted companies in Spain, and we analyze its development from 2004 to 2008. We pay attention to board of directors and Top Managers, all of them responsible of making decisions in companies. We find out that there are almost no women in these levels and we conclude that many barriers impede women to promote to high making decisions levels. Sometimes these barriers may be themselves, sometimes cultural obstacles that represent no-written norms.En los últimos tiempos han surgido una serie de trabajos en los que se pone de manifiesto que la representación femenina en los consejos de administración y en la alta dirección de las empresas es todavía pequeña en la mayoría de los países. El objetivo del presente trabajo es mostrar la situación en la que se encuentran las mujeres en dichos consejos de administración de las empresas cotizadas españolas, así como la evolución sufrida entre los años 2004 y 2008. Del estudio se desprende que existen obstáculos que impiden la promoción de las mujeres a las cúpulas directivas de las empresas. Estos obstáculos, aunque en algún caso puedan deberse a las preferencias de las propias mujeres, son barreras de carácter «cultural» y normas no escritas que circulan dentro de las empresas y que son las que impiden el desarrollo de la carrera profesional de las mujeres dentro de las empresas