RT Journal Article
T1 Unveiling the impact of board gender diversity on credit rating
T2 Board Gender Diversity and Credit Rating
A1 Giráldez, Pilar
A1 Samaniego-Medina, Reyes
K1 Corporate governance
K1 Risk governance
K1 Gender diversity
K1 Credit rating
K1 Critical mass of women
K1 Corporate social responsibility
AB PurposeThis study aims to investigate the relationship between board gender diversity (BGD) and credit ratings, using agency theory, resource dependence theory and critical mass theory as theoretical frameworks.Design/methodology/approachThis paper analyses a sample of 1,037 North American companies from 2008 to 2017. The methodology includes the Arellano–Bond generalized method of moments (GMM), an ordinal extension of the binary logit model and robustness tests to address potential endogeneity and sample selection bias.FindingsThe results indicate that increasing female representation on boards significantly affects credit ratings. Specifically, each additional female board member increases the likelihood of obtaining a higher credit rating by up to 17.71. This effect is particularly pronounced for firms transitioning to investment-grade ratings, where the impact of female representation is amplified fourfold. These findings highlight the important role of board gender diversity in improving firms’ credit evaluations.Originality/valueBy examining a crucial period and employing rigorous analytical techniques, this study fills a significant gap in the literature; it offers valuable insights into how BGD affects credit ratings and emphasizes its strategic importance in corporate risk governance.
PB Emerald publishing
YR 2025
FD 2025-06-13
LK https://hdl.handle.net/10433/24327
UL https://hdl.handle.net/10433/24327
LA en
NO Management Research Review, nº48 (13) , pp.89-111.
NO This study examines how board gender diversity (BGD) influences credit ratings and finds that increased female representation boosts ratings by up to 1.86%. This effect is especially pronounced when transitioning from speculative to investment-grade ratings, underscoring BGD’s critical role in improving corporate risk governance and credit evaluations.
NO Proyectos de investigaciónRef. PID2021128420OB-I00 funded by MCIN/AEI/10.13039/501100011033;Regional Government of Andalusia Ref. “ProyExcel_00934”Research Group SEJ-555
NO Universidad Pablo de Olavide
DS RIO
RD May 6, 2026