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Female directors on the board and cost of debt: evidence from Australia


Pandey, R and Biswas, PK and Ali, MJ and Mansi, M, Female directors on the board and cost of debt: evidence from Australia, Accounting and Finance pp. 1-30. ISSN 0810-5391 (2019) [Refereed Article]

Copyright Statement

Copyright 2019 Accounting and Finance Association of Australia and New Zealand

DOI: doi:10.1111/acfi.12521


We examine whether the presence of female board members has any impact on the cost of debt among Australian listed companies. We find that female presence on the board is negatively associated with the cost of debt. Most importantly, our findings support the argument of critical mass theory that a certain threshold of gender balance is required for enhancing board effectiveness. Our results are valid irrespective of alternate model specifications and endogeneity issues. Overall, the results provide support to the ASX Corporate Governance Principles and Recommendation for the appointment of female directors on corporate boards.

Item Details

Item Type:Refereed Article
Keywords:Australia, corporate governance, cost of debt
Research Division:Commerce, Management, Tourism and Services
Research Group:Accounting, auditing and accountability
Research Field:Sustainability accounting and reporting
Objective Division:Expanding Knowledge
Objective Group:Expanding knowledge
Objective Field:Expanding knowledge in commerce, management, tourism and services
UTAS Author:Pandey, R (Dr Rakesh Pandey)
UTAS Author:Mansi, M (Dr Mansi Mansi)
ID Code:134640
Year Published:2019
Web of Science® Times Cited:14
Deposited By:TSBE
Deposited On:2019-08-23
Last Modified:2021-07-05

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