Gender Diversity on the Board - BI Norwegian Business School

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Percent Percent GRA 19001 Master Thesis Figure 4.1: Distribution of observations large nonlisted firms 30% 20% 10% 0% 0 2 10 13 15 17 19 21 24 26 28 30 32 34 36 40 45 51 55 61 63 70 72 74 80 88 91 93 Industry codes large nonlisted firms Figure 4.1 illustrates the distribution of observations per industry sectors for large nonlisted firms Figure 4.2: Distribution of observations for all nonlisted firms 25% 20% 15% 10% 5% 0% 0 2 10 13 15 17 19 21 23 25 27 29 31 33 35 37 41 50 52 60 62 64 71 73 75 85 90 92 95 Industry codes all nonlisted firms Figure 4.2 illustrates distribution of observations per industry sector for all nonlisted firms 18
GRA 19001 Master Thesis When analyzing the distribution of observations for large nonlisted firms in Figure 4.1, they are unevenly distributed across industries. Four of the industry sectors account for 55% of all observations. These are “Construction”, “Motor Vehicle Services”, “Retail trade, repair personal goods” and “Wholesale trade, commission trade”. In Figure 4.2 the distribution of observation for all nonlisted firms are presented. The four industries that account for most observations are “Construction”, “Retail trade, repair personal goods”, “Other business activities” and “Real estate activities”. These four industries account for 56% of all observations. This uneven distribution must be taken into account when analyzing the share of female stockholder-elected directors. 4.1 Dependent variable The total average percent of female stockholder-elected directors in our sample is 9.10% with a median of 0%. This indicates that there are some extreme cases in the dataset. Descriptive statistics for the share of female stockholder-elected directors are presented in appendix 2.A3. The minimum value in percent of female stockholder-elected directors is 0% and the maximum is 100%. In 4,803 firms there are no female stockholder-elected directors, while 76 firms have 100%. Thus, in 65% of the firms there are no female directors on the board. Such skewness may influence our results since we assume normally distributed data when using OLS. The share of female directors increases during the sample period from 7% in 2000 to 10% in 2007. This may be due to increased focus in politics around recruiting women into corporate boards. We want to examine whether female stockholder-elected directors are represented to a larger extent in certain industries. It is reasonable to assume that more female directors are represented in female market segments. When analyzing the whole sample before any filters, five industries have more than 25 % female stockholder-elected directors. These are “Textile Products”, “Retail trade, repair personal goods”, “Public Administration and Defense”, “Wearing apparel, fur” and “Other service activities”. This supports our expectations that firms directed towards female market segments have more female stockholder-elected directors. However, these industries account for an insignificant 19
Page 1 and 2: Malin Berg Mathisen Linda Waldal BI
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