Board gender diversity and responsible banking during the Covid-19 pandemic

Alper Kara, Aziidah Nanteza, Aydin Ozkan, Yilmaz Yildiz

Research output: Contribution to journalArticlepeer-review

Abstract

This study investigates whether board gender diversity matters in banks’ initial responses to the COVID-19 pandemic in supporting their customers, communities and governments. We construct a unique and comprehensive COVID-19 Bank Response Measure (C19BRM) by compiling a novel hand-collected dataset on supportive measures announced by US and European banks during the first wave of the pandemic. We find that banks with higher board representation of women directors supported their customers and communities more. Our findings also reveal that more women on the boards increased their charity and donations. Our results are robust to the potential self-selection bias of women choosing to join boards of more responsible banks, the omitted variables bias, and alternative measures of gender diversity.
Original languageEnglish
Article number102213
Number of pages27
JournalJournal of Corporate Finance
Volume74
Early online date23 May 2022
DOIs
Publication statusPublished - 1 Jun 2022

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