Does board diversity affect the cost of debt financing? Empirical evidence from Turkey

dc.authorid0000-0001-6036-0559
dc.authorscopusid57214083720
dc.contributor.authorAksoy, Mine
dc.contributor.authorYılmaz, Mustafa Kemal
dc.contributor.otherYönetim Bilimleri Fakültesi, İşletme Bölümü
dc.date.accessioned2023-01-20T10:44:23Z
dc.date.available2023-01-20T10:44:23Z
dc.date.issued2023
dc.departmentİHÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü
dc.description.abstractPurpose – This study aims to investigate the effects of board characteristics on the cost of debt for nonfinancial companies in the Turkish capital markets. Design/methodology/approach – Using a sample of 211 non-financial companies listed on Borsa Istanbul, this study examines how chairperson gender and board characteristics affect the cost of debt by using panel data analysis over the period of 2016–2020. A system generalized method of moments model is also applied to test the endogeneity issue. Findings – The findings show that the presence of female chairperson and female directors on board reduces the cost of debt and the perceptions of default risk by fund providers, while board independence and board size do not have a significant impact on the cost of debt. The results provide insightful information for companies and policymakers. Companies can alter board composition through gender diversity, while policymakers can introduce new policies in encouraging the presence of female directors on boards. Originality/value – This study primarily enriches the literature on the effect of board diversity on debt financing cost in a leading emerging market, enabling companies in emerging markets to better mitigate agency costs and finance their investment through effective board composition. Second, it provides evidence that financial institutions consider companies with chairwomen and women directors on the boards less risky and charge them less for debt financing than they do for companies with man chairperson. Finally, the results support policymakers to take actions to increase female presence on board.
dc.identifier.citationAksoy, M. ve Yılmaz, M. K. (2023). Does board diversity affect the cost of debt financing? Empirical evidence from Turkey. Gender in Management. http://doi.org/10.1108/GM-01-2022-0021
dc.identifier.doi10.1108/GM-01-2022-0021
dc.identifier.issn1754-2413
dc.identifier.scopus2-s2.0-85146289231
dc.identifier.scopusqualityQ1
dc.identifier.urihttp://doi.org/10.1108/GM-01-2022-0021
dc.identifier.urihttps://hdl.handle.net/20.500.12154/1976
dc.identifier.wosWOS:000912125800001
dc.identifier.wosqualityQ3
dc.indekslendigikaynakScopus
dc.indekslendigikaynakWeb of Science
dc.institutionauthorYılmaz, Mustafa Kemal
dc.institutionauthorid0000-0001-6036-0559
dc.language.isoen
dc.publisherEmerald Publishing
dc.relation.ispartofGender in Management
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectBoard Composition
dc.subjectBorsa Istanbul
dc.subjectChairwomen
dc.subjectCost of Debt
dc.subjectGender Diversity
dc.titleDoes board diversity affect the cost of debt financing? Empirical evidence from Turkey
dc.typeArticle
dspace.entity.typePublication
relation.isAuthorOfPublication9b408141-b1c4-485b-8f06-14ff4eccc6a7
relation.isAuthorOfPublication.latestForDiscovery9b408141-b1c4-485b-8f06-14ff4eccc6a7
relation.isOrgUnitOfPublicationc9253b76-6094-4836-ac99-2fcd5392d68f
relation.isOrgUnitOfPublication.latestForDiscoveryc9253b76-6094-4836-ac99-2fcd5392d68f

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