caa a22 4500 605486107 CHVBK 20210128100444.0 cr unu---uuuuu 210128e20150601xx s 000 0 eng 10.1007/s10551-014-2148-1 doi (NATIONALLICENCE)springer-10.1007/s10551-014-2148-1 Women on the Board and Managers' Pay: Evidence from Spain [Elektronische Daten] [Maria Lucas-Pérez, Antonio Mínguez-Vera, Juan Baixauli-Soler, Juan Martín-Ugedo, Gregorio Sánchez-Marín] The current literature shows great interest in the issue of gender diversity on boards of directors. Some studies have hypothesized a direct relationship between diversity and the value of the firm, but not many examine the intermediate mechanisms that may exert an influence on such relationships. We employ two stages of GMM estimation methodology to exhibit evidences of the relationship between gender diversity and compensation of top managers in the Spanish context. Results show that gender diversity positively affects the effectiveness of boards—in terms of composition, structure, size and functioning—influencing a proper design of top managers compensation linked to company performance. Evidences suggest that legislative actions aimed at increasing the presence of women on boards of directors are justified not only for ethical reasons, but also for reasons of economic efficiency. Springer Science+Business Media Dordrecht, 2014 Board of directors nationallicence Gender diversity nationallicence Governance effectiveness nationallicence Top managers' compensation nationallicence Board characteristics nationallicence Lucas-Pérez Maria Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut Mínguez-Vera Antonio Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut Baixauli-Soler Juan Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut Martín-Ugedo Juan Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut Sánchez-Marín Gregorio Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut Journal of Business Ethics Springer Netherlands 129/2(2015-06-01), 265-280 0167-4544 129:2<265 2015 129 10551 https://doi.org/10.1007/s10551-014-2148-1 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2148-1 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Lucas-Pérez Maria Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut NATIONALLICENCE 700 1- Mínguez-Vera Antonio Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut NATIONALLICENCE 700 1- Baixauli-Soler Juan Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut NATIONALLICENCE 700 1- Martín-Ugedo Juan Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut NATIONALLICENCE 700 1- Sánchez-Marín Gregorio Department of Management and Finance, Faculty of Economics and Business, University of Murcia, Campus de Espinardo, s/n, 30100, Murcia, Spain aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 129/2(2015-06-01), 265-280 0167-4544 129:2<265 2015 129 10551