Despite a conventional wisdom that female board members positively impact firm performance, a thorough examination of the research to date reveals no consensus that female board members have either a positive or negative effect on firm financial performance. We build the largest dataset of Australian board appointments assembled to date. We use our data to demonstrate how difficult it is to replicate existing research, with one example from Australia and one from the USA. Using event studies and regression analyses, we demonstrate that there is little evidence that female board representation affects firm financial performance.

中文翻译：

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女性董事会代表性和公司绩效：澳大利亚回顾和新估计1

尽管传统观点认为女性董事会成员对公司业绩产生积极影响，但对迄今为止的研究进行彻底审查后发现，对于女性董事会成员对公司财务业绩有积极或消极影响，并没有达成共识。我们构建了迄今为止最大的澳大利亚董事会任命数据集。我们使用我们的数据来证明复制现有研究有多么困难，其中一个例子来自澳大利亚，一个例子来自美国。通过事件研究和回归分析，我们证明几乎没有证据表明女性董事会代表性会影响公司的财务业绩。