Skip to main content

Advertisement

SpringerLink
Log in

Women on the boards of listed companies: Evidence from Finland

  • Published:
Journal of Management & Governance Aims and scope Submit manuscript

Abstract

This paper investigates gender differences on the corporate boards of Finnish listed companies. The personal characteristics, careers, and boardroom roles of female and male directors on boards were analyzed on the basis of empirical data collected by questionnaire. An analysis of the findings revealed only minor differences between the women and men in personal characteristics such as their marital status, number of children and education, or in their careers. However, female board members were on average younger than their male counterparts and considered themselves to be more protean, took more active roles on the board, and enjoyed power more than men did. They also felt a need for more women on the board. The goal of this study is to contribute to the existing research in two ways. Firstly, it provides empirical evidence on women’s representation on boards from Finland, where women’s and men’s rights are regarded as more equal than in many other countries. Secondly, the study aims to increase our knowledge of gender differences, careers and roles of women in top positions in Finnish business.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • Acker, J. (1990). Hierarchies, jobs, bodies: A theory of gendered organizations. Gender & Society, 4(2), 139–158.

    Article  Google Scholar 

  • Aczel, A. D., & Sounderpandian, J. (2006). Complete business statistics (Sixth Edition ed.). Singapore: McGraw-Hill International Edition.

    Google Scholar 

  • Barako, D. G., & Brown, A. M. (2008). Corporate social reporting and board representation: Evidence from the Kenyan banking sector. Journal of Management and Governance, 12(4), 309–324.

    Article  Google Scholar 

  • Bilimoria, D., & Wheeler, J. (2000). Building the case for women corporate directors. In R. Burke & M. Mattis (Eds.), Women on Corporate Boards of Directors (pp. 25–40). Kluwer Academic: Netherlands.

    Google Scholar 

  • Brennan, N. (2006). Boards of directors and firm performance: Is there an expectations gap? Corporate Governance: An International Review, 14(6), 577–593.

    Article  Google Scholar 

  • Brennan, N. M., & Solomon, J. (2008). Corporate governance, accountability and mechanisms of accountability: An overview. Accounting. Auditing & Accountability Journal, 12(7), 885–906.

    Article  Google Scholar 

  • Broadbent, J., & Kirkham, L. (2008). Glass ceilings, glass cliffs or new worlds? Revisiting gender and accounting. Accounting. Auditing & Accountability Journal, 21(4), 465–473.

    Article  Google Scholar 

  • Brunila, K. (2009). Sukupuolten tasa-arvo korkeakoulutuksessa ja tutkimuksessa (p. 51). selvityksiä: Sosiaali- ja terveysministeriö.

    Google Scholar 

  • Burgess, Z., & Tharenou, P. (2002). Women board directors: Characteristics of the few. Journal of Business Ethics, 37(1), 39–49.

    Article  Google Scholar 

  • Burke, R. J. (1997). Women on corporate boards of directors: A needed resource. Journal of Business Ethics, 16(9), 909–915.

    Article  Google Scholar 

  • Burke, R. J. (2006). Women’s career development: Recent international research. Equal Opportunities International, 25(4), 213–235.

    Google Scholar 

  • Campbell, K., & Vera, A. M. (2010). Female board appointments and firm valuation: Short and long-term effects. Journal of Management and Governance, 14(1), 37–59.

    Article  Google Scholar 

  • Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53.

    Article  Google Scholar 

  • Collier, P. M. (2008). Stakeholder accountability: A field study of the implementation of a governance improvement plan. Accounting Auditing & Accountability Journal, 21(7), 933–954.

    Article  Google Scholar 

  • Crowley-Henry, M., & Weir, D. (2007). The international protean career: Four women’s narratives. Journal of Organizational Change, 20(2), 245–258.

    Article  Google Scholar 

  • Daily, C. M., Certo, S., & Dalton, D. R. (1999). A decade of corporate women: Some progress in the boardroom, none in the executive suite. Strategic Management Journal, 20(1), 93–99.

    Article  Google Scholar 

  • Dowling, S. (2010). Women on Board: Norway’s Experience Shows Compulsory Quotas Work. Spiegel Online. 7.8.2010.

  • Erdhardt, N. L., Werbel, J. D., & Sharder, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An international review, 11(2), 102–111.

    Article  Google Scholar 

  • Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1–2), 85–106.

    Article  Google Scholar 

  • http://www.cgfinland.fi/content/view/16/63/lang,en/, retrieved on 02.02.2010.

  • http://www.minna.fi/web/guest/Tasa-arvoselonteon%20taustaselvitykset, retrieved on 04.02.2010.

  • Hajba, S. (1990). Naiset suuryritysten hallintoelimissä. Turun kauppakorkeakoulun julkaisuja. Sarja Keskustelua ja raportteja 1:1990. Turku.

  • Hausman, R., Tyson, L. D., & Zahidi, S. (2009). The Global Gender Gap Report. Geneva: World Economic Forum.

    Google Scholar 

  • Helsingin Sanomat (2001). Few women on boards of state-owned companies, 19.3.2001.

  • Hillman, A., Cannella, A., Jr., & Harris, I. (2002). Women and racial minorities in the boardroom: How do directors differ? Journal of Management, 28(6), 747–763.

    Google Scholar 

  • Hillman, A., Cannella, A., & Paetzold, R. (2000). The resource-dependence role of corporate directors: Strategic adaption of board composition in response to environmental change. Journal of Management, 22(3), 409–438.

    Google Scholar 

  • Hirvonen, A., Niskakangas, H., & Steiner, M.-L. (2003). Corporate Governance. WSOY.Helsinki: Hyvä omistajaohjaus ja hallitustyöskentely.

    Google Scholar 

  • Huse, M. (2008). Women directors and the “Black Box” of board behavior. In S. Vinnicombe, V. Singh, R. J. Burke, D. Bilimoria, & M. Huse (Eds.), Women on corporate boards of directors: international research and practice. Great Britain: Edward Elgar Publishing Limited.

    Google Scholar 

  • Huse, M., Nielsen, S. T., & Hagen, M. I. (2009). Women and employee-elected board members, and their contributions to board control tasks. Journal of Business Ethics, 89(4), 581–597.

    Article  Google Scholar 

  • Kang, H., Cheng, M., & Gray, S. J. (2007). Corporate governance and board composition: Diversity and independence of australian boards. Corporate Governance. An International Review, 15(2), 194–207.

    Article  Google Scholar 

  • Kervinen, E. (2010). Joka neljäs hallitushai on jo ulkomaalainen, Helsingin Sanomat 16.5.2010.

  • Kesner, I. (1988). Directors′characteristics and committee membership: An investigation of type, occupation, tenure and gender. Academy of Management Journal, 31(1), 66–84.

    Article  Google Scholar 

  • Konrad, A. M., Kramer, V., & Erkut, S. (2008). The impact of three or more women on corporate boards. Organizational Dynamics, 37(2), 145–164.

    Article  Google Scholar 

  • Kosnik, R. (1990). The effects of board demography and directors’ incentives on corporate greenmail decisions. Academy of Management Journal, 31(1), 129–150.

    Article  Google Scholar 

  • Lainema, M. (2006). Strateginen hallitus. Jyväskylä: Boardman.

    Google Scholar 

  • Lassila, A. (2010). Naisten osuus kasvussa pörssiyritysten hallituksissa. Helsingin Sanomat 16.2.2010.

  • Leblanc, R., & Gillies, J. (2005). Inside the Boardroom, How Boards Relly Work and the Coming revolution in corporate Governance. Ontario: John Wiley & Sons Canada, Ltd,

    Google Scholar 

  • Mainiero, L. A., & Sullivan, S. E. (2005). Kaleidoscope careers: An alternate explanation for the “opt-out” revolution. Acadamy of Management Executive, 18(1), 106–123.

    Article  Google Scholar 

  • Marshall, J. (2007). The gendering of leadership in corporate social responsibility. Journal of Organizational Change Management, 20(2), 165–181.

    Article  Google Scholar 

  • Nielsen, S., & Huse, M. (2010). Women directors’ contribution to board decision-making and strategic involvement: The sole of equality perception. European Management Review, 7(1), 16–29.

    Article  Google Scholar 

  • O’Connel, R. T., & Bowerman, B. L. (2003). Business Statistics in Practice (3rd ed.). Hill Irwin: McGraw.

    Google Scholar 

  • O’Neil, D. A., Bilimoria, D., & Saatcioglu, A. (2004). Women’s career types: attributions of satisfaction with career success. Career Development International., 9(5), 478–500.

    Article  Google Scholar 

  • Parker, L. D. (2007). Financial and external reporting research: The broadening corporate governance challenge. Accounting and Business Research., 37(1), 39–54.

    Article  Google Scholar 

  • Pearce, J. A., I. I., & Zahra, S. A. (1991). The relative power of CEOs and board of directors: Associations with corporate performance. Startegic Management Journal, 12(2), 135–153.

    Google Scholar 

  • Pesonen, S., Tienari, J., & Vanhala, S. (2009). The boardroom gender paradox. Gender in Management: An International Journal, 24(5), 327–345.

    Article  Google Scholar 

  • Salo, I. (2006). Hallitusvalta maistuu naisille. Talouselämä, 7.4.2006.

  • Sealy, R. & Singh, V. (2006). Role models, work identity, and senior women’s career progression–Why are role models important? Best papers Proceedings of Academy of Management Annual Meeting, Atlanta, GA.

  • Sheridan, A. (2001). A view from the top: Women on the boards of public companies. Corporate Governance, 1(1), 8–14.

    Article  Google Scholar 

  • Sheridan, A., & Milgate, G. (2005). Accessing board positions: A comparison of female and male board members’ views. Corporate Governance: An International Review, 13(6), 847–855.

    Article  Google Scholar 

  • Singh, V. (2008). Transforming Boardroom Cultures, Report for UK Recourse Centre for Women in Science. Bradford: Engineering and Technology.

    Google Scholar 

  • Singh, V., Terjesen, S., & Vinnicombe, S. (2008). Newly appointed directors in the boardroom: How do women and men differ? European Management Journal, 26(1), 48–58.

    Article  Google Scholar 

  • Tasa-arvo, Suomessa. (2006). Sosiaali- ja terveysministeriön esitteitä, 2006, 8.

  • Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320–337.

    Article  Google Scholar 

  • Terjesen, S., & Singh, V. (2008). Female presence on corporate boards: A multi-country study of environmental context. Journal of Business Ethics, 37(1), 77–89.

    Google Scholar 

  • Vinnicombe, S., Singh, V., Burke, R. J., Bilimoria, D., & Huse, M. (2008). Women on corporate boards of directors: International research and practice. Great Britain: Edward Elgar Publishing Limited.

    Google Scholar 

  • West, C. D., & Zimmerman, D. H. (1983). Small insults: A study of interruptions in conversations between unacquainted persons. In B. Thoren, C. Kramerae, & R. Henley (Eds.), Language gender, society. MA: Newbury House.

    Google Scholar 

  • Westphal, J. D., & Milton, L. P. (2000). How do experience and network ties affect the influence of demographic minorities on corporate boards. Administrative Science Quarterly, 45(2), 366–398.

    Article  Google Scholar 

  • White, B. (1995). The career development of successful women. Women in Management Review, 10(3), 4–15.

    Article  Google Scholar 

  • Williams, R. J. (2003). Women on corporate boards of directors and their influence on corporate philanthropy. Journal of Business Ethics, 42(1), 1–10.

    Article  Google Scholar 

  • Women and men in Finland. (2007). Statistics Finland. Helsinki: Multiprint.

    Google Scholar 

  • Women and men in Finland. (2009). Statistics Finland. Helsinki: Multiprint.

    Google Scholar 

  • Women’s Career Development: Recent International Research (2006) Burke, R.J. (Ed): Equal Opportunities International. 25 (4), 231-330.

  • Zelechowski, D. D., & Bilimoria, D. (2004). Characteristics of women and men corporate inside directors in the us. Corporate Governance: An International Review, 12(3), 337–342.

    Article  Google Scholar 

  • Zona, Zattoni. (2007). Beyond the black box of demography: Board processes and task effectiveness within italian firms. Corporate Governance: An International Review, 15(5), 852–862.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. The School of Business and Economics, University of Jyväskylä, 35 (MaE 202), Jyväskylä, 40014, Finland

    Aila Virtanen

Authors
  1. Aila Virtanen
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Aila Virtanen.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Virtanen, A. Women on the boards of listed companies: Evidence from Finland. J Manag Gov 16, 571–593 (2012). https://doi.org/10.1007/s10997-010-9164-z

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s10997-010-9164-z

Keywords

Search

Navigation