Gender diversity and cost of equity capital: evidence from an emerging market

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dc.contributor.authorGaio, Luiz Eduardo
dc.contributor.authorOliveira Stefanelli, Nelson
dc.date.accessioned2026-04-14T19:21:22Z
dc.date.issued2025-12-01
dc.description.abstractPurpose: This study examines the relationship between board gender diversity and the cost of equity among publicly traded Brazilian companies. Design/methodology/approach: The sample includes Brazilian firms listed on B3 from 2010 to 2023. This study estimated linear and nonlinear regression models using the two-step generalized method of moments (GMM). It measured gender diversity through board composition metrics and diversity indices, while it calculated the cost of equity using the Fama–French five-factor model. Findings: The results obtained suggest that increased board gender diversity is associated with a lower cost of equity, with a nonlinear effect indicating that progressive diversity improvements yield more significant reductions in capital costs. Originality/value: This study better provides a comprehension of gender diversity and financial performance in a Latin American emerging market, addressing a gap in research predominantly focused on developed economies. It is the first to use the Fama–French five-factor model to explore this relationship in emerging markets.
dc.formatapplication/pdf
dc.identifier.citationGaio, L. E., & Oliveira Stefanelli, N. (2025). Gender diversity and cost of equity capital: evidence from an emerging market. Journal of Economics, Finance and Administrative Science, 30(60), 337–363. Retrieved from https://revistas.esan.edu.pe/index.php/jefas/article/view/897
dc.identifier.doihttps://doi.org/10.1108/JEFAS-02-2024-0059
dc.identifier.urihttps://hdl.handle.net/20.500.12640/4939
dc.languageInglés
dc.language.isoeng
dc.publisherUniversidad ESAN
dc.publisher.countryPE
dc.relation.ispartofurn:issn:2218-0648
dc.rightshttps://purl.org/coar/access_right/c_abf2
dc.subjectGender diversityen_EN
dc.subjectCost of equityen_EN
dc.subjectFinancial performanceen_EN
dc.subjectFama–French five-factoren_EN
dc.subjectEmerging marketen_EN
dc.subjectDiversidad de géneroes_ES
dc.subjectCosto del capitales_ES
dc.subjectDesempeño financieroes_ES
dc.subjectModelo de cinco factores de Fama-Frenches_ES
dc.subjectMercado emergentees_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titleGender diversity and cost of equity capital: evidence from an emerging market
dc.typehttps://purl.org/coar/resource_type/c_6501
dc.type.otherArtículo
dc.type.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
local.acceso.esanAcceso abierto
oaire.citation.endPage363
oaire.citation.issue60
oaire.citation.startPage337
oaire.citation.titleJournal of Economics, Finance and Administrative Science
oaire.citation.volume30

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JEFAS Vol. 30 Nº 60 (2025)