Do countries with different cultural, social and religious backgrounds behave the same way concerning women’s representation on corporate boards?

Abstract

This study focuses on female representation on corporate boards in Turkey and Spain, two countries in which clear differences exist in social, cultural and religious contexts. Using data from the most influential companies in the two states, we have investigated the presence of women in the boardrooms in 2014. We present new evidence on the comparison of outcomes of women’s participation on boards. Results show differences in the involvement of women on the boards of major companies in Turkey and Spain. Statistical analysis suggests that the presence of women on the most powerful boards of directors of Spanish companies is higher than that of Turkish companies, and there are statistically significant differences between the two countries. This article offers insights to policy makers interested in analysing whether differences, values and beliefs between countries could influence the role of women in the decision-making process of the upper echelons of business.

Keywords: Turkey, Spain, board of directors, female directors, corporate governance.