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Prejudice for women on boards

17/08/2009 Prejudice for women on boardsCompanies that have women on their boards are likely to perform poorly on the stock market, a study has found.

Research from the University of Exeter revealed that firms with female board members are negatively viewed by shareholders.

Organisations from the FTSE 100 with all-male boards had a market valuation equivalent to 166 per cent of their book value between 2001 and 2005.

This compares to a market value equal to 121 per cent of book value for firms offering City jobs for women on their boards.

Lead author professor Alex Haslam, a psychologist at the University of Exeter, wrote in the British Journal of Management that women board members are devalued.

He said: "Whatever the reason, it is clear that this response is unwarranted, because there is no objective evidence that having female board members damages a company's performance."

Professor Haslam added that "if anything, the opposite is true". He is the person responsible for the 'glass cliff' theory of placing women in senior posts when firms are in perilous positions.


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