Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334409 
Year of Publication: 
2025
Citation: 
[Journal:] Journal of Economics, Finance and Administrative Science [ISSN:] 2218-0648 [Volume:] 30 [Issue:] 60 [Year:] 2025 [Pages:] 337-363
Publisher: 
Emerald Publishing Limited, Leeds
Abstract: 
Purpose - 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 - Thisstudy better provides a comprehension of gender diversity and financial performance in a Latin American emergingmarket, 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.
Subjects: 
Gender diversity
Cost of equity
Financial performance
Fama-French five-factor
Emergingmarket
JEL: 
J16
M14
G32
G34
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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