Women in leadership: impact on liquidity risk and returns in the Chilean stock market
This study analyzes the relationship between liquidity risk and stock return volatility, focusing on the influence of female participation on boards of directors and in senior management. The sample includes 69 large Chilean companies listed on the Santiago Stock Exchange between January 2020 and Ma...
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| フォーマット: | article |
| 言語: | eng |
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2025
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| オンライン･アクセス: | https://revista.sangregorio.edu.ec/index.php/REVISTASANGREGORIO/article/view/3668 |
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タグ追加 | _version_ | 1858437125623513088 |
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| author | Vásquez-Tejos, Francisco Javier |
| author2 | Lamothe-Fernández, Prosper Pape-Larre, Hernan Marcelo |
| author2_role | author author |
| author_facet | Vásquez-Tejos, Francisco Javier Lamothe-Fernández, Prosper Pape-Larre, Hernan Marcelo |
| author_role | author |
| collection | Revista Universidad San Gregorio de Portoviejo |
| dc.creator.none.fl_str_mv | Vásquez-Tejos, Francisco Javier Lamothe-Fernández, Prosper Pape-Larre, Hernan Marcelo Vásquez-Tejos, Francisco Javier |
| dc.date.none.fl_str_mv | 2025-12-31 |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | https://revista.sangregorio.edu.ec/index.php/REVISTASANGREGORIO/article/view/3668 10.36097/rsan.v1i64.3668 |
| dc.language.none.fl_str_mv | eng |
| dc.publisher.none.fl_str_mv | Universidad San Gregorio de Portoviejo |
| dc.relation.none.fl_str_mv | https://revista.sangregorio.edu.ec/index.php/REVISTASANGREGORIO/article/view/3668/1802 |
| dc.rights.none.fl_str_mv | Derechos de autor 2025 Francisco Vasquez, Prosper Lamothe-Fernández, Hernan Marcelo Pape-Larre http://creativecommons.org/licenses/by-nc-nd/4.0 info:eu-repo/semantics/openAccess |
| dc.source.none.fl_str_mv | Revista San Gregorio; Vol. 1 No. 64 (2025): Revista San Gregorio. DECEMBER 2025; 15-24 Revista San Gregorio; Vol. 1 Núm. 64 (2025): Revista San Gregorio. DICIEMBRE 2025; 15-24 2528-7907 1390-7247 10.36097/rsan.v1i64 reponame:Revista Universidad San Gregorio de Portoviejo instname:Universidad San Gregorio de Portoviejo instacron:USGP |
| dc.subject.none.fl_str_mv | Diversidad de género Gobernanza corporativa Riesgo de liquidez Volatilidad del retorno bursátil Chile Gender diversity Corporate governance Liquidity risk Stock return volatility |
| dc.title.none.fl_str_mv | Women in leadership: impact on liquidity risk and returns in the Chilean stock market Mujeres en el liderazgo: impacto en el riesgo de liquidez y retornos en el mercado accionario chileno |
| dc.type.none.fl_str_mv | info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artículo evaluado por pares |
| description | This study analyzes the relationship between liquidity risk and stock return volatility, focusing on the influence of female participation on boards of directors and in senior management. The sample includes 69 large Chilean companies listed on the Santiago Stock Exchange between January 2020 and March 2023. Using panel data methodology and five multidimensional indicators of liquidity risk (Relative Quoted Spread, Coefficient of Elasticity of Trading, Share Turnover, Amihud Illiquidity, and Market Efficiency Coefficient), the results show that female representation on boards of directors is significantly associated with reduced liquidity costs and greater market efficiency. In contrast, women in executive roles are linked to higher stock return volatility, suggesting differentiated approaches to risk management. These findings highlight the strategic relevance of gender diversity in corporate governance, providing evidence that inclusive leadership can strengthen market performance and investor confidence in emerging economies. |
| eu_rights_str_mv | openAccess |
| format | article |
| id | REVUSGP_78fa703e54f4313051677ef4af5d707a |
| identifier_str_mv | 10.36097/rsan.v1i64.3668 |
| instacron_str | USGP |
| institution | USGP |
| instname_str | Universidad San Gregorio de Portoviejo |
| language | eng |
| network_acronym_str | REVUSGP |
| network_name_str | Revista Universidad San Gregorio de Portoviejo |
| oai_identifier_str | oai:ojs.pkp.sfu.ca:article/3668 |
| publishDate | 2025 |
| publisher.none.fl_str_mv | Universidad San Gregorio de Portoviejo |
| reponame_str | Revista Universidad San Gregorio de Portoviejo |
| repository.mail.fl_str_mv | . |
| repository.name.fl_str_mv | Revista Universidad San Gregorio de Portoviejo - Universidad San Gregorio de Portoviejo |
| repository_id_str | 0 |
| rights_invalid_str_mv | Derechos de autor 2025 Francisco Vasquez, Prosper Lamothe-Fernández, Hernan Marcelo Pape-Larre http://creativecommons.org/licenses/by-nc-nd/4.0 |
| spelling | Women in leadership: impact on liquidity risk and returns in the Chilean stock marketMujeres en el liderazgo: impacto en el riesgo de liquidez y retornos en el mercado accionario chilenoVásquez-Tejos, Francisco Javier Lamothe-Fernández, ProsperPape-Larre, Hernan MarceloVásquez-Tejos, Francisco Javier Diversidad de géneroGobernanza corporativaRiesgo de liquidezVolatilidad del retorno bursátilChileGender diversityCorporate governanceLiquidity riskStock return volatilityThis study analyzes the relationship between liquidity risk and stock return volatility, focusing on the influence of female participation on boards of directors and in senior management. The sample includes 69 large Chilean companies listed on the Santiago Stock Exchange between January 2020 and March 2023. Using panel data methodology and five multidimensional indicators of liquidity risk (Relative Quoted Spread, Coefficient of Elasticity of Trading, Share Turnover, Amihud Illiquidity, and Market Efficiency Coefficient), the results show that female representation on boards of directors is significantly associated with reduced liquidity costs and greater market efficiency. In contrast, women in executive roles are linked to higher stock return volatility, suggesting differentiated approaches to risk management. These findings highlight the strategic relevance of gender diversity in corporate governance, providing evidence that inclusive leadership can strengthen market performance and investor confidence in emerging economies.Este estudio analiza la relación entre el riesgo de liquidez y la volatilidad de los retornos bursátiles, enfocándose en la influencia de la participación femenina en los directorios y en la alta dirección. La muestra incluye 69 grandes empresas chilenas que cotizan en la Bolsa de Comercio de Santiago entre enero de 2020 y marzo de 2023. Utilizando una metodología de datos de panel y cinco indicadores multidimensionales de riesgo de liquidez (diferencial de cotización relativo, coeficiente de elasticidad del volumen de negociación, rotación de acciones, iliquidez de Amihud y coeficiente de eficiencia del mercado), los resultados muestran que la representación femenina en los directorios se asocia significativamente con una reducción en los costos de liquidez y una mayor eficiencia del mercado. En contraste, la presencia de mujeres en cargos ejecutivos se vincula con una mayor volatilidad en los retornos bursátiles, lo que sugiere enfoques diferenciados en la gestión del riesgo. Estos resultados destacan la relevancia estratégica de la diversidad de género en la gobernanza corporativa, y aportan evidencia de que un liderazgo inclusivo puede fortalecer el desempeño del mercado y la confianza de los inversionistas en economías emergentes.Universidad San Gregorio de Portoviejo2025-12-31info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtículo evaluado por paresapplication/pdfhttps://revista.sangregorio.edu.ec/index.php/REVISTASANGREGORIO/article/view/366810.36097/rsan.v1i64.3668Revista San Gregorio; Vol. 1 No. 64 (2025): Revista San Gregorio. DECEMBER 2025; 15-24Revista San Gregorio; Vol. 1 Núm. 64 (2025): Revista San Gregorio. DICIEMBRE 2025; 15-242528-79071390-724710.36097/rsan.v1i64reponame:Revista Universidad San Gregorio de Portoviejoinstname:Universidad San Gregorio de Portoviejoinstacron:USGPenghttps://revista.sangregorio.edu.ec/index.php/REVISTASANGREGORIO/article/view/3668/1802Derechos de autor 2025 Francisco Vasquez, Prosper Lamothe-Fernández, Hernan Marcelo Pape-Larrehttp://creativecommons.org/licenses/by-nc-nd/4.0info:eu-repo/semantics/openAccess2026-01-06T17:02:20Zoai:ojs.pkp.sfu.ca:article/3668Portal de revistashttps://revista.sangregorio.edu.ec/Universidad privadahttps://sangregorio.edu.ec/..Ecuador.2528-79071390-7247opendoar:02026-01-06T17:02:20Revista Universidad San Gregorio de Portoviejo - Universidad San Gregorio de Portoviejofalse |
| spellingShingle | Women in leadership: impact on liquidity risk and returns in the Chilean stock market Vásquez-Tejos, Francisco Javier Diversidad de género Gobernanza corporativa Riesgo de liquidez Volatilidad del retorno bursátil Chile Gender diversity Corporate governance Liquidity risk Stock return volatility |
| status_str | publishedVersion |
| title | Women in leadership: impact on liquidity risk and returns in the Chilean stock market |
| title_full | Women in leadership: impact on liquidity risk and returns in the Chilean stock market |
| title_fullStr | Women in leadership: impact on liquidity risk and returns in the Chilean stock market |
| title_full_unstemmed | Women in leadership: impact on liquidity risk and returns in the Chilean stock market |
| title_short | Women in leadership: impact on liquidity risk and returns in the Chilean stock market |
| title_sort | Women in leadership: impact on liquidity risk and returns in the Chilean stock market |
| topic | Diversidad de género Gobernanza corporativa Riesgo de liquidez Volatilidad del retorno bursátil Chile Gender diversity Corporate governance Liquidity risk Stock return volatility |
| url | https://revista.sangregorio.edu.ec/index.php/REVISTASANGREGORIO/article/view/3668 |