We study the relationship between female representation on boards and firm value and profitability in Turkey from 2011 to 2018, relying on hand-collected data covering the vast majority of listed firms. We build several proxies of female representation on boards and find no evidence that female directors predict firm value and profitability using broad measures that are typically required or mandated by regulators. However, we find that female directors predict higher firm value when they have a more active role in board governance through board committee memberships and when they are represented in these committees in relatively large numbers. The presence of female directors, who are members of controlling families is associated with higher firm value. The presence of female independent directors is associated with higher profitability. We also study three potential channels through which female directors might influence firm outcomes and find that the presence of female directors on boards and board committees (i) facilitates the production of financial statements of higher quality; (ii) may lead to lesser incidence of violations of capital market laws and regulations, and (iii) reduces the hoarding of negative news and the related stock price crash risk. We also compare female directors to their male counterparts and find limited evidence for systematic differences.

我们研究了 2011 年至 2018 年土耳其董事会女性代表与公司价值和盈利能力之间的关系，依赖于涵盖绝大多数上市公司的手工收集数据。我们在董事会中建立了几个女性代表的代理，但没有发现任何证据表明女性董事使用监管机构通常要求或强制执行的广泛衡量标准来预测公司价值和盈利能力。然而，我们发现，当女性董事通过董事会委员会成员在董事会治理中发挥更积极的作用，并且当她们在这些委员会中的代表人数相对较多时，她们预测的公司价值会更高。作为控股家族成员的女性董事的存在与更高的公司价值相关。女性独立董事的存在与更高的盈利能力有关。我们还研究了女性董事可能影响公司结果的三个潜在渠道，并发现女性董事在董事会和董事会委员会中的存在 (i) 有助于编制更高质量的财务报表；(ii) 可以减少资本市场违法违规行为的发生，以及 (iii) 减少负面消息的囤积和相关的股价暴跌风险。我们还将女导演与男导演进行了比较，发现系统差异的证据有限。(ii) 可以减少资本市场违法违规行为的发生，以及 (iii) 减少负面消息的囤积和相关的股价暴跌风险。我们还将女导演与男导演进行了比较，发现系统差异的证据有限。(ii) 可以减少资本市场违法违规行为的发生，以及 (iii) 减少负面消息的囤积和相关的股价暴跌风险。我们还将女导演与男导演进行了比较，发现系统差异的证据有限。