This book explores gender diversity in the financial system, focusing especially on regulations, disclosure standards, theories and literature on the relationship between women in atypical positions and bank performance, female representation in governance bodies of banks and insurance companies, the gender pay gap and the gender balance in Central Banks. The topics are examined highlighting the progress towards gender equality (SDG 5) and the room for improvement in financial services with implications for policymakers, regulators and researchers in both finance and gender studies.
Author(s): Giuliana Birindelli, Antonia Patrizia Iannuzzi
Series: Palgrave Macmillan Studies in Banking and Financial Institutions
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 370
City: Cham
Foreword
Acknowledgements
Contents
About the Authors
List of Figures
List of Tables
1 Introduction
2 An Overview of Legal Measures, Voluntary Rules, Indexes, and Certifications Concerning Gender Diversity in the Banking Industry
2.1 Gender Diversity in the Banking Industry: Why Is It Generating so Much Attention?
2.2 Guidelines and Legal Measures: A Focus on Europe
2.3 Gender Quotas for Boards of Directors and Self-Regulatory Initiatives in Europe
2.4 Gender Diversity Disclosure: The Non-financial Information
2.5 Indexes, Certifications, and the Women’s Empowerment Principles
2.5.1 Gender Equality Indexes
2.5.2 Gender Equality Certifications
2.5.3 Principles on Gender Equality
References
3 Women and Bank Performance: Theoretical Background and Literature Review
3.1 Main Theories on the Role of Women in the Decision-Making Process
3.2 Board Gender Diversity and Bank Economic-Financial Performance: A Positive Linear Relationship
3.2.1 The Case of Microfinance Institutions
3.3 Studies Supporting a Non-significant, Negative, or Non-linear Relationship Between BGD and Bank Economic-Financial Performance
3.4 Board Gender Diversity and Bank Efficiency
3.5 Board Gender Diversity and Bank CSR Performance and Disclosure
3.5.1 Board Gender Diversity and Bank Environmental Performance
3.6 Women on Boards and Bank Risk-Taking
3.7 Other Under-Investigated Research Lines on Gender Diversity
References
4 Data on Female Representation in Banks
4.1 Introduction: A Brief Overview of Gender Data from the International Monetary Fund
4.2 Gender Diversity Data: A Focus on the European Banking System
4.3 Other Data
4.3.1 Women in Top Positions
4.3.2 Comparisons with the United States of America: A Few Brief Considerations
4.4 Double Glass Ceiling
4.5 Some Final Remarks
References
5 The Gender Pay Gap in the Financial Sector: Where Do We Stand?
5.1 The Principle of Equal Pay for Equal Work for Women and Men
5.1.1 The European Directives on the Gender Pay Gap
5.2 Main Evidence from the Literature
5.3 Data on Gender Pay Inequality in the Financial Sector
5.3.1 Eurostat Data
5.3.2 Data from the European Banking Authority
5.3.3 A Focus on the UK Banking Sector
5.4 Actions to Close the Pay Gap
5.4.1 The Most Recent Legislative Measures
5.4.2 The “Gender Neutrality Principle” in Bank Remuneration Practices
5.5 What Can Banks Do to Reduce Their Gender Pay Gap?
References
6 Gender Diversity in the Insurance Industry: Progress Made and Next Steps
6.1 Introduction
6.2 Gender Diversity in Insurance Companies: Evidence from the Literature
6.3 An Overall Picture of the Gender Diversity in the Insurance Sector
6.4 Gender Diversity in Some Leading Insurance Companies
6.4.1 AXA
6.4.2 Zurich Insurance
6.4.3 Assicurazioni Generali
References
7 Women in the Asset Management Sector
7.1 Why Does Gender Diversity Matter in the Asset Management Industry?
7.1.1 The Main Barriers Women Face in the Asset Management Sector
7.2 Regulatory Initiatives at International and European Level
7.3 The Gender Diversity Funds
7.3.1 An Overview of Some Gender Diversity Funds
The Nordea 1-Global Gender Diversity Fund
The Fidelity Women’s Leadership Fund
The RobecoSAM Global Gender Equality Impact Equities
The ETFs on Gender Diversity
7.4 Best Practices and Guidelines to Promote Diversity and Gender Inclusion in the Asset Management Sector: The Case of 3 AM Trade Associations
References
8 How Central Are Women in Central Banks?
8.1 Why Are Women Missing at Central Banks?
8.2 Some Empirical Studies on Women in Central Banks
8.3 European Central Bank Measures to Strengthen Female Representation
8.4 Female Governors: A Rarity?
8.5 Gender Diversity and Central Banks in the EU Member States
8.6 The Results of a Survey
8.6.1 Percentage of Women Working in the CBs
8.6.2 Number of Women in the Decision-Making Body
8.6.3 Gender-Equality Policy Issued Through a Formal Document
8.6.4 Culture on Gender Equality
8.6.5 Female Recruitment
8.6.6 Work-Life Balance
8.6.7 Women’s Career
8.6.8 Diversity and/or Inclusion Officer/Team
8.6.9 Gender Equality Certification
8.6.10 Gender Pay Gap
References
9 Gender Diversity in Banks and Insurance Companies: The State of Art
9.1 Sample and Data
9.2 Gender Diversity in Banks: International Evidence
9.3 Gender Diversity in Insurance Companies: Evidence Worldwide
9.4 Banks Versus Insurance Companies: A Few Considerations
References
10 A Case of Temporary (Extended) “Hard Quotas”: Gender Diversity in Italian Banks
10.1 Regulatory Excursus: Where Is Italy Heading?
10.2 Insight into the Italian Scenario: How Is Female Representation Evolving?
10.3 Focus on Female Presence in Italian Listed Banks
10.4 The Gender Pay Gap in Italian Listed Banks
References
11 Proposing a Framework for Calculating an Index on Gender Equality in Financial Firms
11.1 Is There Truly the Need for a Gender Equality Framework?
11.2 The Analysis Framework
References
Index
