UNIVERSIDAD AUTÓNOMA DE

NUEVO LEÓN
FACULTAD DE CONTADURÍA
PÚBLICA Y ADMINISTRACIÓN

Negocios Internacionales

Asignatura: Fuentes de financiamiento de capital

Profesor: Juan Carlos Martinez Manrique

Grupo: 4GI
Actividad: Evidencia 3
Integrantes:
Amy Clarissa Guadarrama Pequeño 1947057
Alan Antonio Andrade Ibarra 1958752
Diana Belen Alarcón Coronel 1979547
Etson Jaír Durán Faz 1976587
Abigail Flores Barragán 2002417
Devanhy Guadalupe Banda Quintero 1910960
Saul Martinez Migueles 2123470
Valeria Ximena Lucio Guerra 1966548
29 de abril del 2023
 The influence of gender on financial
decisions: evidence from small start-up firms
in Spain.

1.- What is the percentage that the number of women in

boardrooms has increased in the European Union from 2001 to
2007?
The average number of women in boardrooms has increased in the
European union from 5% in 2001 to 8.1% in 2007.

2.- What does IBEX-35 Index stand for?

Is the benchmark stock market index of the Spanish stock
exchange, and it measures the joint behavior of the 35 most traded
companies

3.- Which are the 2 countries with the highest proportion of

women of female directors in 2007?
Norway and Sweden have a higher proportion, with 37% and 21.3%
of female directors, respectively. In Spain the presence of women in
boardrooms

4.- Mention the main arguments about gender may influence the
level of corporate debt, as well as its cost and maturity.
-It has been shown that companies whose CEO is a woman have, on
average, higher levels of profitability.
-More participative management styles can result in higher
profitability, as women are more likely to cooperate with other
managers
-Another explanation for the higher profitability of companies
whose CEOs are female

5.- Mention the 2 main non-excluding theories that attempt to

explain existing firms’ capital structure, which are derived from the
Modigliani and Miller’s paper.
Trade-off theory and pecking order theory.

6.- What is the Pecking order theory?

Pecking order theory was first modelled by Myers and Majluf.
Myers and Majluf consider that the empirical evidence is not
consistent with a financial policy that is determined by a trade-off
of the advantages and disadvantages of market imperfections.
Rather, companies’ financial policies seem to be better explained by
the behavior described by Donaldson. He establishes a hierarchy
describing company preferences for internal financial sources over
external financial sources; in the case of external financial sources, a
company prefers debt first, then hybrid instruments like
convertible bonds, and finally equity issues.

7.- How is defined the group diversity, focusing on diversity?

Focusing on diversity, group diversity is defined as the variety of
individual attributes within a group. Most arguments related to
information/decision- making theories predict a positive influence
of diversity on group outcomes. Diversity in working groups
implies a better knowledge of the market and better identification
with customers and employees, thereby increasing the company’s
ability to penetrate markets.

8.- What is the argument of Robinson and Dechant?

Robinson and Dechant argue that greater diversity in working
groups implies a better knowledge of the market and a better
identification with customers and employees, thereby increasing
the company’s ability to penetrate markets.

9.- According to this article, what does the women tend to prefer, in
relation to risk?
They tend to prefer the lower level of risk.