Does Female Representation on Boards of Directors Associate with Increased Transparency and Ethical Behavior?

This study examined the association between corporate transparency and ethical orientation of Fortune 500 companies and the number of females represented on the board of directors from 2010 annual report data. Our basis for this judgment was whether the firm was listed on either (both) Ethisphere Magazine's 2010 “World's Most Ethical Companies” or (and) Corporate Responsibility Magazine's 2010 “100 Best Corporate Citizens List.” Our results indicate that, as the number of women directors increased, the probability of a corporation appearing on these lists increased. We also found that a “critical mass” of women directors was indicated by the data for Ethisphere Magazine's but not Corporate Responsibility Magazine's list