Document Type : Research Paper


1 PhD Student of Accounting Islamic Azad University

2 Assistant Professor of Accounting, Islamic Azad University

3 Assistant Professor of Mathematics and Statistics, Islamic Azad University


In recent years, the participation of women in corporate governance, especially on boards of directors and audit committees, has considerably increased. Examining the effects of female audit committee members on agency costs and bankruptcy risk, this study aims to answer the question of whether presence of women on the audit committee are associated with the improvement of its effectiveness. In this respect, 662 firm-year observations of listed companies on the Tehran Stock Exchange were analyzed for the period 2012-2017, employing the method of panel data and Generalized Least Squares (GLS). The research findings revealed that female presence on audit committees has a significant negative association with agency costs and bankruptcy risk. In other words, female presence on audit committees leads to the reduction in agency costs and bankruptcy risk. It can be concluded that women make better monitors, and they are more risk-averse and less tolerant towards managers’ opportunistic behaviors and, thus, lead to the enhancement in the effectiveness of audit committee.


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