Gender Diversity: An Empirical Study on 4.151 US Investment Funds


  • Simona Arduini University of Roma Tre



Gender diversity, Investment Funds, Corporate Social Responsibility (CSR), Environmental, Social and Governance (ESG)


The aim of this paper is to explore the issue of gender diversity (GD) in relation to the world of investment funds. In recent times, in fact, savers’ choice does not only converge on the mere pursuit of profit. Investment funds, in this scenario, are increasingly judged according to their environmental and ethical actions, and not just by the promised rewards. Individual and institutional investors, on this wake, are aligning their behavior with their values by taking responsibility for the investments they select. It is central, therefore, to understand and observe how issues such as GD are evaluated, managed and converted into rating values by funds. This paper is supported by a mixed research methodology involving, on the one hand, an in-depth literature review on the aforementioned topic and, on the other hand, a statistical study developed with the “R-Studio” program. Through the statistical derivation, this study proposes an analysis of histograms and scatter plots on a sample of 4.151 investment funds and the GD-related rating judgments compared with their net assets and longevity. Based on our findings, funds with higher net assets achieve high rating classes but not excellence. In fact, larger funds reside in lower rating classes. Similarly, it is also valid for the amount of capital managed by the funds. From the empirical evidence we provide, it can also be seen that, there is no evidence between GD rating category and youngest funds longevity. Filling a gap that exists in the literature on GD-related rating assessment in investment funds, the originality of this paper concerns the descriptive statistics proposed. In fact, the paper contributes to the literature on GD by enriching the analysis of the factors surveyed for its measurement and rating judgment. This study may have both theoretical and practical implications. From a practical perspective, the statistical evidence in this paper could be a guideline for practitioners oriented toward ethical and profitable investment choices. From a theoretical point of view, instead, GD evaluation and monitoring could be a tool to reduce problems related to transparency and legitimacy theory, mitigating information asymmetry between parties and aligning them on potential risks.

Author Biography

Simona Arduini, University of Roma Tre

Simona Arduini is Associate Professor at the Roma Tre University, Department of Business Studies. She teaches Financial Accounting and Business Valuation. Her research interests include accounting principles, value creation and corporate governance.