In the News
Top companies headquartered in California could use a few binders full of women. A new report finds that female executives hold fewer than 1 in 10 of the top spots in the state’s 400 biggest companies. Worse yet, of the 85 Fortune 1000 companies based in California, just one is headed by an ethnic minority woman — Linda Lang of San Diego-based Jack in the Box. California’s numbers are on par with other states, but that’s still a pathetic record for a state as ethnically diverse as California, which leads the nation in so many other ways.
“I wrote yesterday on the race to the bottom — how corporations play states, and even cities, off one another in pursuit of the most lucrative benefits. At the same time, they complain about the burdensome taxes and regulations of California. But, as my colleague Martin Kenney so nicely notes in a recent column, California seems to be holding its own in spite of playing hard to get.”
Women have made few inroads into the executive offices and boardrooms of California companies, according to a new UC Davis study.
The eighth annual “Study of California Women Business Leaders,” released Wednesday by the UC Davis Graduate School of Management, found that women still occupy less than one in 10 of the top posts at the 400 largest public firms headquartered in the state. The findings dovetail with past reports.
There’s good reason why Yahoo! President and CEO Marissa Mayer and Hewlett-Packard President and CEO Meg Whitman find themselves in the media spotlight and overly scrutinized for their performance while held up as role models for women aspiring to emulate their career success at top companies. There are so very few others like them.
At the UC Davis Graduate School of Management, we closely monitor and publish a yearly benchmark for gender diversity in the C-suites and boardrooms of the largest public companies headquartered in California.
The eighth annual “Study of California Women Business Leaders,” released today by the UC Davis Graduate School of Business, found that women still occupy fewer than one in 10 of the top posts at the 400 largest public firms headquartered in the state.
This year’s findings dovetail with past reports.
This year, for the first time, the survey also looked at ethnicity among the 85 Fortune 1000 companies in California, and only one company in that subset of businesses had an ethnic woman as its CEO. Only 13 had any ethnic women directors.
The 400 largest companies headquartered in California, representing almost $3 trillion in shareholder value, still resemble a “boys’ club” with women filling fewer than 10 percent of top executive jobs, a University of California, Davis, study has found. Incremental gains have been pitiful, in my opinion.
The dream of a University of California education has been a historical driver of the upward economic mobility of California’s young people.
With the passage of Proposition 30, Governor Brown on Nov. 14 said the UC must think anew about how it does business.
Agreed. In fact, the UC is inspired now more than ever to fulfill the public’s trust by thinking of new ways to be responsible stewards of the financial resources we receive from the state.
Energy companies spent more than $115 million on the presidential campaign and 80 percent of those funds went to the Republican Party. However, President Obama’s reelection may have less of an impact as they believe; Amy Myers Jaffe, executive director of energy and sustainability at UC Davis, says that while there may be new regulations on oil drilling, the additional costs are unlikely to harm profits.
New Bull Record in 2013 or Crash Over a Bear Cliff?
Commentary: 10-part test: Rational Investing in Irrational Markets
Finance professors Terry Odean and Brad Barber studied 66,400 Wall Street investment accounts and concluded: “The more you trade, the less you earn.” The returns of passive investors (2% annual turnover) actually beat active investors (258% turnover) by 50%.
Written by Amy Myers Jaffe
The reelection of President Barack Obama is good news for the U.S. pursuit of energy independence. That’s because the President is unlikely to take any major steps to ban shale drilling operations in the United States but is more likely than contender Mitt Romney to stay the course on accelerated time lines for higher efficiency standards (CAFE) to 54.5 miles per gallon by 2025
Believe It or Not, Social Responsibility and Green Advocacy Can Improve Oil Company Stock Performance
Written by Amy Myers Jaffe
Authors Paul Griffin and Yuan Sun demonstrate in their new paper a reliable association between companies’ CSR disclosure intensity and political interests. The authors work supports the notion that when the political interests of managers and stakeholders noticeably converge it encourages significantly higher voluntary CSR intensity.
Researchers found that companies were more likely to make social responsibility disclosures if they were headquartered in a state that traditionally has voted Democratic in national elections.
“Especially for smaller public companies, if the firm has been active in disclosing corporate social responsibility measures and if the individuals in the company are politically active, there’s a good chance you will do better in the stock market if you invest in that company,” said Professor Paul Griffin.
Energy expert Amy Myers Jaffe said fuel exporting removes gasoline and diesel that would otherwise be available to the market to mitigate price spikes.
“There is no such thing as ’surplus gasoline,’” said Jaffe, executive director of energy and sustainability at UC Davis. “It’s a little like saying you are only going to take water from the shallow end of the pool. If I take water out, there is less water in the pool.”
What’s Gone Wrong With H-P?
A Lengthy Turnaround Plan Will Require CEO Stability, Responsible Spending and Refresh of Products
It’s a common charge — Silicon Valley is “a boys’ club.” However, it’s not just a spurious claim. A 2011 University of California, Davis, study, entitled “California Women Business Leaders,” shows that “women hold 1 in 9 of the top corporate spots” in the state’s 400 largest companies. And according to a report at SFGate: “Silicon Valley is the most male-dominated of any region. In last year’s study, of the 113 firms in [the area], 42 had no women on the board of directors or in the top five highest-compensated positions.”
Will This Study Swing The Presidential Election?
With the Presidential election so close and days away, a new University of California study could have an impact.
Imagine finding a relationship between company managers’ political contributions, voluntary disclosure and increased shareholder value? The study by the University of California Davis’s research team led by Paul Griffin ‘show positive results by documenting a significant association between corporate political contributions and excess stock return’. Basically, Democratic managers of companies that contribute to Democratic political campaigns that voluntarily disclose their CSR activities enjoy a 4.5% positive mean excess return over a three-month period. The research
Lucas Arzola, founder and CEO of Inserogen, a biotech start-up and past winner of our Big Bang! Business Plan Competition, featured in op-ed by Chancellor Linda Katehi and Rep. Jackie Speier calling for resolution of the stalemate in Washington threatening sequestration of federal research dollars.
Individual Investors Are Destroying Their Wealth
Commentary: 7 sins that individual investors commit
MarketWatch draws upon a 2011 study by Brad Barber of UC Davis and his colleague Terrance Odean of Berkeley on individual investors’ behavior to identify the 7 deadly sins that individual investors commit.
Following the closure of two large businesses – and after years of financial instability – Sacramento City Hall is talking about changing its business culture.
Councilman Jay Schenirer today unveiled a list of proposals aimed at improving the city’s economic condition. Schenirer was flanked by regional business leaders, three council members, City Manager John Shirey and Mayor Kevin Johnson.