Board Gender-Balancing and Firm Value

  title={Board Gender-Balancing and Firm Value},
  author={B. Espen Eckbo and Knut M. Nygaard and Karin S. Thorburn},
In 2005, Norway was the first country to mandate gender-balanced corporate boards, forcing the percentage of female directors to 40% by 2008. Our robust valuation estimation and operating performance analysis fail to reject a value-neutral impact of the quota, even for firms with all-male boards. We further show that firms maintained overall board CEO experience, and that they refrained from either increasing board size (to keep male directors) or changing legal form to avoid mandatory gender… Expand
Board Gender Diversity and Corporate Innovation: International Evidence
Abstract Using a novel database of firm patents and board characteristics across 45 countries, we examine both within- and cross-country determinants of board gender diversity and its relation toExpand
Board gender quotas: can women realistically boost firm performance?
In this paper, we investigate the impact of gender quotas on firm performance and corporate decisions using Belgium, France and Italy as a natural experiment. Our statistical analysis shows that theExpand
Do Board Gender Quotas Affect Firm Value? Evidence from California Senate Bill No. 826
We examine stock market reactions, direct costs of compliance, and board adjustments to California Senate Bill No. 826 (SB 826), the first mandated board gender diversity quota in the United States.Expand
Attentional role of quota implementation
Abstract In this paper, we introduce a new role of quotas, e.g. labor market quotas: the attentional role. We study the effect of quota implementation on the attention allocation strategy of aExpand
Board Gender Diversity and Firm Value in Times of Crisis: Evidence from the COVID-19 Pandemic
We provide robust evidence that stocks of the firms with gender-diverse boards experienced higher abnormal returns during the period when negative market sentiment induced by the outbreak of theExpand
Director diversity and inclusion: At the table but in the game?
The issue of the presence of diverse directors on boards has attracted considerable attention among policymakers, practitioners, and academics. There is relatively less attention to the inclusion ofExpand
How Many Female Seats on a Board? Board Gender-Diversification, Power, Risk-Taking, and Financial Performance
Using a novel combination of empirical tools and analyses, we demonstrate that if a female director is unlikely to have any personal power or influence on the board, her addition to the board willExpand
It only takes a strong tie: Board gender quotas and network-based hiring
How do board gender quotas interact with network-based hiring practices, and which women benefit from quotas? Using matched firm-director datasets covering the population of Danish firms and bloodandExpand
Lab-in-the-field experiments: perspectives from research on gender
It is demonstrated how lab-in-the-field experiments have offered new perspectives about gender differences in decision-making and the ethical and implementational challenges researchers may face while conducting these experiments. Expand
Public Attention to Gender Equality and Board Gender Diversity
We document that heightened public attention to gender equality is associated with an overall increase in board gender diversity. Improvements in diversity are more pronounced in firms with aExpand


Are busy boards detrimental
Busy directors have been widely criticized as being ineffective. However, we hypothesize that busy directors offer advantages for many firms. While busy directors may be less effective monitors,Expand
Does Mandatory Gender Balance Work? Changing Organizational Form to Avoid Board Upheaval
Norway is the first, and so far the only, country to mandate a minimum fraction of female and male directors on corporate boards. We find that after a new gender balance law surprisingly stipulatedExpand
A Female Style in Corporate Leadership? Evidence from Quotas
This paper studies the impact of gender quotas for corporate board seats on corporate decisions. We examine the introduction of Norway's 2006 quota, comparing affected firms to other NordicExpand
Beyond the Classroom: Using Title IX to Measure the Return to High School Sports
Between 1972 and 1978 U.S. high schools rapidly increased their female athletic participation rates in order to comply with Title IX. This paper examines the causal implications of this expansion byExpand
The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey
  • 2010
Econometrics of Event Studies
New evidence is presented illustrating that properties of event study methods can vary by calendar time period and can depend on event sample firm characteristics such as volatility, which reinforces the importance of using stratified samples to examine event study statistical properties. Expand
The Determinants of Corporate Board Size and Composition: An Empirical Analysis
Many theories have been proposed to explain how corporate boards are structured. This paper groups these theories into three hypotheses and tests them empirically. We utilize a unique panel datasetExpand
Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments
We examine the number of external appointments held by corporate directors. Directors who serve larger firms and sit on larger boards are more likely to attract directorships. Consistent with FamaExpand
The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems
Since 1973 technological, political, regulatory, and economic forces have been changing the worldwide economy in a fashion comparable to the changes experienced during the nineteenth centuryExpand