| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11176 |
| DP11176 Does gender-balancing the board reduce firm value? | |
| Karin S. Thorburn; B Espen Eckbo | |
| 发表日期 | 2016-03-18 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | A board gender quota reduces firm value if it forces the appointment of under-qualified female directors. We examine this costly constraint hypothesis using the natural experiment created by Norway's 2005 board gender-quota law. This law drove the average fraction of female directors from 5% in 2001 to 40% by 2008, producing a large exogenous shock to director experience and independence. However, statistically robust analyses of quota-induced shareholder announcement returns, and of long-run stock and accounting performance, fail to reject the hypothesis of a zero valuation effect of this shock to board composition. Moreover, firms did not expand board size, nor is there significant evidence of quota-induced corporate conversions to a (non-public) legal form exempted from the quota law. Finally, our evidence on female director turnover and a novel network-based measure of director gender-power gap also fails to suggest that qualified female directors were in short supply. |
| 主题 | Financial Economics |
| 关键词 | Gender quota Director independence Valuation effect Corporate conversion Busy directors Director network power Long-run performance |
| URL | https://cepr.org/publications/dp11176 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539993 |
| 推荐引用方式 GB/T 7714 | Karin S. Thorburn,B Espen Eckbo. DP11176 Does gender-balancing the board reduce firm value?. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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