Gender Diversity: From Wall Street to Main Street

Yongqiang Chu, Xinming Li () and Daxuan Zhao ()
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Xinming Li: Nankai University
Daxuan Zhao: Renmin University of China

Journal of Business Ethics, 2023, vol. 188, issue 1, No 9, 168 pages

Abstract: Abstract Examining the effect of hedge fund activism on gender diversity, we find that the number of female directors decreases after a firm is targeted by hedge fund activism. Using the employment history data from BoardEx, we find that activist hedge funds are more likely to appoint people with finance backgrounds to the boards of target firms. And the newly appointed finance background directors are almost all male because of the lack of diversity in the finance industry. The lack of gender diversity of the hedge funds’ networks and the lack of qualified female directors in the local area also help explain the impact of hedge fund activism on gender diversity on the board.

Keywords: Gender diversity; Board of directors; Hedge fund activism; G23; G34; J16 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10551-023-05328-w

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