Gender and Board Activeness: The Role of a Critical Mass

Miriam Schwartz-Ziv

Journal of Financial and Quantitative Analysis, 2017, vol. 52, issue 2, 751-780

Abstract: This study analyzes detailed minutes of board meetings of business companies in which the Israeli government holds a substantial equity interest. Boards with at least 3 directors of each gender are found to be at least 79% more active at board meetings than those without such representation. This phenomenon is driven by women directors in particular; they are more active when a critical mass of at least 3 women is in attendance. Gender-balanced boards are also more likely to replace underperforming chief executive officers (CEOs) and are particularly active during periods when CEOs are being replaced.

Date: 2017
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