The Impact of the 2012 NZX Listing Rule Change on Board Composition and Company Performance

Glenn Boyle (), Michael Foley and Sanghyun Hong ()
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Sanghyun Hong: University of Canterbury, https://www.canterbury.ac.nz

Working Papers in Economics from University of Canterbury, Department of Economics and Finance

Abstract: We examine the impact of the December 2012 NZX listing rule change that introduced compulsory disclosure about gender diversity on NZ boards. Although criticised for its timidity, the rate of growth in female-held directorships increased significantly after the introduction of the new rule, resulting in, by 2016, average female board representation being approximately double what it had been in 2012. However, we find no relationship between this response and company performance. Across six measures of operating and financial performance, firms that responded most strongly to the listing rule change fared, on average, no better or worse than those that stuck closer to the status quo.

Keywords: Female directors; listing rules; firm performance (search for similar items in EconPapers)
JEL-codes: G34 G38 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2019-08-01
New Economics Papers: this item is included in nep-cfn
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Persistent link: https://EconPapers.repec.org/RePEc:cbt:econwp:19/07

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