Gender Quotas: Challenging the Boards, Performance and the Stock Market

Giulia Ferrari, Valeria Ferraro, Paola Profeta and Chiara Pronzato

No 92, Working Papers from "Carlo F. Dondena" Centre for Research on Social Dynamics (DONDENA), Università Commerciale Luigi Bocconi

Abstract: In 2011, Italy introduced board gender quotas in listed companies. Comparing within firms before-after reform changes, we document that quotas are associated with a higher share of female board directors, with higher levels of education of board members and a lower share of elderly members. We then use the reform period as an instrument for the share of female directors and find no significant impact on firms’ performance. Interestingly, we find that the share of female directors is associated to a lower variability of stock market prices. We also run event studies on the stock price reaction to the introduction of gender quotas. A positive effect of the quota law on stock market returns emerges at the date of board’s election. Our results are consistent with gender quotas inducing a beneficial renovation of the board, which is positively received by the market.

Keywords: education; age; financial markets (search for similar items in EconPapers)
Pages: 69 pages
Date: 2016-09
New Economics Papers: this item is included in nep-sog
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Citations: View citations in EconPapers (27)

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Related works:
Working Paper: Gender Quotas: Challenging the Boards, Performance, and the Stock Market (2017)
Working Paper: Gender Quotas: Challenging the Boards, Performance, and the Stock Market (2016)
Working Paper: Gender Quotas: Challenging the Boards, Performance, and the Stock Market (2016)
Working Paper: Gender Quotas: Challenging the Boards, Performance, and the Stock Market (2016)
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