 Gender Quotas: Challenging the Boards, Performance, and the Stock MarketChiara Pronzato, Paola Profeta, Valeria Ferraro and Giulia Ferrari Working Papers from eSocialSciences Abstract: Comparing before and after the reform within firms, we find that quotas are associated with a higher share of female board directors, higher levels of education of board members, and a lower share of older 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 with 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 the board’s election. Our results are consistent with gender quotas giving rise to a beneficial restructuring of the board, which is positively received by the market. Keywords: reform; quotas; education; female board directors; older members; reform period; higher level of education; stock price; gender quota; stock market returns; market (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ess:wpaper:id:11411 Access Statistics for this paper More papers in Working Papers from eSocialSciences |
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