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Feminizing Capital: A Corporate Imperative


Darren Rosenblum


Pace Law School

July 6, 2009

Berkeley Business Law Journal, Vol. 6, No. 1, 2009

Abstract:     
The economic crisis has upended the divide between the public sector and the corporate world, as governments engage in mass intervention in the private sector. This crisis has exposed the need for new leadership in the corporate world. Gendered understandings of economic relations have surfaced – some argue that testosterone encourages excessive greed in boom cycles and fear in bust cycles, or that women can help clean up the mess. This Article explores capital’s Achilles heel – the exclusion of women from its leadership ranks – and one innovative remedy for this shortcoming. Despite a plethora of political representation quotas for women throughout the world, only Norway has instituted a quota to integrate women into corporate leadership. Passed in 2004, the Corporate Board Quota forces all publicly-listed companies to repopulate their boards to reflect a forty percent floor for either gender by the deadline of January 1, 2008, upon penalty of dissolution. This draconian penalty induced all covered corporations to comply. Norway’s dramatic intervention to feminize capital reflects a public/private symbiosis in which the public norm of gender equality infuses private efforts, even as private goals such as economic growth drive public policy. Relying on studies that showed the advantages of a broader pool of corporate leadership, Norway succeeded in transforming its corporate boards. Gender balance has increased and we await the results with regard to corporate performance. Such novel economically and socially optimal remedies for entrenched inequality support the rising purchase of a public/private symbiosis. Although U.S. jurisprudence eschews quotas, the economic crisis has begun to diminish free-market proponents’ fear of public intervention. The CBQ’s novel interaction between the public and private sectors heralds the beginning of a broader conversation about the relationship between effective corporate governance and gender.

Number of Pages in PDF File: 41

Keywords: corporations, gender, corporate boards, corporate governance, gender equality, feminism

JEL Classification: G38,J16,K22

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Date posted: July 7, 2009 ; Last revised: February 12, 2010

Suggested Citation

Rosenblum, Darren, Feminizing Capital: A Corporate Imperative (July 6, 2009). Berkeley Business Law Journal, Vol. 6, No. 1, 2009. Available at SSRN: http://ssrn.com/abstract=1430508

Contact Information

Darren Rosenblum (Contact Author)
Pace Law School ( email )
78 North Broadway
White Plains, NY 10603
United States
914 422 4663 (Phone)
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