Gender and Board Activeness: The Role of a Critical Mass
Michigan State University
July 14, 2015
Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
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 three 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 three women is in attendance. Gender-balanced boards are also more likely to replace underperforming CEOs and are particularly active during periods when CEOs are being replaced.
Number of Pages in PDF File: 55
Keywords: boards of directors, gender, active boards, firm performance
JEL Classification: D71, D73, G30, J01, J16, L21, M10
Date posted: June 23, 2011 ; Last revised: July 28, 2015
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