Abstract

http://ssrn.com/abstract=1953152
 
 

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Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements


Renee B. Adams


University of New South Wales; Financial Research Network (FIRN); European Corporate Governance Institute (ECGI)

Stephen Gray


University of Queensland - Business School; Duke University - Fuqua School of Business; Financial Research Network (FIRN)

John Nowland


City University of Hong Kong

November 2, 2011


Abstract:     
Around the world, policy makers are mandating gender quotas for boards of publicly-traded firms. Since the benefits and costs of these quotas accrue to shareholders, it is important to see how they react to the appointment of female directors. Using data on mandatory announcements of new director appointments, we find that the gender of directors appears to be value-relevant. On average, shareholders value additions of female directors more than they value additions of male directors. Firms with workplace practices in place to promote workplace equality appear to benefit the most from boardroom gender diversity. This suggests that appointing female directors may help resolve value-decreasing stakeholder conflicts.

Number of Pages in PDF File: 55

Keywords: board of directors, director appointments, female directors, gender, monitoring, stakeholders

JEL Classification: J16, G30

working papers series





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Date posted: November 2, 2011 ; Last revised: July 23, 2012

Suggested Citation

Adams, Renee B. and Gray, Stephen and Nowland, John, Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements (November 2, 2011). Available at SSRN: http://ssrn.com/abstract=1953152 or http://dx.doi.org/10.2139/ssrn.1953152

Contact Information

Renée B. Adams (Contact Author)
University of New South Wales ( email )
Sydney, NSW 2052
Australia
+61(2)93854280 (Phone)

Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia
HOME PAGE: http://www.firn.org.au

European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Stephen Gray
University of Queensland - Business School ( email )
University of Queensland
Brisbane, Queensland 4072
Australia
Duke University - Fuqua School of Business
Box 90120
Durham, NC 27708-0120
United States
Financial Research Network (FIRN) ( email )
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

John Nowland
City University of Hong Kong ( email )
83 Tat Chee Avenue
Kowloon
Hong Kong
China
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