Gender and Board Activeness: The Role of a Critical Mass

55 Pages Posted: 23 Jun 2011 Last revised: 28 Jul 2015

See all articles by Miriam Schwartz-Ziv

Miriam Schwartz-Ziv

Michigan State University - Department of Finance

Multiple version iconThere are 2 versions of this paper

Date Written: July 14, 2015


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.

Keywords: boards of directors, gender, active boards, firm performance

JEL Classification: D71, D73, G30, J01, J16, L21, M10

Suggested Citation

Schwartz-Ziv, Miriam, Gender and Board Activeness: The Role of a Critical Mass (July 14, 2015). Journal of Financial and Quantitative Analysis (JFQA), Forthcoming. Available at SSRN: or

Miriam Schwartz-Ziv (Contact Author)

Michigan State University - Department of Finance ( email )

315 Eppley Center
East Lansing, MI MICHIGAN 48824-1122
United States
8573127793 (Phone)
8573127793 (Fax)


Register to save articles to
your library


Paper statistics

Abstract Views
PlumX Metrics