Institutional Correlates with Female Board Representation

22 Pages Posted: 14 Mar 2017 Last revised: 10 May 2018

See all articles by Thomas R. Loy

Thomas R. Loy

University of Bremen

Hendrik Rupertus

University of Bayreuth

Date Written: September 21, 2017


Gender equality on boards is a global and highly politicized issue. To this day, there is considerable cross-country variation in female board representation. We examine institutional supply- and demand-side factors associated with this issue. Our results indicate that a societal climate of gender equality contributes to more women on boards, mainly through fostering the supply of suitable candidates. Therefore, the glass ceiling should be improved through a societal supply-side effort which needs to complement demand-side (quota) regulation.

Keywords: Board of Directors, Gender Equality, Institutional Environment

JEL Classification: G3, J16, M2

Suggested Citation

Loy, Thomas R. and Rupertus, Hendrik, Institutional Correlates with Female Board Representation (September 21, 2017). Finance Research Letters, Forthcoming, Available at SSRN: or

Thomas R. Loy (Contact Author)

University of Bremen ( email )

Universitaetsallee GW I
Bremen, D-28334

Hendrik Rupertus

University of Bayreuth ( email )


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