Where Women Make the Difference. The Effects of Corporate Board Gender Quotas on Firms' Performance across Europe

52 Pages Posted: 14 Jul 2017

See all articles by Simona Comi

Simona Comi

Università degli Studi di Milano-Bicocca

Mara Grasseni

University of Milan - Department of Business Policy and Economics

Federica Origo

University of Bergamo

Laura Pagani

University of Milan, Bicocca - Faculty of Economics; Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS); Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS)

Date Written: July 12, 2017

Abstract

We study the effect of corporate board gender quotas on firm performance in Belgium, France, Italy and Spain. The empirical analysis is based on accounting panel data from Bureau Van Dijk’s Amadeus. Our identification strategy relies on both double and triple difference estimators with ex-ante matching. We find that gender quotas had either a negative or an insignificant effect on firm performance in the countries considered with the exception of Italy, where we find a positive impact on productivity. We then focus on Italy and offer possible explanations for the positive effect of gender quotas using detailed information on board members’ characteristics.

Keywords: Gender Quotas, Corporate Governance, Firm Performance, Productivity

JEL Classification: G30, G38, J3

Suggested Citation

Comi, Simona and Grasseni, Mara and Origo, Federica and Pagani, Laura, Where Women Make the Difference. The Effects of Corporate Board Gender Quotas on Firms' Performance across Europe (July 12, 2017). University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 367, Available at SSRN: https://ssrn.com/abstract=3001255 or http://dx.doi.org/10.2139/ssrn.3001255

Simona Comi

Università degli Studi di Milano-Bicocca ( email )

Piazza dell'Ateneo Nuovo, 1
Milano, Milan 20126
Italy

Mara Grasseni

University of Milan - Department of Business Policy and Economics ( email )

Milano, I-20122
Italy

Federica Origo

University of Bergamo ( email )

Via Salvecchio, 19
Bergamo, 24129
Italy

Laura Pagani (Contact Author)

University of Milan, Bicocca - Faculty of Economics ( email )

Italy

Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS) ( email )

Piazza dell'Ateneo Nuovo, 1
Milano, 20126
Italy

Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) ( email )

Piazza dell'Ateneo Nuovo, 1
Milan, 20126
Italy

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