The Impact of the 2012 NZX Listing Rule Change on Board Composition and Company Performance
36 Pages Posted: 14 May 2019 Last revised: 29 Sep 2020
Date Written: July 7, 2020
We examine the impact of the December 2012 NZX listing rule change that introduced compulsory disclosure about gender diversity on NZ boards. Although criticised for its timidity, the rate of growth in female-held directorships increased significantly after the introduction of the new rule, resulting in, by 2016, average female board representation being more than double what it had been in 2012. However, we find no relationship between this response and five measures of company performance.
Keywords: female directors, listing rules, firm performance
JEL Classification: G34, G38
Suggested Citation: Suggested Citation