Gender Diversity in Corporate Boards: Evidence From Quota-Implied Discontinuities

40 Pages Posted: 15 Oct 2020

See all articles by Olga Kuzmina

Olga Kuzmina

New Economic School (NES); Centre for Economic Policy Research (CEPR)

Valentina Melentyeva

Tilburg University - Department of Econometrics and Operations Research

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Date Written: October 15, 2020

Abstract

We use data across European corporate boards to investigate the effects of quota-induced female representation, under minimal possible identification assumptions. We find that having more women in board causally increases Tobin's Q, despite some negative effects on operating performance and more likely employment downsizings. We interpret this evidence as firms scaling down inefficient operations. Our results highlight that gender quotas are not necessarily a costly way of promoting equality.

Suggested Citation

Kuzmina, Olga and Melentyeva, Valentina, Gender Diversity in Corporate Boards: Evidence From Quota-Implied Discontinuities (October 15, 2020). Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC, Available at SSRN: https://ssrn.com/abstract=3711973 or http://dx.doi.org/10.2139/ssrn.3711973

Olga Kuzmina (Contact Author)

New Economic School (NES) ( email )

45 Skolkovskoe shosse
Moscow, Moscow 121353
Russia

HOME PAGE: http://pages.nes.ru/okuzmina/

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Valentina Melentyeva

Tilburg University - Department of Econometrics and Operations Research ( email )

Tilburg
Netherlands

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