Diversity among Norwegian Boards of Directors: Does a Quota for Women Improve Firm Performance?

Harald Dale‐Olsen · Pål Schøne · Mette Verner

141 citations0/0 files storedFeminist Economics

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Gender Diversity and Inequality Corporate Finance and Governance Gender Politics and Representation

Abstract

Exploiting the Norwegian boards of directors’ quota reform of 2003, this study evaluates the impact of increased diversity on firm performance. Applying difference-in-difference approaches to accounting data covering the period 2003–07, the paper compares the return on assets for non-finance public limited companies (PLCs) and ordinary limited companies (LTDs), whereof only the former were affected by the reform. The impact of the reform on firm performance is negligible. Neither changed return on total assets (ROA) nor changed operating revenues and cost can be attributed to the reform. However, following the reform PLCs have to a larger extent accumulated capital, financed by debt or by a combination of debt and own capital.

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1978Men and Women of the Corporation.1978Men and Women of the Corporation 1985The Structure of Corporate Ownership: Causes and Consequences 2009Women in the boardroom and their impact on governance and performance☆2003Corporate Governance, Board Diversity, and Firm Value 2010The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey 2003Rising Tide 2003Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives

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