Board Gender-Balancing and Firm Value

B. Espen Eckbo · Knut Nygaard · Karin S. Thorburn

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

Abstract

In 2005, Norway was the first country to mandate gender-balanced corporate boards, forcing the percentage of female directors to 40% by 2008. Our robust valuation estimation and operating performance analysis fail to reject a value-neutral impact of the quota, even for firms with all-male boards. We further show that firms maintained overall board CEO experience, and that they refrained from either increasing board size (to keep male directors) or changing legal form to avoid mandatory gender-balancing altogether. This apparent indifference to the quota constraint strongly suggests that it was viewed as a low-cost regulation by existing shareholders as well as by market participants.

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References

2007The determinants of corporate board size and composition: An empirical analysis 1999The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 2013A Female Style in Corporate Leadership? Evidence from Quotas 2013Are busy boards detrimental?1999Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments 2008The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey 2013Does mandatory gender balance work? Changing organizational form to avoid board upheaval 2010Beyond the Classroom: Using Title IX to Measure the Return to High School Sports

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