From business to politics and academia, the economic effects of gender quotas are under scrutiny. We provide new causal evidence based on the introduction of mandatory gender quotas for boards of directors of Italian listed companies. Exploiting staggered board elections, we find that quotas are associated with a new selection of board members – characterized by higher education and lower age – and no significant costs, neither on firm performance nor on the stock market.
Do board gender quotas matter? Selection, performance and stock market effects
Ferrari, Giulia;Ferraro, Valeria;Profeta, Paola
;Pronzato, Chiara
2022
Abstract
From business to politics and academia, the economic effects of gender quotas are under scrutiny. We provide new causal evidence based on the introduction of mandatory gender quotas for boards of directors of Italian listed companies. Exploiting staggered board elections, we find that quotas are associated with a new selection of board members – characterized by higher education and lower age – and no significant costs, neither on firm performance nor on the stock market.
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