Arbeitspapier

Gender Quotas: Challenging the Boards, Performance, and the Stock Market

In 2011, Italy introduced gender quotas for boards of directors of companies listed on its stock market. Comparing before and after the reform within firms, we find that quotas are associated with a higher share of female board directors, higher levels of education of board members, and a lower share of older members. We then use the reform period as an instrument for the share of female directors and find no significant impact on firms' performance. Interestingly, we find that the share of female directors is associated with a lower variability of stock market prices. We also run event studies on the stock price reaction to the introduction of gender quotas. A positive effect of the quota law on stock market returns emerges at the date of the board's election. Our results are consistent with gender quotas giving rise to a beneficial restructuring of the board, which is positively received by the market.

Sprache
Englisch

Erschienen in
Series: CESifo Working Paper ; No. 6084

Klassifikation
Wirtschaft
Demand and Supply of Labor: General
Particular Labor Markets: Public Policy
Labor Discrimination: Public Policy
Thema
education
age
financial markets

Ereignis
Geistige Schöpfung
(wer)
Ferrari, Giulia
Ferraro, Valeria
Profeta, Paola
Pronzato, Chiara
Ereignis
Veröffentlichung
(wer)
Center for Economic Studies and ifo Institute (CESifo)
(wo)
Munich
(wann)
2016

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Ferrari, Giulia
  • Ferraro, Valeria
  • Profeta, Paola
  • Pronzato, Chiara
  • Center for Economic Studies and ifo Institute (CESifo)

Entstanden

  • 2016

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