Discussion Paper Series in Economics, Department of Economics, Norwegian School of Economics (NHH)
Forced board changes: Evidence from Norway.
Abstract: The recently introduced gender quota on Norwegian
corporate boards dramatically increased the share of female directors. This
reform offers a natural experiment to investigate changes in corporate
governance from forced increases in gender diver- sity, and whether these
changes in turn impact firm performance. I find that investors anticipate
the new directors to be more effective in firms with less information
asymmetry between insiders of the firm and outsiders. Firms with low
information asymmetry experience positive and significant cumulative
abnormal returns (CAR) at the introduction of the quota, whereas firms with
high information asymmetry show negative but insignificant CAR.
Keywords: Natural experiment; Regulation; Corporate governance; Gender quota.; (follow links to similar papers)
JEL-Codes: G34; G38; (follow links to similar papers)
32 pages, March 9, 2011
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