Scandinavian Working Papers in Economics

HUI Working Papers,
HUI Research

No 60: Does Gender Diversity in the Boardroom Improve Firm Performance?

Sven-Olov Daunfeldt () and Niklas Rudholm
Additional contact information
Sven-Olov Daunfeldt: HUI Research, Postal: Regeringsgatan 60, 103 29 Stockholm, Sweden, University of Dalarna, SE-781 88 Borlänge , Sweden,
Niklas Rudholm: HUI Research, Postal: Regeringsgatan 60, 103 29 Stockholm, Sweden, University of Dalarna, SE-781 88 Borlänge , Sweden,

Abstract: The purpose of this paper is to investigate whether increasing gender diversity on the board of directors improves firm perfomance, using a data-set of 20,487 limited companies in Sweden during 1997-2005. We use a random-effects random-coefficients model to account for unobserved firm heterogenity. More gender diversity in the boardroom is found to have a negative impact on returns on total assets after two years. Thus, legal requirements to increase gender diversity on the board of directors might carry a cost in lower profitability.

Keywords: board of directors; board diversity; corporate governance

JEL-codes: G30; G34; J16

52 pages, April 11, 2012

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