Diversity

Working Paper

03 June 2021

Investors’ Response to the #MeToo Movement: Does Corporate Culture Matter?

This paper provides evidence that the #MeToo movement revised investors’ beliefs about the costs (benefits) of fostering an exclusive (inclusive) culture, as reflected by the absence (presence of a critical mass) of women...

Mary Brooke Bilings | April Klein | Yanting (Crystal) Shi
01 August 2017

Closing the Gap: Gender Quotas and Corporate Board Composition

We study the impact of board gender quotas on firms’ hiring and retention practices. We find that female director tenure significantly increases following the introduction of a quota in France in 2011, with stronger effects among...

Daniel Ferreira | Edith Ginglinger | Marie-Aude Laguna | Yasmine Skalli
30 July 2019

Is The Stock Market Biased Against Diverse Top Management Teams?

Using a novel text-based measure of top management team diversity, covering over 70,000 top executives in over 6,500 U.S. firms from 1999 to 2014, we show that analyst forecasts are systematically more pessimistic for firms with more...

Alberto Manconi | A. Emanuele Rizzo | Oliver Spalt
26 August 2019

Does Board Gender Diversity Affect Renewable Energy Consumption?

This paper examines the effect of board gender diversity on renewable energy consumption. Using a panel of 11,677 firm-year observations from the USA for 2008–2016, we find a positive relationship between board gender diversity and...

Muhammad Atif | Mohammed Hossain | Md. Samsul Alam | Marc Goergen
07 May 2020

Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

During the Harvey Weinstein and #MeToo events, firms with a non-sexist corporate culture, proxied by having women among the five highest paid executives, earn excess returns of 1.6%. These returns are followed by positive revisions in...

Karl Lins | Lukas Roth | Henri Servaes | Ane Tamayo
19 October 2020

Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governance

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds’ generally docile...

Michal Barzuza | Quinn Curtis | David H. Webber
06 December 2020

The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice

In 2017, “The Big Three” institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led firms to add at least 2.5 times as many female directors in 2019 as they...

Todd Gormley | Vishal K. Gupta | David A. Matsa | Sandra C. Mortal | Lukai Yang

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