Board Gender-Balancing and Firm Value

Board Gender-Balancing and Firm Value

B. Espen Eckbo, Knut Nygaard, Karin Thorburn

Series number :

Serial Number: 

Date posted :

March 01 2016

Last revised :

March 19 2019
SSRN Share


  • Gender quota • 
  • Director Independence • 
  • valuation effect • 
  • long-run performance • 
  • corporate conversion • 
  • busy directors • 
  • director network power

Studies of Norway's pioneering gender balancing of corporate boards conclude that the gender quota law imposed large costs on shareholders of listed firms. We show that this conclusion does not survive simple econometric adjustments, whether applied to the prior data sets or our substantially expanded panel.

With the improved econometrics, our estimates of abnormal stock returns and changes in Tobin's $Q$ fail to reject the hypothesis of a zero impact on firm value. We also document that boards' large-firm CEO experience did {\it not} decline, which is consistent with a deep pool of qualified female directors.


Real name: 
Knut Nygaard