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Forced board changes: Evidence from Norway

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Author Info

  • Nygaard, Knut

    () (Dept. of Economics, Norwegian School of Economics and Business Administration)

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    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.

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    Bibliographic Info

    Paper provided by Department of Economics, Norwegian School of Economics in its series Discussion Paper Series in Economics with number 5/2011.

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    Length: 32 pages
    Date of creation: 09 Mar 2011
    Date of revision:
    Handle: RePEc:hhs:nhheco:2011_005

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    Postal: NHH, Department of Economics, Helleveien 30, N-5045 Bergen, Norway
    Phone: +47 55 959 277
    Fax: 5595 9100
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    Web page: http://www.nhh.no/sam/
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    Related research

    Keywords: Natural experiment; Regulation; Corporate governance; Gender quota.;

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Greater gender diversity on boards
      by Nicholas Gruen in Club Troppo on 2011-05-26 04:09:33

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