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Forced board changes: Evidence from Norway

  • Nygaard, Knut

    ()

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

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    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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    File URL: http://www.nhh.no/Admin/Public/DWSDownload.aspx?File=%2fFiles%2fFiler%2finstitutter%2fsam%2fDiscussion+papers%2f2011%2f05.pdf
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    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
    Contact details of provider: Postal: NHH, Department of Economics, Helleveien 30, N-5045 Bergen, Norway
    Phone: +47 55 959 277
    Fax: 5595 9100
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