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Board gender quotas and female CEOs in private firms

Author

Listed:
  • Sonia Falconieri
  • Marcelo Ortiz
  • Francisco Urzua
  • Paolo Volpin

Abstract

Since Norway’s board gender reform in 2003, many European countries have introduced gender targets for the boards of listed firms. We examine how these regulations affected the gender of newly appointed chief executive officers (CEOs) in private firms. Using crosscountry and industry-level variation in exposure to the reform, we document an 8 to 13 percent increase in the number of appointments of female CEOs in industries with listed firms subject to the reforms, and no change in industries without such exposure. The effect is stronger in countries with mandatory quotas and where board appointments are more salient. The results indicate that board gender regulations generated positive spillover effects beyond the targeted listed firms, increasing the representation of women in top executive positions in private firms; however, they did not lead to a broader country-level cultural shift.

Suggested Citation

  • Sonia Falconieri & Marcelo Ortiz & Francisco Urzua & Paolo Volpin, 2025. "Board gender quotas and female CEOs in private firms," Economics Working Papers 1926, Department of Economics and Business, Universitat Pompeu Fabra.
    • Handle: RePEc:upf:upfgen:1926
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    References listed on IDEAS

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    1. B. Espen Eckbo & Knut Nygaard & Karin S. Thorburn, 2022. "Valuation Effects of Norway’s Board Gender-Quota Law Revisited," Management Science, INFORMS, vol. 68(6), pages 4112-4134, June.
    2. Giulia Ferrari & Valeria Ferraro & Paola Profeta & Chiara Pronzato, 2022. "Do Board Gender Quotas Matter? Selection, Performance, and Stock Market Effects," Management Science, INFORMS, vol. 68(8), pages 5618-5643, August.
    3. Justin Wolfers, 2006. "Diagnosing Discrimination: Stock Returns and CEO Gender," Journal of the European Economic Association, MIT Press, vol. 4(2-3), pages 531-541, 04-05.
    4. Del Prete, Silvia & Papini, Giulio & Tonello, Marco, 2024. "Gender quotas, board diversity and spillover effects. Evidence from Italian banks," Journal of Economic Behavior & Organization, Elsevier, vol. 221(C), pages 148-173.
    5. Marianne Bertrand & Sandra E Black & Sissel Jensen & Adriana Lleras-Muney, 2019. "Breaking the Glass Ceiling? The Effect of Board Quotas on Female Labour Market Outcomes in Norway," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(1), pages 191-239.
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    Keywords

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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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