This paper focuses on the impact of board gender diversity on fim performance. Using a sample of 880 listed fims in 10 developed countries covering a nine year period, we fid that gender diversity has a negative effct on fim market performance. The result is consistent when diffrent robustness checks are employed. A negative correlation can be explained by the fact that the presence of women on boards increases monitoring function. When the investors’ rights are well protected by the legal system, this extra monitoring may be costly for fims. This fiding suggests that a quota for the exact anticipation of female directors on boards should be carefully considered.
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This paper focuses on the impact of board gender diversity on fim performance. Using a sample of 880 listed fims in 10 developed countries covering a nine year period, we fid that gender diversity has a negative effct on fim market performance. The result is consistent when diffrent robustness checks are employed. A negative correlation can be explained by the fact that the presence of women on boards increases monitoring function. When the investors’ rights are well protected by the legal system, this extra monitoring may be costly for fims. This fiding suggests that a quota for the exact anticipation of female directors on boards should be carefully considered.
