Mandatory Gender Balance and Board Independence
研究发现，强制要求公司董事会实现性别平衡（如女性占比40%）会显著提高独立董事比例，但可能降低企业价值，尤其对小型、年轻、盈利且股东权力大的非上市公司影响更大。
Abstract We find that forcing radical gender balance on corporate boards is associated with increased board independence and reduced firm value. A mandatory 40% gender quota shifts the average fraction of independent directors from 46% to 67% because female directors are much more often independent directors than males are. This shock to board independence via gender quotas is strongest in small, young, profitable, non‐listed firms with powerful stockholders and few female directors. Such firms also lose the most value, presumably because they need advice from dependent directors the most and monitoring by independent directors the least.