Do Board Gender Quotas Matter? Selection, Performance, and Stock Market Effects
基于意大利上市公司强制性别配额的准自然实验，发现配额导致董事会成员更年轻、教育水平更高，且未对企业绩效或股票市场产生显著负面影响。
From business to politics and academia, the economic effects of gender quotas are under scrutiny. We provide new causal evidence based on the introduction of mandatory gender quotas for boards of directors of Italian listed companies. Exploiting staggered board elections, we find that quotas are associated with a new selection of board members, characterized by higher education and lower age, and no significant costs on firm performance or the stock market. This paper was accepted by Yan Chen, behavioral economics and decision analysis.