Board diversity reforms: Do they matter for EU bank performance?
研究了欧盟董事会多元化改革对银行绩效的影响，发现改革后三年内银行股票回报和波动性上升，且效果取决于国家制度环境。
Abstract We examine the impact of governance reforms related to board diversity on the performance of European Union banks. Using a difference‐in‐difference approach, we document that reforms increase bank stock returns and their volatility within the first 3 years after their enactment. The type of reform matters, with quotas increasing return volatility. The effectiveness of reforms depends on a country's institutional environment. The impact of reforms on return volatility is found to be beneficial in countries more open to diversity, with common law system and with greater economic freedom. Finally, reforms play a bigger role in banks that have ex ante less heterogeneous boards.