How Does the Stock Market Value Female Directors? International Evidence
研究投资者对董事会性别多样性的看法及其对公司长期股票表现的影响，发现女性董事既未改善也未损害长期业绩，因此应超越商业案例，考虑社会伦理因素。
We analyze investors’ perception and long-term effects of board gender diversity on firms’ stock market performance in an international setting. Our results, controlling for the endogenous nature of board compositions, indicate that female board representation neither improves nor reduces firms’ long-term stock performance. Hence, we argue that it is imperative to go beyond the conventional thinking in terms of the business case for gender diversity and broaden the perspective also to incorporate societal and ethical aspects in the strive to board gender equality. Even more so, as our results show that it does not entail reduced shareholder value, which the literature on mandatory gender quotas commonly seems to suggest.