The Effectiveness of Gender Diversity Reforms and the Impact of a Familial Culture: A Spillover Effect on Board Independence
研究了41个国家中董事会性别多元化改革（自愿与强制）对增加独立女性董事和董事会独立性的效果，发现家族文化会削弱自愿改革的效果，而强制配额改革则普遍有效。
Abstract This study examines the impact of board gender diversity reforms (i.e. voluntary and regulatory) on both their effectiveness in increasing independent female directors on boards and board independence in a sample of 41 countries (10,313 unique firms and 82,613 firm‐year observations). In an initial analysis, we find that voluntary self‐regulation via a comply‐or‐explain reform decreases the number of independent female directors on boards and board independence. However, after incorporating the moderating effect of national culture, we find that such comply‐or‐explain reforms are ineffective only in countries where the inclusion/role of women in labour markets is limited (i.e. familial culture). By contrast, quota reforms boost the appointment of independent female directors and board independence despite the cultural setting, signifying positive actions towards good corporate governance practices.