Do religiosity and political beliefs affect female representation and firm performance?
研究企业总部所在社区的宗教信仰和政治倾向对董事会女性比例的影响，发现低宗教信仰和低共和党选民比例的地区更可能有更多女性董事，且女性董事在保守地区与企业估值负相关。
We investigate the effect of the community values surrounding a firm's headquarters on the percentage of women on a firm's board of directors. We use religiosity and political affiliation measures to capture the values associated with the community norms. We find that firms headquartered in counties with lower religiosity and a lower percentage of Republican voters are more likely to have a greater number of female board members. Furthermore, firms with more female directors located in more Republican areas or more religious cities are more likely to have lower valuations, as measured by Tobin's Q. These results have implications for corporate culture and the supply of female directors.