Board Gender Diversity and Investment Efficiency: Global Evidence from 83 Country-Level Interventions
研究首次汇编1999-2021年间59个国家的83项董事会性别多样性干预措施，发现这些干预能提升企业投资效率，减少低效投资，且强制性和强执行力的措施效果更显著。
ABSTRACT We investigate the effect of board gender diversity (BGD) on investment outcomes. We identify variation in BGD by compiling, for the first time, a global catalog of 83 BGD interventions implemented in 59 countries between 1999 and 2021. Using a staggered difference-in-differences research design, we document that BGD interventions improve investment outcomes. We find that treated firms reduce inefficient investment by 0.6 percent of total assets or 6.5 percent of total investment and are 4 percentage points more likely to have above-median investment efficiency. Cross-sectional tests reveal more pronounced results when BGD interventions are mandatory, are strongly enforced, and result in larger BGD increases. Event-time, stacked panel, and a wide variety of endogeneity-mitigating robustness tests corroborate. Our plausibly causal inferences have important implications for both research and practice. JEL Classifications: F52; G34; G38; K22; M41; K38.