Gender Quotas and Support for Women in Board Elections

UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance

Marina Gertsberg

Paper Title: Gender Quotas and Support for Women in Board Elections

Speaker: Marina Gertsberg, University of Melbourne

Time and Date: 12 – 1 pm, Wednesday 29 March 2023 (Australian Eastern Daylight Time)

Venue: Face-to-face seminar in room CB08.08.002, Level 8, Building 8, University of Technology Sydney, 14-28 Ultimo Rd, Ultimo, Sydney, Australia (Map of campus)

Abstract:  We study shareholder support for corporate board nominees before and after the 2018 California gender quota announcement. Pre-quota announcement, new female nominees received greater support than new male nominees, consistent with women being held to a higher standard. Post-quota, as the number of women increased, support for new (mandated) female nominees decreased, but not below the support new male nominees enjoy. Still, share prices reacted negatively to the quota. We show that this reaction was concentrated in firms with entrenched boards that (predictably) failed to turn over their least-supported male directors when adding women to comply with the quota.

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Co-ordinator: Kenny Phua
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