Women Don’t Mean Business? Gender Penalty in Board Composition
Abstract
We examine investor responses to board diversity and highlight a previously unexplored mechanism to explain negative market reactions to senior female appointments. Drawing on signaling theory, we propose that an increase in board diversity leads investors to update their beliefs about firm preferences. Specifically, we argue that a gender-diverse board is interpreted as revealing a preference for diversity and a weaker commitment to shareholder...
Paper Details
Title
Women Don’t Mean Business? Gender Penalty in Board Composition
Published Date
Nov 1, 2019
Journal
Volume
30
Issue
6
Pages
1270 - 1288
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