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    Do board gender quotas affect firm value? Evidence from California Senate Bill No. 826

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    Name:
    California Boards Draft 9-30-19 ...
    Embargo:
    2023-02-01
    Size:
    533.5Kb
    Format:
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    Description:
    Final Accepted Manuscript
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    Author
    Greene, Daniel
    Intintoli, Vincent J.
    Kahle, Kathleen M.
    Affiliation
    Univ Arizona
    Issue Date
    2020-02
    Keywords
    Boards of directors
    Female directors
    Gender diversity
    Gender quota
    Corporate governance
    Regulation
    
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    Citation
    Greene, D., Intintoli, V. J., & Kahle, K. M. (2020). Do board gender quotas affect firm value? Evidence from California Senate Bill No. 826. Journal of Corporate Finance, 60, 101526. https://doi.org/10.1016/j.jcorpfin.2019.101526 ‌
    Journal
    JOURNAL OF CORPORATE FINANCE
    Rights
    Copyright © 2019 Elsevier B.V. All rights reserved.
    Collection Information
    This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.
    Abstract
    We examine stock market reactions, direct costs of compliance, and board adjustments to California Senate Bill No. 826 (SB 826), the first mandated board gender diversity quota in the United States. Announcement returns average -1.2% and are robust to the use of multiple methodologies. Returns are more negative when the gap between the mandated number and the pre-SB 826 number of female directors is larger. These negative effects are less severe for firms with a greater supply of female candidates, and for those that can more easily replace male directors or attract female directors. For small firms, the annual direct cost of compliance through board expansion is non-trivial, representing 0.76% of market value. Following SB 826, firms significantly increase female board representation, and the increase is greater for firms in California than control firms in other states.
    Note
    36 month embargo; published online: 1 February 2020
    ISSN
    0929-1199
    DOI
    10.1016/j.jcorpfin.2019.101526
    Version
    Final accepted manuscript
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.jcorpfin.2019.101526
    Scopus Count
    Collections
    UA Faculty Publications

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