Board gender quotas, female directors and corporate tax aggressiveness: a causal approach

Josep Garcia-Blandon, Josep Maria Argilés-Bosch, Diego Ravenda, David Castillo-Merino

Producción científica: Artículo en revista indizadaArtículorevisión exhaustiva

16 Citas (Scopus)


As a result of a mandatory board gender quota regulation, the percentage of female directors in Norway increased from around 5% in 2001 to over 40% in 2007, while it remained stable in neighbouring Denmark. Taking advantage of this unique research setting, this study implements a difference-in-differences approach to investigate the effects of the gender composition of the board of directors on corporate tax aggressiveness. Results indicate that the likelihood of corporate tax aggressive strategies increased in Norway after the appointment of many female directors, compared to the situation in Denmark. This finding is robust to a battery of sensitivity analyses and, in particular, to how corporate tax aggressiveness is measured. We interpret this result as caused by the way in which the incorporation of women to the boards was achieved, that is, through a mandatory board gender quota regulation. Possible implications of the findings are discussed.

Idioma originalInglés
Número de artículo102010
PublicaciónInternational Review of Financial Analysis
EstadoPublicada - ene 2022


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