TY - JOUR
T1 - The impact of board gender quotas on analyst recommendations
T2 - A difference-in-differences analysis
AU - Garcia-Blandon, Josep
AU - Argilés-Bosch, Josep Maria
AU - Ravenda, Diego
N1 - Publisher Copyright:
©2025 ASEPUC.
PY - 2025/1/2
Y1 - 2025/1/2
N2 - Norway provides the case study for examining the impact of board gender quotas on firm performance. The debate that ultimately led to the introduction of the quota was heated and polarised, with opponents of the quota arguing that the inability of the firm’s owners to select the best candidates for the board (regardless of gender) would result in poorly managed firms. Although several articles have empirically examined the impact of the Norwegian gender quota on performance, the available evidence is inconclusive. These articles use return on assets and/or Tobin’s Q as indicators of performance. The present study contributes to the literature by providing a new and complementary approach to this research topic. To this end, we examine the impact of board gender quotas on analysts’ perceptions of performance, as measured by investment recommendations. The research design adopts a difference-in-differences methodology coupled with fixed effects panel data estimation. The results document that recommendations on Norwegian stocks did not change significantly after the introduction of the quota. This result is robust to a variety of sensitivity analyses and controls.
AB - Norway provides the case study for examining the impact of board gender quotas on firm performance. The debate that ultimately led to the introduction of the quota was heated and polarised, with opponents of the quota arguing that the inability of the firm’s owners to select the best candidates for the board (regardless of gender) would result in poorly managed firms. Although several articles have empirically examined the impact of the Norwegian gender quota on performance, the available evidence is inconclusive. These articles use return on assets and/or Tobin’s Q as indicators of performance. The present study contributes to the literature by providing a new and complementary approach to this research topic. To this end, we examine the impact of board gender quotas on analysts’ perceptions of performance, as measured by investment recommendations. The research design adopts a difference-in-differences methodology coupled with fixed effects panel data estimation. The results document that recommendations on Norwegian stocks did not change significantly after the introduction of the quota. This result is robust to a variety of sensitivity analyses and controls.
KW - Board gender quota
KW - Difference-in-differences
KW - Financial performance
KW - Investment recommendations
UR - http://www.scopus.com/inward/record.url?scp=85214026999&partnerID=8YFLogxK
UR - https://www.webofscience.com/api/gateway?GWVersion=2&SrcApp=pure_univeritat_ramon_llull&SrcAuth=WosAPI&KeyUT=WOS:001390567800005&DestLinkType=FullRecord&DestApp=WOS_CPL
UR - http://hdl.handle.net/20.500.14342/4862
U2 - 10.6018/rcsar.525891
DO - 10.6018/rcsar.525891
M3 - Article
AN - SCOPUS:85214026999
SN - 1138-4891
VL - 28
SP - 71
EP - 83
JO - Revista de Contabilidad-Spanish Accounting Review
JF - Revista de Contabilidad-Spanish Accounting Review
IS - 1
ER -