| Item Type |
Monograph
(Working Paper)
|
| Abstract |
In 2018, California became the first U.S. state to introduce a mandatory board gender quota for all firms headquartered in the state. We document negative announcement returns to the adoption of the quota for Californian firms, but also large negative spillover effects on a matched group of non-Californian firms, particularly those located in states that followed California’s legislative lead in the past by raising minimum wages or legalizing cannabis. Frictions on the director labor market only explain a small fraction of value losses of Californian firms. They do not explain the negative spillover effects on firms in other states. We propose shareholders’ fear of further legislation of non-economic values as a new explanation for the negative announcement returns to gender quotas. In line with this view, we find that firms with higher policy sensitivity show the strongest reaction. |
| Authors |
von Meyerinck, Felix; Niessen-Ruenzi, Alexandra; Schmid, Markus & Solomon, Steven Davidoff |
| Language |
English |
| Keywords |
Gender quota, Regulation, Stakeholder perspective |
| Subjects |
economics
finance |
| HSG Classification |
contribution to scientific community |
| HSG Profile Area |
SOF - System-wide Risk in the Financial System |
| Date |
19 December 2019 |
| Publisher |
SoF-HSG |
| Series Name |
School of Finance Working Paper Series |
| Volume |
2019 |
| Number |
2019/04 |
| Number of Pages |
66 |
| Contact Email Address |
felix.meyerinck@unisg.ch |
| Depositing User |
Beatrix Kobelt-Glock
|
| Date Deposited |
06 Jan 2020 12:10 |
| Last Modified |
20 Jul 2022 17:40 |
| URI: |
https://www.alexandria.unisg.ch/publications/258901 |
As California Goes, So Goes the Nation? Board Gender Quotas and the Legislation of Non-Economic Values
![[img]](http://www.alexandria.unisg.ch/style/images/fileicons/oa_orange.png)
