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SUMMARY:Gender diversity in corporate boards: Evidence from a natural expe
 riment - Olga Kuzmina
DTSTART:20191128T130000Z
DTEND:20191128T140000Z
UID:TALK131242@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:Abstract\nUsing the data on the boards of directors of public 
 companies across the world\, we show that female representation in corpora
 te boards does not affect the value of the company. To identify the causal
  effect of interest we use a novel instrument that exploits natural discon
 tinuities in the gender composition of the board. We further explore if th
 is zero result is due to the lack of power or due to the effect heterogene
 ity. By splitting the sample into groups of companies that could be expect
 ed to have different (or even opposite) effects\, we find no heterogeneous
  effects. This holds even in specifications with reasonably high first-sta
 ge F-statistics\, where power is likely not an issue. We further show that
  percentage of women may still affect certain board\ncharacteristics (qual
 ifications\, independence\, quality of governance\, etc). However\, as the
 re is still no effect on performance\, this may imply that the exact compo
 sition of the board does not matter in the end.\nAuthors: Olga Kuzmina (Ne
 w Economic School) and Valentina Melentyeva (University of Mannheim)\n
LOCATION:KH107\, Cambridge Judge Business School
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