Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment

Whereas in 2001 women held around 5% of board seats in Norway, in 2007 their representation increased to more than 40%. This extraordinary change was the result of a board-gender quota regulation enacted in 2006. This study leverages this unique research setting and implements difference-in-differen...

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Detalhes bibliográficos
Autores: García Blandón, Josep, Argilés Bosch, Josep M., Ravenda, Diego
Formato: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2024
País:España
Recursos:Universidad de Barcelona
Repositorio:Dipòsit Digital de la UB
OAI Identifier:oai:diposit.ub.edu:2445/215459
Acesso em linha:https://hdl.handle.net/2445/215459
Access Level:acceso abierto
Palavra-chave:Dones en la política
Noruega
Estudis de gènere
Anàlisi cost-benefici
Women in politics
Norway
Gender studies
Cost effectiveness
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spelling Female directors and the firm's cost of debt: Evidence from a quasi-natural experimentGarcía Blandón, JosepArgilés Bosch, Josep M.Ravenda, DiegoDones en la políticaNoruegaEstudis de gènereAnàlisi cost-beneficiWomen in politicsNorwayGender studiesCost effectivenessWhereas in 2001 women held around 5% of board seats in Norway, in 2007 their representation increased to more than 40%. This extraordinary change was the result of a board-gender quota regulation enacted in 2006. This study leverages this unique research setting and implements difference-in-differences estimations to investigate whether the appointment of female directors affects the firm's cost of debt. The treated group in the empirical analysis consists of Norwegian public companies affected by the new regulation, while the control group includes similar firms from neighboring Scandinavian countries that were not affected by any gender quota. If, as most previous-related studies conclude, female directors contribute to reduce the cost of debt, such an effect should necessarily be observed in our research setting. However, the results of the empirical analysis show no significant differences in the cost of debt before and after the appointment of a large number of female directors. This result appears robust as it holds across several sensitivity analyses. The implications of this finding for the corporate governance literature are discussed.Elsevier2024info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttps://hdl.handle.net/2445/215459Articles publicats en revistes (Empresa)reponame:Dipòsit Digital de la UBinstname:Universidad de BarcelonaInglésVersió postprint del document publicat a: https://doi.org/10.1016/j.emj.2022.11.007European Management Journal, 2024, vol. 42, num.2, p. 224-232https://doi.org/10.1016/j.emj.2022.11.007cc-by-nc-nd (c) Elsevier, 2024http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessoai:diposit.ub.edu:2445/2154592026-05-27T06:46:51Z
dc.title.none.fl_str_mv Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
title Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
spellingShingle Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
García Blandón, Josep
Dones en la política
Noruega
Estudis de gènere
Anàlisi cost-benefici
Women in politics
Norway
Gender studies
Cost effectiveness
title_short Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
title_full Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
title_fullStr Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
title_full_unstemmed Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
title_sort Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment
dc.creator.none.fl_str_mv García Blandón, Josep
Argilés Bosch, Josep M.
Ravenda, Diego
author García Blandón, Josep
author_facet García Blandón, Josep
Argilés Bosch, Josep M.
Ravenda, Diego
author_role author
author2 Argilés Bosch, Josep M.
Ravenda, Diego
author2_role author
author
dc.subject.none.fl_str_mv Dones en la política
Noruega
Estudis de gènere
Anàlisi cost-benefici
Women in politics
Norway
Gender studies
Cost effectiveness
topic Dones en la política
Noruega
Estudis de gènere
Anàlisi cost-benefici
Women in politics
Norway
Gender studies
Cost effectiveness
description Whereas in 2001 women held around 5% of board seats in Norway, in 2007 their representation increased to more than 40%. This extraordinary change was the result of a board-gender quota regulation enacted in 2006. This study leverages this unique research setting and implements difference-in-differences estimations to investigate whether the appointment of female directors affects the firm's cost of debt. The treated group in the empirical analysis consists of Norwegian public companies affected by the new regulation, while the control group includes similar firms from neighboring Scandinavian countries that were not affected by any gender quota. If, as most previous-related studies conclude, female directors contribute to reduce the cost of debt, such an effect should necessarily be observed in our research setting. However, the results of the empirical analysis show no significant differences in the cost of debt before and after the appointment of a large number of female directors. This result appears robust as it holds across several sensitivity analyses. The implications of this finding for the corporate governance literature are discussed.
publishDate 2024
dc.date.none.fl_str_mv 2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/215459
url https://hdl.handle.net/2445/215459
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Versió postprint del document publicat a: https://doi.org/10.1016/j.emj.2022.11.007
European Management Journal, 2024, vol. 42, num.2, p. 224-232
https://doi.org/10.1016/j.emj.2022.11.007
dc.rights.none.fl_str_mv cc-by-nc-nd (c) Elsevier, 2024
http://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv cc-by-nc-nd (c) Elsevier, 2024
http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv Articles publicats en revistes (Empresa)
reponame:Dipòsit Digital de la UB
instname:Universidad de Barcelona
instname_str Universidad de Barcelona
reponame_str Dipòsit Digital de la UB
collection Dipòsit Digital de la UB
repository.name.fl_str_mv
repository.mail.fl_str_mv
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