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Gender quotas and company financial performance: A systematic review

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  • Jeong Jin Yu
  • Guy Madison

Abstract

Several countries have mandated sex quotas on corporate boards of directors. We systematically reviewed empirical studies that compared company profitability and financial performance before and after introducing legislated quotas. The search yielded 348 unique hits and nine studies were retained, including 20 effects. Four were null, 11 were negative, and five were positive, all of the latter for Italian and French companies. We conclude that quotas for women on corporate boards have mainly decreased company performance and that several moderating factors must be taken into account when assessing causal effects of quotas on company performance.

Suggested Citation

  • Jeong Jin Yu & Guy Madison, 2021. "Gender quotas and company financial performance: A systematic review," Economic Affairs, Wiley Blackwell, vol. 41(3), pages 377-390, October.
    • Handle: RePEc:bla:ecaffa:v:41:y:2021:i:3:p:377-390
    DOI: 10.1111/ecaf.12487
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    Cited by:

    1. Stern, Charlotta & Madison, Guy, 2022. "Sex differences and occupational choice Theorizing for policy informed by behavioral science✰," Journal of Economic Behavior & Organization, Elsevier, vol. 202(C), pages 694-702.
    2. Vladan Pavlovic & Goranka Knezevic & Radica Bojicic, 2023. "Do the Profitability, the Volume of Assets, and Equity of Public Enterprises Have Any Role in Local Authorities' Gender and Age Policy? – A Case Study of Belgrade," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 172-191.
    3. Luiz Eduardo Gaio & Angela Christina Lucas & Johan Hendrik Poker Junior & Marcio Marcelo Belli, 2024. "Gender diversity in management and corporate financial performance: A systematic literature review," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4047-4067, September.
    4. Barbara Pistoresi & Erica Poma & Alberto Rinaldi, 2022. "Gender quota on corporate boards in Italy: spillover effects and financial performance," Department of Economics 0208, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".

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