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Board gender diversity and cost of equity

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  • Pascal Nguyen

Abstract

Evidence that women directors provide more effective monitoring suggests that greater board gender diversity is associated with lower cost of equity because of greater confidence in the firm’s governance. We test this hypothesis using a sample of French firms over the period 2006–2017. The results show that cost of equity is significantly lower when firms have a higher proportion of women directors. It thus appears that mandatory quotas have allowed women directors to reach the critical mass needed to have significant impact.

Suggested Citation

  • Pascal Nguyen, 2020. "Board gender diversity and cost of equity," Applied Economics Letters, Taylor & Francis Journals, vol. 27(18), pages 1522-1526, October.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:18:p:1522-1526
    DOI: 10.1080/13504851.2019.1693693
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    Cited by:

    1. Koray Aktaş & Valeria Gattai & Piergiovanna Natale, 2023. "Board gender quotas and outward foreign direct investment: Evidence from France," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(4), pages 1291-1321, November.
    2. Aitzaz Ahsan Alias Sarang & Nicolas Aubert & Xavier Hollandts, 2024. "Board gender diversity and the cost of equity: What difference does gender quota legislation make?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2193-2213, April.
    3. Koray Aktas & Valeria Gattai & Piergiovanna Natale, 2021. "Board Gender Quotas and Outward Foreign Direct Investment: Evidence from France," Working Papers 485, University of Milano-Bicocca, Department of Economics, revised Dec 2021.

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