
The Impact on Firm Valuation of Mandated Female Board Representation - forgot_my_pwd
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1364470
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chrispeel

      "We find that the constraint imposed by the quota
      caused a significant drop in the stock price at the
      announcement of the law and a large decline in
      Tobin’s Q over the following years, consistent with
      the idea that firms choose boards to maximize value."
    

The last word "value" in the abstract above is ambiguous; I guess the authors
meant "share price". According to other non-monetary measures the "value" of
the companies may have gone up. For example, a career path for women could
keep them in the companies, making the entire Norwegian workforce more
diverse.

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forgot_my_pwd
But that is value for whom? For the women who benefit. Not necessarily for the
business itself, which is what this paper argues.

