Reshaping Corporate Boards Through Mandatory Gender Diversity Disclosures: Evidence from Canada

• 成果类型: Article; Early Access
• 署名作者: Hu, Jinshuai; Hung, Mingyi; Li, Siqi
• 署名单位: Xiamen University; Hong Kong University of Science & Technology; Santa Clara University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.00509
• 发表日期: 2025
• 关键词: Boards of directors; GENDER DIVERSITY; MANDATORY DISCLOSURE; shareholder oversight; corporate governance

摘要

We study whether and how standardized gender diversity disclosure requirements affect women's representation on corporate boards. Our analysis takes advantage of Canada's 2014 regulation, which requires disclosures of consistent and comparable information on boards' gender diversity policies and guidelines. Using a difference-in-differences design, we find that the disclosure regulation increases women's representation on boards. The increase is more pronounced among firms with stronger shareholder oversight as proxied by ownership from environmental, social, and governance (ESG)-friendly investors, poor diversity performance preregulation, Toronto Stock Exchange index membership, and U.S. cross-listing. In addition, after the regulation, firms that make stronger diversity commitments (e.g., disclosing the adoption of written diversity policies and diversity targets) experience a higher increase in ownership by foreign ESG-friendly investors. Together, our findings suggest that standardized disclosure requirements enable shareholders to be better monitors, thereby improving board gender balance.