Changing the board game: Horizontal spillovers of gender quotas

• 成果类型: Article
• 署名作者: Guiso, Luigi; Schivardi, Fabiano; Zaccaria, Luana
• 署名单位: Luiss Guido Carli University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104326
• 发表日期: 2026-09
• 页码: 104326
• 关键词: Gender quotas laws; Spillover effects; Board interlocks; diversity

摘要

We examine the effects of mandatory board gender quotas on unregulated firms that are connected to regulated ones via interlocking directorates. After the introduction of quotas, connected firms significantly increase their share of female directors relative to similar unconnected firms. The spillover effects are substantial - at least as large as the direct effects on regulated firms, challenging previous claims that quotas have no broader impact on women in business. Our results suggest that quotas indirectly broaden the supply of candidates for connected firms, along dimensions that include, but are not limited to, gender.