三巨头与董事会性别多样性：股东话语权的有效性

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2023-08-01 DOI:10.1016/j.jfineco.2023.04.001

Todd A. Gormley , Vishal K. Gupta , David A. Matsa , Sandra C. Mortal , Lukai Yang

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引用次数: 0

摘要

2017年，“三大”机构投资者发起了提高公司董事会性别多样性的运动。我们估计，他们的竞选活动导致美国公司在2019年增加的女性董事人数至少是2016年的2.5倍。公司通过识别经理现有网络之外的候选人，并减少对候选人高管经验的重视，增加了多样性。公司还提拔了更多的女性董事担任关键董事会职位，这表明公司的反应超出了象征性。我们的研究结果突出了指数投资者实现广泛治理变革的能力，以及投资者对增加公司领导层多样性的影响。

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The Big Three and board gender diversity: The effectiveness of shareholder voice

In 2017, “The Big Three” institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016. Firms increased diversity by identifying candidates beyond managers’ existing networks and by placing less emphasis on candidates’ executive experience. Firms also promoted more female directors to key board positions, indicating firms’ responses went beyond tokenism. Our results highlight index investors’ ability to effectuate broad-based governance changes and the impact of investor buy-in in increasing corporate-leadership diversity.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.