Towards gender parity : female directors' impact on firm policies : a study on the Norwegian boardroom gender quota
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- Master Thesis 
After a 20-year period of frequent introductions of board gender diversity quotas in European countries, this paper examines the e ect on rm policies of the rst mover, the Norwegian quota. Looking at several performance measures, nancial and investment policies, and labor policies, we nd that the results highly depend on the method used to handle the endogeneity issue introduced by the optional timing of compliance within a two-year period. However, our results suggest small or no impact on the performance measures return on assets and asset turnover. Cash holdings and capital expenditures relative to assets, and dividend ratio seem to have declined for the companies obliged to follow the quota after the enforcement, while the debt ratio appears to have increased. Studying labor policies give mixed results; however, total labor costs seem to have increased while CEO pay has decreased. In addition, the fraction of female directors on the board appears to lead to a decrease in performance-sensitivity of CEO turnover.