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Changing the board game: Horizontal spillovers of gender quotas

delete2026-06-27
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OA
AI
L
Luigi Guiso
F
Fabiano Schivardi *
L
Luana Zaccaria
DOI:10.1016/j.jfineco.2026.104326delete
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Abstract

Abstract

En 中文
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.
Keywords:
J24
J7
J78
Gender quotas laws
Spillover effects
Board interlocks
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Journal of Financial Economics cover
Journal of Financial Economics
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eief
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