DigitalUM :: Browsing by Subject "Financial performance"

Now showing 1 - 1 of 1

Open Access
The impact of board gender quotas on analyst recommendations : a difference-in-differences analysis
(Universidad de Murcia, Servicio de Publicaciones, 2025) Garcia-Blandon, Josep; Argilés-Bosch, Josep Maria; Ravenda, Diego
Norway provides the case study for examining the impact of board gender quotas on firm performance. Thedebate that ultimately led to the introduction of the quota was heated and polarised, with opponents of thequota arguing that the inability of the firm’s owners to select the best candidates for the board (regardlessof gender) would result in poorly managed firms. Although several articles have empirically examined theimpact of the Norwegian gender quota on performance, the available evidence is inconclusive. These articlesuse return on assets and/or Tobin’s Q as indicators of performance. The present study contributes to the literature by providing a new and complementary approach to this research topic. To this end, we examinethe impact of board gender quotas on analysts’ perceptions of performance, as measured by investment recommendations. The research design adopts a difference-in-differences methodology coupled with fixedeffects panel data estimation. The results document that recommendations on Norwegian stocks did not change significantly after the introduction of the quota. This result is robust to a variety of sensitivityanalyses and controls.