Diversity

Does It Pay to Go Global in the Boardroom? The Effect of Foreign Directors on Corporate Governance and Performance

We examine the benefits and costs associated with foreign independent directors (FIDs) at U.S. corporations. We find that firms with FIDs make better...

Closing the Gap: Board Gender Quotas and Hiring Practices

We study the impact of board gender quotas on firms’ hiring and retention practices. Female director tenure increases following the introduction of a...

CITIZEN CORP.

Corporations are increasingly taking stands on a wide range of social issues: gun control, gender and race, immigration, abortion. Scholars have...

No Need for Asia to be Woke: Contextualizing Anglo-America’s “Discovery” of Corporate Purpose

Viewed through an Anglo-American lens, corporate governance around the world is living a woke moment. Anglo-America’s recent “discovery” that...

Women in the Boardroom and their Impact on Governance and Performance

We show that female directors have a significant impact on board inputs and firm outcomes. In a sample of US firms, we find that female directors have...

Board gender-balancing, network information, and insider trading

Following Norway's forced board gender-balancing (12/2007), which more than doubled the network of female directors, the short-term market reaction...

This paper examines the voting behavior of women-led mutual funds. We find that women-led mutual funds are more likely to support environmental and...

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...

Who Gets the Carrot and Who Gets the Stick? Evidence of Gender Disparities in Executive Remuneration

Does Socially Responsible Investing Change Firm Behavior?

Using micro-level data, we examine the behavior of socially responsible investment (SRI) funds. SRI funds select firms with lower pollution, more...

Diversity Washing

We provide large-sample evidence on whether U.S. publicly traded corporations opportunistically use voluntary disclosures about their commitments...

Share Buybacks and Gender Diversity

We find that board gender diversity increases the likelihood that firms announce a buyback but long-term excess returns are significantly smaller when...