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

被引：0

作者：

Gormley, Todd A. ^{[1
]}

Gupta, Vishal K. ^{[2
]}

Matsa, David A. ^{[3
,4
]}

Mortal, Sandra C. ^{[2
]}

Yang, Lukai ^{[5
]}

机构：

[1] Washington Univ St Louis, Business Sch, One Brookings Dr,Campus Box 1133, St. Louis, MO 63130 USA

[2] Univ Alabama, Culverhouse Coll Business, 361 Stadium Dr, Tuscaloosa, AL 35487 USA

[3] Northwestern Univ, Kellogg Sch Management, 2211 Campus Dr, Evanston, IL 60208 USA

[4] Natl Bur Econ, 1050 Massachusetts Ave, Cambridge, MA 02138 USA

[5] Texas A&M Int Univ, AR Sanchez Jr Sch Business, 5201 Univ Blvd, Laredo, TX 78041 USA

来源：

JOURNAL OF THE PHYSICAL SOCIETY OF JAPAN | 2023年 / 92卷 / 07期

关键词：

Gender diversity; Directors; Institutional ownership; Indexing;

D O I：

暂无

中图分类号：

O4 [物理学];

学科分类号：

0702 ;

摘要：

In 2017, "The Big Three" institutional investors launched campaigns to increase gender di-versity 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 fe-male 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.& COPY; 2023 Elsevier B.V. All rights reserved.

引用

页码：323 / 348

页数：26

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