1. California Law Mandating Women on Corporate Boards Hurts Shareholder Value, UNC Study Shows

    California Law Mandating Women on Corporate Boards Hurts Shareholder Value, UNC Study Shows

    California Law Mandating Women on Corporate Boards Hurts Shareholder Value, UNC Study Shows Share Article The effects of the first U.S. state to mandate women directors on corporate boards is the subject of a new study by researchers at the University of North Carolina Kenan-Flagler Business School...

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    1. Indeed, we find suggestive evidence that expectations of similar legislation could have been impounded into the valuations of companies in other states as a result of this law.
    2. Our results do not speak to whether these policies have positive long-term effects on women's labor market outcomes, whether they enhance fairness and equity in the workplace, and ultimately lead to improved outcomes for firms' stakeholders.
    3. The negative wealth effects we document appear to be driven by the limited pool of qualified female director candidates, a factor that likely is tied to the under-representation of women on corporate boards.
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