Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/267310 
Year of Publication: 
2022
Series/Report no.: 
CESifo Working Paper No. 10077
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
This study investigates boards of (non-executive) directors and whether employee representation has a positive effect on gender diversity on boards. We exploit rich, newly assembled board–director matched panel data for Norway and Germany, which contain unique information on whether a director represents shareholders or employees during the period around 2008, when a Norwegian board gender quota came into effect. We present two novel results that challenge previous thinking about the effects of board gender quotas on women directors. First, we find a positive impact of employee representation before the gender quota reform on gender diversity. Second, although the Norwegian gender quota has increased the probability of a director being female, the effect through employee representation has relatively decreased after the implementation of the reform. We discuss potential mechanisms and implications for the design of co-determination laws and gender quotas.
Subjects: 
affirmative action
employee representation
shared governance
co-determination
women
boards of directors
firm size
JEL: 
G30
J16
K30
L21
L25
M54
Document Type: 
Working Paper
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