The Effect of Board Quotas on Female Director Turnover

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The annual rate of turnover of female directors falls by about a third following the introduction of a board gender quota in France in 2011. This decline in turnover is more pronounced for quota-induced new appointments, especially in boards that regularly hire directors who are members of the French business elite. By contrast, the quota has no effect on male director turnover. The evidence suggests that, by changing the director search technology used by firms, the French quota has improved the stability of director-firm matches.

Author(s):

Daniel Ferreira    
LSE
United Kingdom

Edith Ginglinger    
Universite Paris-Dauphine
France

Marie-Aude Laguna    
Universite Paris-Dauphine
France

Yasmine Skalli    
Universite Paris-Dauphine
France