The Female Boards of Norway: Empirical Research on Whether Norwegian Private Firms Changed Their Governance as a Result of the Gender Quota.

Abstract

This study evaluates the changes in the governance of Norwegian private limited firms as a result of the gender quota implemented in 2008. We analyze whether the mechanism of the quota corresponds to its intention, and how gender diversity in executive positions developed in the years between 2000 and 2015. Further, we analyze how gender diversity on boards and in CEO positions affects financial performance. We do not find any evidence for changes having been made in the governance of Norwegian private firms. However, we find a positive relationship between the portion of women in executive positions today and the portion of women in studies with lengthy curricula twenty years ago, and a natural trend that points towards a gender-equal top executive Norway in the future.