Do gender quotas change attitudes towards female directors?


Finance, Finance

Publishing details

Social Sciences Research Network

Authors / Editors

Naaraayanan L; Nielsen K M


Publication Year



We study the long-term effect of gender quotas in India, the largest emerging market to mandate female directors on corporate boards. After the reform, female independent director appointments increase from less than 10% to over 30%. The marginal female director is of similar quality, as measured by education, specialization, and stock price reactions, as the marginal male director. Further, we find that the gender gap in director remuneration decreases from 18% to 3%. Overall, our results suggest that gender quotas can deepen and diversify talent pools in emerging markets where lower corporate governance standards often impede board composition and director quality.


Gender quota, Female directors; Independent directors; Board composition; Director quality

Series Number



Social Sciences Research Network