Abstract
PurposeThis study aims to examine the impact of December 2012, New Zealand (NZ) stock exchange operator listing rule change that introduced compulsory disclosure about gender diversity on NZ boards.Design/methodology/approachA quasi-natural experiment setting with a clearly identifiable exogenous event.FindingsThe rate of growth in female-held directorships increased significantly after the introduction of the new rule, resulting in, by 2016, the average female board representation being more than double what it had been in 2012. However, this paper finds no relationship between this response and company performance.Research limitations/implicationsThis study cannot attribute causality to the observed jump in female directorships following the 2012 listing rule change due to the absence of a control group of firms not subject to this change.Practical implicationsThe results are consistent with an efficient director appointment process in NZ.Originality/valueLow-key regulatory changes can have a significant impact on company behaviour.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
