Please use this identifier to cite or link to this item:
https://hdl.handle.net/20.500.14279/19157
Title: | Board diversity reforms: Do they matter for EU bank performance? |
Authors: | Arnaboldi, Francesca Casu, Barbara Kalotychou, Elena Sarkisyan, Anna |
Major Field of Science: | Social Sciences |
Field Category: | Economics and Business |
Keywords: | Bank performance;Board diversity reforms;Corporate governance codes |
Issue Date: | Mar-2020 |
Source: | European Financial Management, 2020, vol. 26, no. 2, pp. 416-454 |
Volume: | 26 |
Issue: | 2 |
Start page: | 416 |
End page: | 454 |
Journal: | European Financial Management |
Abstract: | We examine the impact of governance reforms related to board diversity on the performance of European Union banks. Using a difference‐in‐difference approach, we document that reforms increase bank stock returns and their volatility within the first 3 years after their enactment. The type of reform matters, with quotas increasing return volatility. The effectiveness of reforms depends on a country's institutional environment. The impact of reforms on return volatility is found to be beneficial in countries more open to diversity, with common law system and with greater economic freedom. Finally, reforms play a bigger role in banks that have ex ante less heterogeneous boards. |
URI: | https://hdl.handle.net/20.500.14279/19157 |
ISSN: | 1468036X |
DOI: | 10.1111/eufm.12238 |
Rights: | © Wiley Attribution-NonCommercial-NoDerivatives 4.0 International |
Type: | Article |
Affiliation : | University of Milan Universita di Modena e Reggio Emilia City University London Cyprus University of Technology University of Essex |
Publication Type: | Peer Reviewed |
Appears in Collections: | Άρθρα/Articles |
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