This paper studies economic effects of the gender composition of corporate boards, employing a novel longitudinal dataset of publicly traded Russian companies over 1998–2014. Using multiple identification approaches, alternative measures of gender diversity, and several performance indicators, we find some evidence that companies with gender-diverse boards have higher market values and better profitability. These effects are particularly pronounced when firms appoint several women directors, which is consistent with the critical mass theory. The effects appear to be stronger in bad economic times. Overall, we find some support to “the business case” for more women on corporate boards.

本文研究了公司董事会性别构成的经济影响，采用了 1998 年至 2014 年间俄罗斯上市公司的新型纵向数据集。使用多种识别方法、性别多元化的替代衡量标准和若干绩效指标，我们发现一些证据表明，拥有性别多元化董事会的公司具有更高的市场价值和更好的盈利能力。当公司任命几名女性董事时，这些影响尤其明显，这与临界质量理论是一致的。在经济不景气的时期，这种影响似乎更大。总体而言，我们发现对更多女性进入公司董事会的“商业案例”提供了一些支持。