Purpose

This 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/approach

A quasi-natural experiment setting with a clearly identifiable exogenous event.

Findings

The 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/implications

This 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 implications

The results are consistent with an efficient director appointment process in NZ.

Originality/value

Low-key regulatory changes can have a significant impact on company behaviour.

中文翻译：

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2012年NZX上市规则变更对董事会组成和公司绩效的影响

目的

这项研究旨在考察2012年12月新西兰证券交易所运营商上市规则变更的影响，该规定引入了关于新西兰董事会强制性性别多元化的规定。

设计/方法/方法

具有明显可识别外生事件的准自然实验设置。

发现

引入新规则后，女性担任董事职位的增长率显着提高，导致到2016年，女性董事会的平均代表人数比2012年翻了一番以上。但是，本文发现这两者之间没有任何关系反应和公司绩效。

研究局限/意义

这项研究不能将因果关系归因于2012年上市规则变更后所观察到的女性董事职位的增加，原因是缺少一个不受此变更影响的公司控制集团。

实际影响

结果与新西兰有效的董事任命程序一致。

创意/价值

低调的法规变更可能会对公司的行为产生重大影响。