Authors: Mara Cameran; Domenico Campa
Addresses: Department of Accounting, Bocconi University, 1, Via Roentgen, 20136 Milano, Italy ' OMNES Education Research Group, Department of Finance and Economics, International University of Monaco, 13 Rue Hubert Clerissi, 98000, Monaco
Abstract: We exploit a regulatory change in France that requires companies to publish a measure of gender equality in the workplace (i.e., Equality Index), to investigate whether there is a relation between firms' Equality Index and their market performance. We find that firms with a higher Equality Index are associated with higher market performance. Our findings can strengthen the motivation of companies' managements to take care of gender equality in their firms, by highlighting the benefits in terms of market performance that may arise from this. Our results also support the EU and, in general, regulatory bodies around the world, in continuing the promotion and enforcement of gender equality measures in the workplace for all companies.
Keywords: gender equality; market performance; Tobin's Q; market-to-book ratio.
International Journal of Corporate Governance, 2023 Vol.13 No.3, pp.260 - 276
Received: 26 May 2022
Accepted: 13 Feb 2023
Published online: 04 May 2023 *