On the Effectiveness of Gender Quotas: Insights from Shareholder Preferences

Magnus Blomkvist*, Eva Liljeblom, Anders Löflund, Etienne Redor

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review


This study examines the shareholder voting outcomes concerning individual director nominees in the context of mandated gender quotas in France. Contrary to the arguments of gender quota opponents, our findings indicate that the supply of qualified female candidates meets the quota induced incremental demand. The results suggest that the prior underrepresentation of female directors results from director labour market frictions. Notably, we observe greater support for female nominees subsequent to the quota introduction. However, the disparities in voting outcomes between female and male nominees can be entirely explained by controlling for director characteristics. An important discovery from our analysis is that shareholders revise their assessment of female qualifications post-quota, thereby establishing female qualifications as equally valuable as those of their male counterparts. Overall, our study has significant implications for the ongoing debate concerning mandated gender quotas in shaping corporate governance practices.
Original languageEnglish
Peer-reviewed scientific journalCorporate Governance: An International Review
Pages (from-to)1-44
Number of pages44
Publication statusSubmitted - 10.04.2024
MoE publication typeA1 Journal article - refereed


  • 511 Economics
  • Board Gender Diversity
  • Director Elections
  • Mandated Gender Quotas
  • Shareholder Votes

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Financial management, accounting, and governance


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