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89 N.C. L. Rev. 809 (2010-2011)
Corporate Board Gender Diversity and Stock Performance: The Competence Gap or Institutional Investor Bias

handle is hein.journals/nclr89 and id is 815 raw text is: CORPORATE BOARD GENDER DIVERSITY AND STOCK PERFORMANCE: THE COMPETENCE GAP OR INSTITUTIONAL INVESTOR BIAS? FRANK DOBBIN** & JIWOOK JUNG*** INTRODUCTION ..........................................809 I. THEORIES OF GROUP COMPOSITION AND EFFICACY ...........813 A. Theories Suggesting Advantages of Group Diversity........814 B. Theories Suggesting Disadvantages of Group Diversity ...815 II. RESEARCH ON BOARD DIVERSITY AND PERFORMANCE.....817 III. INSTITUTIONAL INVESTOR ACTIVISM, INSTITUTIONAL INVESTOR BIAS.....................................820 IV. DATA AND METHODS ...............................825 A. Sample ............................... ......825 B. Variables ....................................826 C. Method .....................................827 V. FINDINGS ..........................................828 CONCLUSION ...................................................836 INTRODUCTION Women have been gaining ground on corporate boards. They held 14.8% of Fortune 500 seats in 2007.1 Yet the effect of women on corporate performance is a matter of some debate. Studies using data at one or two points in time find that gender diversity on boards is associated with higher stock values and greater profitability.2 * @ 2011 Frank Dobbin & Jiwook Jung. ** Professor, Department of Sociology, Harvard University; Ph.D. (Sociology), Stanford University; B.A., Oberlin College. *** Ph.D. candidate in Sociology, Harvard University; B.A., Seoul National University. We thank James Cox, Kimberly Krawiec, Donald Langevoort, Trent McCotter, and participants in the conference Board Diversity and Corporate Performance: Filling the Gaps for incisive comments on an earlier draft of the paper. We thank Lissa Broome, John Conley, and Kimberly Krawiec for organizing the conference. 1. 2007 Census: Board Directors, CATALYST, 1 (2007), http://www.catalyst.org/file/ 322/census boardjfinal.pdf. 2. See David A. Carter et al., The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance, 18 CORP. GOVERNANCE 396, 410-11 (2010); Niclas L. Erhardt et al., Board of Director Diversity and Firm Financial

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