The impact of the 2012 NZX listing rule change on board composition and company performance
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...
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| Veröffentlicht in: | Pacific accounting review 2020-12, Vol.32 (4), p.543-562 |
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| creator | Boyle, Glenn Hong, Sanghyun Foley, Michael |
| description | 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. |
| doi_str_mv | 10.1108/PAR-07-2019-0091 |
| format | Article |
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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.</description><identifier>ISSN: 0114-0582</identifier><identifier>EISSN: 2041-5494</identifier><identifier>DOI: 10.1108/PAR-07-2019-0091</identifier><language>eng</language><publisher>Palmerston North: Emerald Publishing Limited</publisher><subject>Annual reports ; Directors ; Females ; Gender ; Investments ; Investors ; Stock exchanges</subject><ispartof>Pacific accounting review, 2020-12, Vol.32 (4), p.543-562</ispartof><rights>Emerald Publishing Limited</rights><rights>Emerald Publishing Limited 2020</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><cites>FETCH-LOGICAL-c306t-5ea0ddaacbfa5df9542d934dede9ffb75c74f6b8f8cca359bab1674101c9d4723</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.emerald.com/insight/content/doi/10.1108/PAR-07-2019-0091/full/html$$EHTML$$P50$$Gemerald$$H</linktohtml><link.rule.ids>314,780,784,967,11635,27924,27925,52689</link.rule.ids></links><search><creatorcontrib>Boyle, Glenn</creatorcontrib><creatorcontrib>Hong, Sanghyun</creatorcontrib><creatorcontrib>Foley, Michael</creatorcontrib><title>The impact of the 2012 NZX listing rule change on board composition and company performance</title><title>Pacific accounting review</title><description>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.</description><subject>Annual reports</subject><subject>Directors</subject><subject>Females</subject><subject>Gender</subject><subject>Investments</subject><subject>Investors</subject><subject>Stock exchanges</subject><issn>0114-0582</issn><issn>2041-5494</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2020</creationdate><recordtype>article</recordtype><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNptkEtLAzEUhYMoWKt7lwHXsTeZzCPLUnxBUZEKoouQyaOd0pmMyXTRf2_KuBFcXc6955wLH0LXFG4phWr2On8jUBIGVBAAQU_QhAGnJOeCn6IJUMoJ5BU7RxcxbgFoOrAJ-lptLG7aXukBe4eHpFIFw8-fH3jXxKHp1jjsdxbrjerWFvsO114Fg7Vvex-boUkb1Y1adQfc2-B8aFWn7SU6c2oX7dXvnKL3-7vV4pEsXx6eFvMl0RkUA8mtAmOU0rVTuXEi58yIjBtrrHCuLnNdclfUlau0VlkualXTouQUqBaGlyybopuxtw_-e2_jILd-H7r0UjJeCKAZ8CK5YHTp4GMM1sk-NK0KB0lBHhHKhFBCKY8I5RFhiszGiG1tUDvzX-IP9OwH4wJyYQ</recordid><startdate>20201211</startdate><enddate>20201211</enddate><creator>Boyle, Glenn</creator><creator>Hong, Sanghyun</creator><creator>Foley, Michael</creator><general>Emerald Publishing Limited</general><general>Emerald Group Publishing Limited</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7X1</scope><scope>7XB</scope><scope>8AO</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>K6~</scope><scope>L.-</scope><scope>PQBIZ</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20201211</creationdate><title>The impact of the 2012 NZX listing rule change on board composition and company performance</title><author>Boyle, Glenn ; Hong, Sanghyun ; Foley, Michael</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c306t-5ea0ddaacbfa5df9542d934dede9ffb75c74f6b8f8cca359bab1674101c9d4723</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2020</creationdate><topic>Annual reports</topic><topic>Directors</topic><topic>Females</topic><topic>Gender</topic><topic>Investments</topic><topic>Investors</topic><topic>Stock exchanges</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Boyle, Glenn</creatorcontrib><creatorcontrib>Hong, Sanghyun</creatorcontrib><creatorcontrib>Foley, Michael</creatorcontrib><collection>CrossRef</collection><collection>Accounting & Tax Database</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ProQuest Pharma Collection</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ProQuest One Business</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>Pacific accounting review</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Boyle, Glenn</au><au>Hong, Sanghyun</au><au>Foley, Michael</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The impact of the 2012 NZX listing rule change on board composition and company performance</atitle><jtitle>Pacific accounting review</jtitle><date>2020-12-11</date><risdate>2020</risdate><volume>32</volume><issue>4</issue><spage>543</spage><epage>562</epage><pages>543-562</pages><issn>0114-0582</issn><eissn>2041-5494</eissn><abstract>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.</abstract><cop>Palmerston North</cop><pub>Emerald Publishing Limited</pub><doi>10.1108/PAR-07-2019-0091</doi><tpages>20</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0114-0582 |
| ispartof | Pacific accounting review, 2020-12, Vol.32 (4), p.543-562 |
| issn | 0114-0582 2041-5494 |
| language | eng |
| recordid | cdi_proquest_journals_2469013046 |
| source | Emerald Complete Journals |
| subjects | Annual reports Directors Females Gender Investments Investors Stock exchanges |
| title | The impact of the 2012 NZX listing rule change on board composition and company performance |
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