Gender and Board Activeness: The Role of a Critical Mass


Schwartz-Ziv, Miriam. “Gender and Board Activeness: The Role of a Critical Mass”. Journal of Financial and Quantitative Analysis (JFQA), Forthcoming 52.2 (2017): , 52, 2, 751-780. Web. Copy at


This study analyzes detailed minutes of board meetings of business companies in which the Israeli government holds a substantial equity interest. Boards with at least three directors of each gender are found to be at least 79% more active at board meetings than those without such representation. This phenomenon is driven by women directors in particular; they are more active when a critical mass of at least three women is in attendance. Gender-balanced boards are also more likely to replace underperforming CEOs and are particularly active during periods when CEOs are being replaced.

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Last updated on 07/14/2017