Gender and Board Activeness: The Role of a Critical Mass

Miriam Schwartz-Ziv*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

134 Scopus citations


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 3 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 3 women is in attendance. Gender-balanced boards are also more likely to replace underperforming chief executive officers (CEOs) and are particularly active during periods when CEOs are being replaced.

Original languageAmerican English
Pages (from-to)751-780
Number of pages30
JournalJournal of Financial and Quantitative Analysis
Issue number2
StatePublished - 1 Apr 2017
Externally publishedYes

Bibliographical note

Publisher Copyright:
© 2017 Michael G. Foster School of Business, University of Washington.


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