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Könskvoteringens avtryck på börsen

Dahl, Klara LU and Källvik, Saga LU (2026) NEKH02 20261
Department of Economics
Abstract
This thesis examines whether the Norwegian gender quota law affected corporate risk in publicly listed Norwegian firms. The reform introduced mandatory gender representation requirements for corporate boards, with requirements depending on board size. Based on Critical Mass Theory, Signaling Theory and Resource Dependence Theory, the study
analyses whether the reform coincided with changes in corporate risk.

The study is based on panel data for listed firms in Norway, Sweden and Denmark from 2001 to 2012. To analyse the reform’s effect, a Differences-in-Differences model is applied,
where Norwegian firms constitute the treatment group, while Swedish and Danish firms serve as control group. The model includes firm and year fixed... (More)
This thesis examines whether the Norwegian gender quota law affected corporate risk in publicly listed Norwegian firms. The reform introduced mandatory gender representation requirements for corporate boards, with requirements depending on board size. Based on Critical Mass Theory, Signaling Theory and Resource Dependence Theory, the study
analyses whether the reform coincided with changes in corporate risk.

The study is based on panel data for listed firms in Norway, Sweden and Denmark from 2001 to 2012. To analyse the reform’s effect, a Differences-in-Differences model is applied,
where Norwegian firms constitute the treatment group, while Swedish and Danish firms serve as control group. The model includes firm and year fixed effects, as well as controls
for GDP growth and inflation.

The results show a statistically significant reduction in risk for Norwegian firms compared to Swedish and Danish firms in the main sample after the reform. However, in the case study the corresponding effects are not statistically significant. An exception is female board representation, which shows statistically significant results and confirms that the
reform coincided with a change in board composition. The findings should however be interpreted with caution due to data limitations and the limited case study sample, which
may have affected the reliability of the results.

The thesis contributes to research on gender diversity, corporate governance and corporate risk by showing how regulated changes in board composition can be analysed in relation to financial risk measures. (Less)
Please use this url to cite or link to this publication:
author
Dahl, Klara LU and Källvik, Saga LU
supervisor
organization
course
NEKH02 20261
year
type
M2 - Bachelor Degree
subject
keywords
Gender quotas, Board representation and Corporate risk
language
Swedish
id
9233616
date added to LUP
2026-10-12 09:30:05
date last changed
2026-10-12 09:30:05
@misc{9233616,
  abstract     = {{This thesis examines whether the Norwegian gender quota law affected corporate risk in publicly listed Norwegian firms. The reform introduced mandatory gender representation requirements for corporate boards, with requirements depending on board size. Based on Critical Mass Theory, Signaling Theory and Resource Dependence Theory, the study
analyses whether the reform coincided with changes in corporate risk.

The study is based on panel data for listed firms in Norway, Sweden and Denmark from 2001 to 2012. To analyse the reform’s effect, a Differences-in-Differences model is applied,
where Norwegian firms constitute the treatment group, while Swedish and Danish firms serve as control group. The model includes firm and year fixed effects, as well as controls
for GDP growth and inflation.

The results show a statistically significant reduction in risk for Norwegian firms compared to Swedish and Danish firms in the main sample after the reform. However, in the case study the corresponding effects are not statistically significant. An exception is female board representation, which shows statistically significant results and confirms that the
reform coincided with a change in board composition. The findings should however be interpreted with caution due to data limitations and the limited case study sample, which
may have affected the reliability of the results.

The thesis contributes to research on gender diversity, corporate governance and corporate risk by showing how regulated changes in board composition can be analysed in relation to financial risk measures.}},
  author       = {{Dahl, Klara and Källvik, Saga}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Könskvoteringens avtryck på börsen}},
  year         = {{2026}},
}