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Feminist Firms: Are They Worth More?

Research output: Contribution to conference - Without ISBN/ISSN Conference paper

Forthcoming
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Publication date2019
Original languageEnglish
Event AFA 2020 - San Diego, California, San Diego, United States
Duration: 3/01/2020 → …
https://afajof.org/annual-meeting/

Conference

Conference AFA 2020
CountryUnited States
CitySan Diego
Period3/01/20 → …
Internet address

Abstract

We find that firms that treat their female employees better are worth more. Firms that reduce constraints for working women select from a larger pool of talent in the workforce and hence create value. Using the staggered adoption of state-level paid-family-leave acts, we provide causal evidence on the positive effect of reducing frictions for women on firm performance. Moreover, we find that this relation is correlated with the size of the benefits offered and is significant only for industries where female participation in the workforce is larger. An investment portfolio constructed based on “Working Mothers 100 Best Companies” yields a positive alpha of 20 bp per month.