We are delighted to invite you to the next BEA’s Online Research Seminars and are pleased to welcome Audinga Baltrunaite (Bank of Italy). Audinga is an economist at the research department of the Bank of Italy, Economics and Law Division. She is also affiliated to the Dondena Gender Initiative, Bocconi University. She received her Ph.D. in Economics from Institute for International Economic Studies (IIES), Stockholm University, and published in journals such as the Journal of the European Economic Association, the Journal of Public Economics and the Journal of Law, Economics and Organization. Her main research areas are public economics, corporate governance and gender economics.
More about the speaker: http://audingabaltrunaite.com
Speaker: Audinga Baltrunaite (Bank of Italy)
Title: Board composition and performance of state-owned enterprises: Evidence from a natural experiment
Co-author: Mario Cannella (Northwestern University), Sauro Mocetti (Bank of Italy) and Giacomo Roma (Bank of Italy)
Abstract: Quality of governance crucially affects corporate outcomes, and may be particularly important for state-owned enterprises (SOEs) not disciplined by market competition forces. We identify companies with stock ownership by the public sector and examine the impact of board composition on their performance. For this purpose, we exploit the gradual introduction of a board gender quota in Italy, which was binding for SOEs, but not for companies with a minority share of public ownership. The difference-in-differences analysis shows that the reform was effective in increasing female presence on the boards of directors of SOEs. The new female directors have mostly replaced older and less talented men, thereby rejuvenating and improving the quality of the boards. To assess the effects of the law on firm performance, we rely on companies’ balance sheets and on survey information on citizens’ satisfaction with the provision of local public services. Although we do not detect significant changes in economic performance, the evidence of higher satisfaction with public services signals the improved quality of SOEs’ output.
Date: Thursday, December 3
Time: 16:00 Vilnius, Riga, Tallinn
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Meeting ID: 897 3073 5655
Facilitator: Linas Tarasonis (Vilnius University, Bank of Lithuania)