How Do Board Diversity Mandates Affect Firm Value?

California adopted laws requiring corporations headquartered in the state to diversify their Boards of Directors.

Jonathan Klick : The laws required that Boards include female representation and a minimum number of people from under-represented racial, ethnic or sexual orientation background.

The laws were successfully challenged in state and federal court, but the laws may have been on the books long enough to get some sense of their effects.