Matsa and Miller get around the chicken-egg problem by tracing the effects of the large-scale social experiment engineered by the Norwegian government in 2006. The mandated gender quota applied only to companies listed on the Oslo Stock Exchange; at the time, the boards of Oslo-listed firms were, on average, 20 percent female. These companies had two years to up that percentage to 40, regardless of whether the company valued gender equity. Meanwhile, there were no new pressures to hire women at Norwegian companies not listed on the exchange, so the researchers also had a natural point of comparison to assess whether changes in the way listed companies operated were due to having more women on the board, or something else that changed in Norway at the same time the quota law was passed. And since no comparable law was passed elsewhere in the region, Matsa and Miller also compare what happened to the management of companies on the Oslo Exchange to companies listed on exchanges in Denmark, Sweden, and Finland.
Source: http://feeds.slate.com/click.phdo?i=bde10e181ec97a2f9854fd808261c1bc
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