The Influence of Gender Quotas on Company Performance
J.N. de Peinder (TU Delft - Technology, Policy and Management)
Sepinoud Azimi – Mentor (TU Delft - Information and Communication Technology)
K. Stañková – Graduation committee member (TU Delft - Transport and Logistics)
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Abstract
The study evaluates the impact of the 2022 Dutch gender quota law for supervisory boards
in listed technology firms by examining performance outcomes, governance approaches, and
strategic elements. The research sought to answer an essential question in Management of
Technology about how externally imposed diversity requirements affect leadership structures
and adaptive capabilities, which innovation-driven companies need to maintain competitiveness.
The research employed a mixed-methods research approach using quantitative panel data
regressions, Difference-in-Differences models, event studies, and qualitative interviews with
board members and executives to generate comprehensive insights about early law impacts.
Research findings showed that gender diversity among supervisory board members in technology companies produced positive effects on market valuation and capital investment prior to
the quota introduction. The market results after implementing the quota showed that higher
diversity levels corresponded to slight reductions in profitability indicators, without claiming
causality. The study revealed no direct financial consequences between firms that were subject to quota requirements and those that already complied with gender diversity regulations.
The post-quota period revealed stronger market valuation results among technology firms than
their non-tech industry counterparts which indicates high absorptive capacity.
The qualitative results delivered fundamental insights by showing technology firms already
integrated gender diversity into their cultural frameworks. Yet they struggled to replace departing directors and obtain suitable candidates for succession roles. Board members often
described the quota as formalising existing priorities rather than fundamentally transforming
boardroom functioning, though it did prompt more frequent discussions about diversity within
nomination committees and governance processes. Directors expressed worries about tokenism along with fairness issues specifically when quota requirements clashed with their preferred internal candidates, while others saw value in the new conversations and gradual cultural shifts taking place.
The research findings demonstrate that the quota law successfully transformed supervisory
board demographics but it did not create short-term strategic or financial problems. True strategic integration of diversity into technology firms’ leadership decisions for innovation trajectory
management requires elements that surpass basic numeric compliance. The quota’s most notable impacts so far appear to lie not in direct financial outcomes, but in subtly reshaping how
companies discuss, prioritise, and institutionalise diversity as part of their broader governance
and organisational strategies.