Legal and Cultural Factors as Catalysts for Promoting Women in the Boardroom *

This study focuses on whether regulation as well as national cultures play significant roles in defining women's role in society. We are contributing to the existing debate by providing the first empirical analysis to calibrate which legal mechanisms and cultural dimensions are more efficient in achieving boardroom gender equality. We have highlighted the impact of regulation by distinguishing between those countries that have passed positive laws imposing gender quotas in the boardroom and those applying the ‘comply or explain’ recommendation in their good governance codes. We have monitored enforcement levels among countries and tested the validity of Hofstede's cultural factors in impacting on gender quotas. The emerging picture is that of gender diversity being triggered by the adoption of positive laws rather than by soft recommendations. Moreover, gender diversity policies are more commonly promoted in countries where governments, corporations and institutions are characterized by less masculinity and lower power distance.