What is Gender quotas

This study aims to analyze the impact of women's presence on the board of directors on the outcomes of Spanish and Portuguese-listed firms over the third millennium. Based on a documental analysis of 44 publications, it is concluded that female directors positively affect the quality and transparency of the firm's reporting and compliance with the corporate governance codes. However, concerning financial outcomes, the literature does not robustly document the positive effects of such directors' characteristics on firm performance. Similar conclusions may be drawn for dividend and tax policies. These findings are consistent across different time frames of this millennium, indicating that they are not directly driven by gender quotas implementation. These results should interest Iberian governments, regulators, shareholders, investors, and financial markets.