Institutional Investment Patterns in Gender-Diverse Firms
Abstract
The authors examine the relationship between board gender diversity and institutional ownership. They find that firms with more gender diversity tend to have lower holdings of institutional ownership. The results are similar for various types of institutions such as banks, insurance-related companies, and mutual funds. Additionally, the authors find that institutional investors have lower investments in gender-diverse firms with higher institutional following and vice versa. The present results may be driven by the richer information environments and the informativeness of stock prices in gender-diverse firms.
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Institutional investors are informed traders who rely heavily on private or costly information, while retail investors primarily trade on publicly available information.
“Prior research documents that institutional investors are informed traders who rely heavily on private or costly information, while retail investors primarily trade on publicly available information”
From The origins of <scp>ESG</scp> demand: Evidence from retail and institutional investor responses to environmental rankings (2026) · cites this paper as Rodriguez & Lawrence, 2019
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You, L., & Payne, J. (2026) · Review of Financial Economics · doi:10.1002/rfe.70039
- Authors
- Rodriguez, J., & Lawrence, E. R.
- Affiliations
- Eastern Michigan University (US)
- Florida International University (US)
- Corresponding author
- Lawrence, Edward R.
- Venue
- Journal of Behavioral Finance
- Publisher
- Informa UK Limited
- Published
- 2019-03-19
- Volume
- 20
- Issue
- 4
- Pages
- 437-450
- ISSN
- 1520-8834 (ISSN-L)
- 1542-7560
- 1542-7579
- OpenAlex
- W2925060603
- Cited by
- 5
- References
- 0
- Citations by year
- 2026: 1 · 2024: 3 · 2022: 1
- FWCI
- 0.44
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Behavioral Finance (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Gender Studies › Gender Diversity and Inequality
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- board gender diversity, institutional ownership, institutional investors, banks, insurance companies, mutual funds, stock price informativeness, information environment
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