institutional complementarities and gender diversity on ......institutional arguments on gender...
TRANSCRIPT
Corporate Governance An International Review 2015 bullbull(bullbull) bullbullndashbullbull
Institutional Complementarities and GenderDiversity on Boards A Configurational Approach
Michela Iannotta Mauro Gatti and Morten Huse
ABSTRACT
Manuscript Type EmpiricalResearch QuestionIssue To address the lack of a complementarities-based approach in studies of board diversity this paperseeks to understandwhether and how certain country-level factors are causally and jointly related towomen on boards and thenature of their complementarities (are they synergic or substitutes) Moreover we intend to learn more about theadoptiondiffusion of board gender quotas by taking into account their role in the existing national configurations (whetherthey are necessary andor sufficient conditions)Research FindingsInsights Using fsQCA our findings reveal a particular configuration of country-level conditions thatsupports the existence of a joint causal relation between given institutional arrangements Furthermore we find that boardgender quota legislation is not a sufficient condition on its own to achieve a higher number of women on boards Such evidencesuggests that its diffusion across countries could be the result of institutional isomorphism or social legitimacy more than torational reasonsTheoreticalAcademic Implications For scholars our paper refines and expands insights from the extant comparativecorporate governance literature By finding support for the ldquobundledrdquo or jointly causal nature of given institutional factorswe open a window for further research that investigates board-level phenomena in a complementarities-based perspectivePractitionerPolicy Implications For policymakers this study provides some insights that could better drive their choice aboutwhich mix of policies is necessary to improve female representation on boards and especially in which institutional areas theyshould be implemented It is particularly relevant because once gender quotas are endorsed at board level they could haveambiguous effects on firm performance and corporate governance
Keywords Corporate Governance Configurational Approach Qualitative Comparative Analysis Women on Boards
INTRODUCTION
There is a vigorous tradition in economic researchunderlining the influence of institutional environments
on a wide range of corporate governance phenomena Nota-ble examples concern studies of business behaviors andperformances (eg Ntim amp Soobaroyen 2013 ZattoniPedersen amp Kumar 2009) corporate governance legitimacy(eg Aguilera amp Jackson 2003 Judge Douglas amp Kutan2008) and corporate governance practices (eg Aguilera ampCuervo-Cazurra 2004 Denis amp McConnell 2003) such asthe adoptiondiffusion of international accounting standardsor codes of good governance (Alon 2013 Judge Li amp Pinsker2010 Zattoni amp Cuomo 2008) Furthermore a comparativeand country-level literature has explored the effects of institu-tional antecedents on the composition of corporate boards ofdirectors with particular regard to gender diversity issues(Adams amp Kirchmaier 2013 De Anca 2008 Grosvold 2011
Address for correspondence Michela Iannotta Sapienza University of Rome Via delCastro Laurenziano 9 00161 Rome Italy Tel (+39) 06 49766263 Fax (+39) 06 49766262E-mail michelaiannottauniroma1it
copy 2015 John Wiley amp Sons Ltddoi101111corg12140
Grosvold amp Brammer 2011 Terjesen amp Singh 2008) In detaillegal cultural and occupational environments have beenfound to play the most relevant role for the prevalence ofwomen on boards (Adams amp Kirchmaier 2013 Grosvold ampBrammer 2011) and interestingly a close interdependencebetween them has appeared in a parallel stream of research(eg Esping-Andersen 1990 Mandel amp Semyonov 2006Misra amp Moller 2005 Orloff 1993 1996) Alongsideinstitutional arguments have spread in the literature aboutthe adoption of gender quota legislation for boards ofdirectors For instance Terjesen Aguilera and Lorenz (2014)propose that it is highly coherent with the presence of certaininstitutional factors while Grosvold and Brammer (2011)support its compensatory role which likely makes up for thedeficiencies of others institutionsThis state of the art suggests that gender diversity on corpo-
rate boards may be the outcome of multiple complementaryinstitutional domains as regulatory policies welfare stateslabor and cultural institutions are not just independent fromeach other but they appear to be closely interrelated How-ever this literature presents two main limitations First priorempirical evidence suggests that a relationship between these
2 CORPORATE GOVERNANCE
institutional domains exists but a lack of holistic perspectivehas limited our knowledge of whether how and whichcountry-level factors in each institutional domain are inconjunctural causality with the representation of women onboards The second limitation is that the arguments aboutgender quotas have been relatively separate from studies ofinstitutional antecedents for women on boards with littleattention to the importance of existing national configurationsfor the introduction of new regulatory policies As a resultwhat remains rather unclear is whether gender quotas forcorporate boards are sufficient by themselves to achieve ahigher number of women on boards (Adams amp Kirchmaier2013 Bergstoslash 2013) or if they are substitutes or complementsin current national configurationsThis study adopts a configurational approach in exploring
the joint influence of particular institutional arrangements ondiversity on boards and the nature of their complementaritiesMore exhaustively we draw on institutional complementar-ities theory to argue that female representation on boards isthe outcome of a conjunctural causal relationship between cer-tain institutional conditions Furthermore we investigate therole of board gender quotas in the existing national configura-tions in terms of their sufficiency and necessity for genderbalance on boards In a comparative perspective the analysisexamines the 27 European Union countries and takes eachcountry as a configuration of specific conditions in four insti-tutional domains regulatory policies welfare states laborand cultural institutions In order to explore causal relationsand combinatory effects we employ fuzzy setQualitativeComparative Analysis (fsQCA) a set-theoretic methodparticularly suitable for studying countries in terms of theirmultiple memberships in sets of institutional attributes Ourfindings reveal a particular configuration of country-levelconditions where the effect of a single condition unfolds onlyin combination with other conditions supporting theexistence of complementarities and joint causal relationshipsIn addition they show that board gender quota legislation isneither a sufficient nor a necessary condition to achieve ahigher number of women on boards Such evidence suggeststhat their diffusion across countries could be due to institu-tional isomorphismmore than to efficiency or rational reasonsOverall this study makes two important contributions
First after identifying the key institutional domains to be in-vestigated we provide a systematic theoretical reasoningabout the influence of their complementarities in shaping gen-der balance on corporate board of directors Second the use ofa configurational approach provides an important methodo-logical contribution Through fsQCA we empiricallyexplore our theory-derived propositions and capture the com-plex relationships between country-level causal conditionsand the representation of women on boards As a result ourpaper refines and expands insights from the extant compara-tive corporate governance literature by opening a windowfor further complementary-based research concerning boardcomposition and demography For policy makers it providessome insights that can better drive their choice about whichmix of policies might be necessary to improve femalerepresentation on boards and especially inwhich institutionaldomains they should be implementedThe paper is structured as follows After the literature re-
view we discuss the theoretical framework and develop our
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propositions The following sections describe the researchmethodology and the main findings resulting from the com-parative analysis Discussion and conclusions are providedin the last section
LITERATURE REVIEW
Institutions and Institutional ComplementaritiesInstitutional theory points out that institutions influenceeconomic activities organizational structure and humanbehavior Institutions represent the formal (eg laws consti-tutions) and informal constraints (eg taboos traditionssocio-cultural norms) which limit individuals and organiza-tional choices (North 1990) In other words they shape theinteractions of human beings and form expectations of whatpeople will do (Nugent amp Lin 1995) (Scott 1987 499) definesinstitutions as relatively resilient ldquosystems of social beliefs andsocially organized practices associated with varying func-tional arenas within social systemsrdquo such as work politicslaws or regulations In this vein any institution ldquofits into asystem of institutionsrdquo (Neale 1988 245) in a way that theyco-exist and co-evolve within a given structure by showingmutually reinforcing characteristics (Ahlering amp Deakin2007 Deeg 2007 JacksonampDeeg 2008) Extant research refersto this interdependence with the concept of institutionalcomplementarities Such a perspective is widespread in thecomparative capitalism literature because institutional com-plementarities are acknowledged as an important mechanismto explain the diversity of national institutional systems andtheir resistance to change (eg Amable 2003 Aoki 2001North 1991) For instance Amable (2000) argues that theoverall coherence of a ldquonational modelrdquo can be betterunderstood by considering a large set of interacting andinterrelated institutional arrangements rather than isolatedinstitutions Indeed when complementarities occur the exis-tence of an institutional form reinforces the existence of theothers this generates a ldquodynamic stabilityrdquo (Amable 2003)Generally complementarity between some elements stems
from the circumstance that employing one of them increasesthe value of employing the others (Aoki 2001 Milgrom ampRoberts 1995) From the institutional perspective comple-mentarities imply that the conjunction of two or more insti-tutions together enhances the performance of a given actor(eg organizations or national economies) However twomain logics are embodied in institutional complementarityWhen two or more institutions are organized around similarproperties and common principles the logic is similarityConversely the logic of contrast occurs when institutionswith different or contrasting properties coexist and onemakes up for the deficiencies of the other (Crouch 2005)While the latter logic implies a sort of compensation the for-mer refers to the presence of synergies between institutionsSince similar structures make coexistent institutionsmutually reinforced (Campbell 2011) the more alignedand consistent the institutions the better a given country-level outcome (Amable 2003)Although the complementarities-based approach has
spread in financial (eg Amable Ernst amp Palombarini 2005Campbell 2011) and corporate governance research (egAguilera Filatotchev Gospel amp Jackson 2008 Garcigravea-Castro
copy 2015 John Wiley amp Sons Ltd
3COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Aguilera amp Arintildeo 2013 Houmlpner 2005 Jackson 2005 Kang ampMoon 2012 Rediker amp Seth 1995 Weimer amp Pape 1999) ithas been neglected in previous studies of diversity oncorporate boards It is in this gap that we place our research
Institutional Arguments on Gender Diversity onBoardsThe comparative and country-level research on corporateboards has addressed the role of national institutional charac-teristics in shaping gender diversity on boards of directorsespecially with regard to institutional systems (Grosvold2011 Grosvold amp Brammer 2011 Terjesen amp Singh 2008)infrastructures and public policies (Terjesen Sealy amp Singh2009) and occupational environments (Adams amp Kirchmaier2013)Grosvold and Brammer (2011) show that countries with
generous welfare provisions encouraging women to balancework and family (French and Germanic legal heritages) havefewer women board directors From a cultural perspectivethe authors find that Nordic European and Eastern Europeanculture-oriented countries have a significantly greater percent-age ofwomen on boards owing to their lower levels of genderdifferentiation Looking at labor institutions Adams andKirchmaier (2013) argue that the presence of (non-executive)women on boards is positively related to female employmentby excluding part-time and unemployed workers For thisreason the authors underline the importance of policiespromoting full-time and family services since part-time jobsfor taking on family responsibilities could underminewomenrsquos professional careers The rationale of focusing on ca-reers to search for the main causes of the under-representationof women on boards is that full participation in the labormarket allows women to acquire those competencesexperiences and social capital to sit on boards (eg Adamsamp Flynn 2005 Doldor Vinnicombe Gaughan amp Sealy 2012Singh amp Vinnicombe 2004 Terjesen et al 2009)Interestingly a parallel body of literature reveals that female
employment and careers are primarily affected by twoelements welfare institutions and culturalprescriptivenorms about gender roles in society In detail much researchdocuments that welfare states can fail to release women fromfamily responsibilities and increase unequal gender represen-tation between and within classes or exclude women frominfluential occupations (eg Esping-Andersen 1990 Mandelamp Semyonov 2006 Mandel amp Shalev 2009 Misra amp Moller2005) In a similar vein a number of scholars argue thatgender stereotypes and gender schemas in social culture arestrong impediments for both female career advancementand representation on boards (eg Adams amp Kirchmaier2013 Nelson amp Levesque 2007 Terjesen et al 2009 2014Williams 2000) In turn welfare states themselves are foundto play a key role in promoting equal opportunities (egEsping-Andersen 1990 1999 Grosvold amp Brammer 2011Mandelamp Semyonov 2006MisraampMoller 2005) They signif-icantly impact on gender relations aswell as on the gender di-vision of caring and domestic labor (Orloff 1993 1996) Theseinterdependencies are generally supported also by sociolo-gists who point out that the greatest share of variance in theindividual life courses is due to (1) external social structureslinked to the division of labor (2) the division of labor within
copy 2015 John Wiley amp Sons Ltd
households and (3) the intervention of the state throughwelfare provisions (Mayer 2009)Although not exhaustively institutional arguments have in-
formed a number of studies about the adoption and diffusionof gender quotas for corporate boards In Teigenrsquos work(Teigen 2012) the spread of gender quota legislation isexplained according to mechanisms of diffusion path depen-dency and critical conjunctures of distinctive national condi-tions Terjesen et al (2014) argue that the establishment ofgender quotas for corporate boards arises from a particularinstitutional environment consisting in (1) gendered welfarestate provisions (2) left-leaning political government and (3)path-dependent policy initiatives for gender equality Thesecircumstances of institutional coherence between somecountry-level factors do not necessarily imply complementar-ities (Deeg 2007) albeit complementarities could existConversely Grosvold and Brammer (2011) discuss that moreradical affirmative action should be taken when nationalcultural heritages are slow to change In this way genderlegislation on boards might be a supplementary institutionlikely making up for the deficiencies of other institutions(according to Crouch 2005)Despite their contributions in the institutional understand-
ing of gender diversity on boards these studies have failedto investigate the effects of the joint influence of institutionson women on boards In this way the causal mechanismunderlying their relationships has remained less than clearMoreover a deeper analysis of the role of gender regulatorypolicies in the existing national configurations is still neededThere is therefore scope to explore their necessity orsufficiency as well as their complementary or supplementaryfunction in national institutional systemsGiven their close interconnection and their importance as
antecedents of women on boards welfare labor and culturalinstitutions are particularly suitable to be investigated interms of complementarities Accordingly we need to focuson how gender roles in these three institutional domains arecausally and jointly related to gender balance on boards Inline with Schneider and Wagemann (2012) this means thatwomen on boards could be re-framed as the outcomeresulting from sets of institutional attributes For the purposeof this study in the next section we theoretically argue forthe existence of complementarities between welfare laborand cultural institutions Therefore in order to exploreconjunctural causality we empirically explore our proposi-tions by taking countries as configurations of certaincountry-level causal conditions including gender quotas oncorporate boards
THEORETICAL DEVELOPMENT
The subject of women on corporate boards clearly has socialorigins since it evokes a problem of equality in the distribu-tion of opportunity and power in a given social system As aresult the presence of women in top corporate positions canbe conceived as a subset of the overall power structure Ifthe problem of female under-representation on boards isconceptualized as embedded within broader gender-relatedsocial phenomena women on boards cannot be separatedfrom issues related to women in family workforce
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4 CORPORATE GOVERNANCE
politystate and culture The rationale is that gender itself isan institution intertwined with other institutions (Martin2004) as some gendered practices and processes have movedgender in multiple settings and contexts (Acker 1992) In thisframe ldquogender is a property of collectivities institutions andhistorical processesrdquo (Connell 1987 139) and it can be consid-ered ldquoan institution embedded in the workplace occupationsand occupational environments through formally definedrules roles and responsibilities and the lsquohabitusrsquo of mentalstructures through which individuals think about their socialworldrdquo (Terjesen et al 2009 324) Accordingly complemen-tarities between welfare labor and cultural institutions canbe established on the logic of similarity because of theirsimilar approaches with regard to the gender perspectiveWe discuss each in turnAmong the others welfare institutions show a profound
ldquogenderedrdquo nature In general states have had power overother institutions because they have ldquocodified many aspectsof gender into laws or regulationsrdquo (Martin 20041259) Insti-tutions reflect the interests of those who have power to makerules and they are not necessarily socially efficient (North1990) Thus menrsquos power over women has been supportedby legal institutions for many years (Connell 1987)Consistent with these arguments we find that motherhoodlegislation was enacted so many years earlier than laws forfatherhood rights (Table A1) and it has been particularlyresilient to change The extended length of maternity leave isa common feature in EU countries and it disguises anunbalanced protection of motherhood rather than fatherhoodor parenthood This is clear evidence that states havemobilized gender into welfare institutions In this way theyhave formally institutionalized the prevalent role of womenin childcare and housework by contributing to define genderroles in family and work institutions as well as in the overallsocietyIn this vein a similar gendered logic is embedded in labor
institutions According to Williams (2005) much of genderinequality in occupational environments depends on the factthat the prescriptive norm of the ideal worker (eg full-timeand full-force for working) comes into conflict with the preva-lent role of women in family responsibilities (eg full-timeand full-force for childbearing and childrearing) in a way thatmakes them not ldquoun-genderedrdquo norms For instance thetypical skill regimes of coordinatedmarket economies (CMEs)are found to be more appropriate to the male model offull-time and continuous employment by limiting women tocertain areas of employment (Mandel amp Shalev 2009) In viewof that welfare and labor institutions are closely complemen-tary in their ldquogenderedrdquo structures the presence of moregender unbalanced welfare polices enhances the presence ofgender imbalance in labor markets as well as in prescriptivenorms of what is expected by women and menFinally it is widely acknowledged that national cultures
have an important role in shaping gender roles in societyCulture stems from human behaviors recursive practicesnorms and beliefs of a given society Considering thefundamental sociality of gender (Lorber 1994) it is rationalto assume that when social actors take ldquogenderedrdquo behaviorsprocesses and practices gender itself ends up flowing intonational culture Moreover since individuals with commoncultural backgrounds share convergent mental models
Volume bullbull Number bullbull bullbull 2015
ideologies and institutions it is reasonable that those institu-tions underlie common beliefs and cultural norms on what isexpected from individuals (DenzauampNorth 1994) Thereforeif gender is a property embedded in cultural institutions wecan argue that the presence of gender in national culturesenhances the presence of gender in other institutions The ideais that gender schemas in national cultures may lead to moregendered welfare and labor institutions In turn genderedwelfare institutions may contribute to intensify the presenceof gender imbalance in labor markets with consequent feweremployment and career opportunities for womenTaken together welfare cultural and labor institutions
complement each other and reciprocally strengthen their gen-dered nature The presence of institutional complementaritiescauses mutual reinforcement and synergistic effects on thedistribution of power and opportunity in a given institutionalsystem According to our rationale complementaritiesbetween these three institutional domains contribute toexplain the different performance in terms of female represen-tation on boards between EU countries Indeed if women onboards reflect the overall power structure of social systemswe expect that in countries where welfare labor and culturalinstitutions are aligned and highly consistent with anldquoun-genderedrdquo perspective performance in terms of womenon boards will be higher because of the synergistic effect ofcomplementaritiesTherefore we suggest the following
Proposition 1a The more ldquoun-genderedrdquo cultural welfare andlabor institutions the greater the number of women on boardsof directors
Clearly assuming the existence of institutional complemen-tarities posits that the effects of one institution are contingenton the presenceabsence of another (Jackson 2005) In thisvein complementarities underlie a causal effect and they per-mit the exploration of possible claims to causality (Deeg 2007Kogut amp Ragin 2006) Investigating causal relations consistsin unraveling the necessary and sufficient conditions andcombinations of these two types of causes for a given outcome(Schneider amp Wagemann 2012 53) When we propose thatcomplementary and aligned institutions have mutuallyreinforcing effects on female representation on boards weare assuming an underlying conjunctural causality This jointcausation can be intended in terms of conjunction orcombination of multiple conditions where no single causemay be either necessary or sufficient (Kogut amp Ragin200647 Ragin 2000) Set-theoretic methods are particularlysuitable for exploring these issues and their logic has beenapplied to empirically explore our propositionsConjunctural causal relationship is established when a
combination of causal conditions are linked by logical ANDoperators () For example ABC implies that a single condi-tion A plays a causal role only in combination with othercausal factors (B and C) In order to empirically verify theexistence of institutional complementarities the main causalconditions at national level have been selected according to(1) their significant impact on gender diversity on corporateboards (2) their capacity to generate complementarities withother institutional domains (Deeg 2007) and (3) their impor-tance in supporting the gendered nature of institutions
copy 2015 John Wiley amp Sons Ltd
5COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Therefore for each institutional domain we suggest thefollowing causal conditionsWelfare institutions operate at multiple levels through
several public policies and with different outcomes for thewellbeing of a number of social groups Consistent with ourarguments we look into the structure of parental leavepolicies (ie paternity maternity and parental leave) and theprovision of childcare services for assessing the presence ofgender in welfare institutions We are motivated by two as-pects Firstly if we include parental leave policies for motherfather and both parents we can have an important foregoerof the gender division of family and childcare responsibilitiesSecondly the nature of the welfare state is closely related togendered dimensions of maternity leave childcare servicesand female labor participation (Terjesen et al 2014) Motherrsquosentitlements and maternity leave were often chosen asexamples of the perverse effects of workfamily reconciliationpolicies on female employment and careers (eg Aschcraft1999 Grosvold amp Brammer 2011 Mandel amp Semyonov2006 Mandel amp Shalev 2009 Misra amp Moller 2005 Nelsonamp Levesque 2007) In a comparative perspective we expectcountries with more gender equality-oriented welfare institu-tions to have (1) higher levels of childcare serviceswhich releasewomen from their prevalent role in domestic responsibilities (2)a shorter difference in the lengths of paternity and maternityleave (meaning higher length of paternity leave and not higherlength of maternity leave) and (3) a higher level of parentalleave Taken together these conditions can reveal a moreegalitarian perception of gender roles in welfare institutionsConversely given the plurality of inputs underlying cultural
and labor institutions (eg labor regulation earnings gap ste-reotypes mental models recursive practices behaviors etc)their gendered structure is suitable to be assessed in terms ofaggregate measure and final outcome Consequently we referto the broader concept of gender equality in society to measurethe presence of gender in national culture meanwhile we takefemale employment and part-time female employment as avalid proxy of how gender perspective is embedded withinlabormarkets Since part-time jobs for taking on family respon-sibilities may undermine womenrsquos professional careers(AdamsampKirchmaier 2013) it is important to promote policiesfor full-time female employment and family services As aresult we expect that countries with more un-genderedcultural and labor institutions present high levels of genderequality in society high levels of female employment but nothigh levels of female part-time workIn terms of joint causation between the elected causal condi-
tions we propose the following empirically testableproposition
Proposition 1b High paternity leave not high maternity leavehigh parental leave high levels of childcare services high femaleemployment not high female part-time work AND high genderequality in society are sufficient conditions to achieve a highernumber of women on boards
The Role of Board Gender Quotas in NationalConfigurationsConfigurational and set-theoretical methods are particularlyvaluable to map countries as configurations of certain causal
copy 2015 John Wiley amp Sons Ltd
conditions This property allows for the theoretical and empir-ical exploration of the necessary and sufficient function thatgender quotas on boards have in the existing nationalconfigurationsA condition is necessary if whenever the outcome occurs it
is present It is sufficient if whenever the condition occursacross cases the outcome is present In other words genderquotas should be a necessary condition if whenever countriesshow a higher level of women on boards they have beenenacted Meanwhile they should be a sufficient condition ifwhenever they occur countries show a higher number ofwomen on boards However if theory-informed Proposition1a is likely to be true the joint presence of highly alignedand consistent country-level causal conditions is sufficient toachieve a higher presence of women on boards (Proposition1b) without requiring any kind of regulation or self-regulation at board level In other words their internalconsistency and gender neutrality entail superior effects onfemale representation on boards because of the institutionalcomplementarities Since the outcome occurs even in theabsence of quotas in set-theoretic terms this means thatgender quotas are not a necessary condition to achieve ahigher number of women on boards However it is generallyand logically true that the presence of mandatory genderquotas at board level implies the presence of more women inboard positions In comparative perspective this means thatwhenever gender quota regulation occurs we expectcountries to have a higher number of women on boards Bydefinition of sufficiency in set-theoretic terms this leads tothe assumption that gender quotas are a sufficient conditionby themselves to have a higher number of women on boardsand they represent an alternative path to the outcome ofinterest Indeed several scholars have acknowledged that incountries where particular women-friendly conditions aremissing affirmative action may be a valuable alternative tohave more women on boards (eg Grosvold amp Brammer2011) More formally we propose the following propositions
Proposition 2a Board gender quotas are not a necessary condi-tion to achieve a higher number of women on boards
Proposition 2b Board gender quotas are a sufficient condition bythemselves to achieve a higher number of women on boards
Definitively if gender quotas on boards represent anothersufficient condition Propositions 1b and 2b reasonably showtwo equally effective and mutually non-exclusive pathwaysto a major presence of women on boards This circumstanceimplies equifinality A result is equifinal when differentcombinations of causal conditions are linked by logical ORoperators (+) For instance a resultant solution ldquoA+Brdquoimplies that A or B equally lead to the outcome
RESEARCH METHOD
Fuzzy Set Qualitative Comparative AnalysisFuzzy set qualitative comparative analysis (fsQCA) has beenemployed here to map countries in terms of their multiplememberships in sets of institutional attributes The aim wasto explore which causal conditions combine and complement
Volume bullbull Number bullbull bullbull 2015
6 CORPORATE GOVERNANCE
each other to achieve the outcome under investigation Whenthe assumptions of configurational theory are involved thismethod is more suitable to assess the presence of equifinalityand conjunctural causation rather than statistical investiga-tion (eg Fiss 2007 2011) Unlike statistical methodologybased on linear algebra QCA relies on Boolean algebra andapplies a rigid logicmethodology to compare phenomena thatvary both qualitatively and quantitatively for instance in na-ture (eg present or absent) or degree (Ragin 2002 Rihoux2006) Through comparisons across cases QCA allows us touncover synergistic combinatory and equifinal effects bylogically reducing the number of possible combinations ofcausal conditions (Kogut amp Ragin 2006) For instance Kogutand Ragin (2006) note that QCA is able to identify eventuallogical contradictions this property represents an importantfeature to control even though it does not avoid the problemof omitted variables which can make spurious the inferredcausality (unobserved sources of variation such as culturaldisposition) Taken together these advantages have madeQCA very widespread in political economy managementand organization studies (Ragin amp Rihoux 2004 Rihoux2006 eg Fiss 2011 Garcigravea-Castro et al 2013 Grandori ampFurnari 2008 Kogut amp Ragin 2006)FsQCA requires the transformation of conventional
variables into sets ldquousing theoretical and substantive criteriaexternal to the data and taking into account the researcherrsquosconceptualization definition and labeling of the set inquestionrdquo (Ragin 2008b16) This process of calibration isparticularly significant as countriescases have to be assessedwith regard to their membership in previously defined sets ofcausal conditions (Schneider ampWagemann 2012) Instead of abinary logic (ldquo0rdquo for absence and ldquo1rdquo for presence) fsQCAinvolves the application of fuzzy logic for more fine-grainedmeasures of the attributes under investigation (Fiss 2007) Inparticular we make use of the ldquodirect methodrdquo of calibrationby specifying three threshold values one for full membershipto the set one for full non-membership to the set and one forthe crossover point or rather the point of maximumambiguity where cases have both a membership andnon-membership score of 5 in a given set (Ragin 20002008a) Furthermore a fuzzy set (A) can be negated and it isdenoted by ldquo~Ardquo (Ragin 2008b) The membership in the setldquo~Ardquo can be calculated as 1 minus the fuzzy membership inthe set ldquoArdquo For example if we have a countrywith amember-ship score in the set of ldquocountries with high maternity leaverdquoof 6 the membership score in the negated set ldquocountries withnot high maternity leaverdquo is 4 Thus denoting with k thenumber of causal conditions all their possible combinationswith their negations are 2k and they represent the rows of aldquotruth tablerdquoOur analysis is computed with the current version of the
fsQCA software package 25 (Ragin Drass amp Davey 2006)By relying on the Quine-McCluskey algorithm or method ofprime implicants it permits a logical reduction of the detectedcombinations After calculating the number of cases withgreater than 5 membership score in each combination therelevant combinations of causal conditions are selectedaccording to their frequency When the total number of casesis relatively small the frequency threshold should be 1 or 2(Ragin 2008b) We set as acceptable a frequency higher thanor equal to 1 Finally the validity of the detected combinations
Volume bullbull Number bullbull bullbull 2015
is assessed with the calculation of consistency (the measure atwhich each combination can lead to the outcome) andcoverage (the measure of how many cases with an outcomeare the results of a particular causal condition) They arecalculated with the following
Consistency X lt Yeth THORN frac14 summin XYeth THORN=sumX
Coverage X lt Yeth THORN frac14 summin XYeth THORN=sumY
whereX is the membership score of cases in a given configura-tion of causal conditions and Y is the membership score ofcases in the outcome set The minimum recommended thresh-old to accept a solution as consistent is 75 (Ragin 2006 2008a)
Selection Criteria of Cases and ConditionsIn line with Kogut and Ragin (2006) the selection of cases andconditions was particularly consistent with our substantiveand theoretical interests and it required a systematic dialoguebetween ideas and evidence While the selection of causalconditions underlies a reasoned synthesis of theoreticalarguments and empirical evidence previously discussed thechoice of comparing the EU countries1 stems from two mainmotivations On the one hand EU countries show differentperformance in terms of female representation on boards ac-cording to their different economic cultural and regulatoryenvironments (Kang Chen amp Gray 2007) Given thisheterogeneity it is very challenging to explore whether arelative superiority of a particular institutional model existsOn the other hand the European Union is very committedin the debate about gender diversity on boards as it has askedpublicly listed companies to increase the female representa-tion on boards to 40 percent by 2020 While some countrieshave introduced some form of regulation others have optedfor voluntary or recommendatory initiatives (Huse ampSeierstad 2014) Furthermore recognizing the disproportion-ate involvement of women in part-time work and thepersistence of the traditional caregiver model the EuropeanUnion has asked member states to provide a major numberof inexpensive and high-quality childcare services suitableforms of parental leave for bothmen andwomen and bindingquotas for increasing the presence of women in positions ofresponsibility These circumstances have created a commonpurpose on how to have more women on boards but theyrequire further investigation A key questionwould bewhetherregulatory policies enacted in some countries might be transfe-rable to others and the role that institutional complementaritiesmay have in shaping female representation on boardsIn this study countries are analyzed as configurations of
welfare labor and cultural institutions We also include regu-latory policies about board gender quotas to investigate theirrole in the existing national configurations With the aim ofelecting the causal conditions to be included in the analysisthe three main institutional domains have been detailed inspecific national attributes While welfare institutions includemeasures about maternity leave paternity leave parentalleave and childcare services labor institutions are expressedin terms of the total amount of female labor force and thepercentage of women involved in part-time work Nationalculture corresponds to the overall level of gender equality in
copy 2015 John Wiley amp Sons Ltd
7COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
society and it can be measured using the Global Gender GapIndex Finally regulatory policies refer to the form ofregulation for female participation on board (gender quotasor corporate governance codes) Moreover in order to expressthese conditions quantitatively we conducted a documentaryanalysis of the main legal texts statistics and documentswhich contain information about the phenomenon under in-vestigation (Bailey 1994 Payne amp Payne 2004 Scott 1990)They are mainly provided by the Council of Europe FamilyPolicy database (2009) OECD Family Database (2012)Margherita OrsquoDorchai and Bosch (2009) EU-SILC (2012)the International Review of Leave Policies and RelatedResearch (Moss 2014) the International Labor Organization(2010) the EUrsquos Mutual Information System on Social Protec-tion (MISSOC 2014) and World Economic Forum (2013) Inthis way a systematic review of legislation for each one ofthe 27 European Union countries was madeTables A1 andA2 in the appendix show our datamatrix and
descriptive statistics In the following section we detail thedescription of both causal conditions and outcome and wediscuss the criteria of their calibration in fuzzy sets
Data Description and Set CalibrationOutcome Measures A higher number of women on
boards is the outcome of our interest Data about women onboardswere taken from the European Commissionrsquos databaseon women and men in decision making (European Commis-sion 2012a) containing information on 582 companies corre-sponding to 5910 board members The companies coveredare the largest (primarily blue-chip index members) publiclylisted2 companies in each of the 27 European member states(maximum 50 per country) As described in the methodologi-cal section of the European Commission database (EuropeanCommission 2014) in countries with unitary (one-tier) sys-tems the board of directors is counted as including non-executive and executive members and data cover the mainboard plus the members of the most senior executive body(eg executive committee) In countrieswith two-tier systemsdata cover executive and non-executive members of bothboards but only the supervisory board is counted Individualssitting on more than one decision-making body are countedonly once and employee representatives are excluded Inorder to express how many women there are on boardscompared with the total number of board members we usethe percentage and not the absolute values Moreover we takeinto account data from both executive and non-executiveboardmembers as we are interested in the attainment of thosepositions held by women through their career paths ratherthan their performance in the boards of directors While toachieve perfect balance between men and women requiresthe presence of 50 percent women on the boardmuch researchhas demonstrated that the critical mass of women directors isreached when boards of directors have at least 30 percentwomen The President of the European Commission invitedpublicly listed companies to voluntarily increase womenrsquospresence on corporate boards to 30 percent by 2015 and 40percent by 2020 while following the example of Norway theEuropean Womenrsquos Lobby recommended European memberstates to adopt legislation requiring certain companies to have40 percent of women on their boards of directors by 2015 and
copy 2015 John Wiley amp Sons Ltd
50 percent by 2020 (Armstrong amp Walby 2012) By applyingthese substantive guidelines as external criteria to calibratemeasures of sufficient or insufficient presence of women onboards in a country we considered 30 percent as the fullmembership threshold for sufficient gender diversity onboards Although this does not constitute adequate proof ofequality it does represent a significant achievement Thus thethree thresholds chosen to calibrate our outcome are 30 percentfor full membership 20 percent for the crossover point of max-imum ambiguity and 10 percent for the full non-membershipFor these reasons we specify this target as the set of ldquoEUcountries with a higher number of women on boardsrdquo
Maternity Leave3 Since parental leave can be designed invery different ways we have adopted careful criteria to makewelfare institutions between EU countries more comparableIn particular only the statutory amount for maternity and pa-ternity leave was considered Moreover thanks to fuzzy logicwe are able to take into account the level of generosity of ma-ternity and paternity leave by using a more fine-grained mea-sure of these attributes rather than their mere presence (1) orabsence (0) Finally even though uptake of leave can differgreatly from that allowed for by legislation the laws providea condition that precedes the possibility of actually takingleave Thus they mirror the gendered nature of welfare poli-cies which potentially emphasize the prevailing role ofwomen in family responsibilities The calibration was doneconsidering a crossover point of maximum ambiguity of150days approximately corresponding to the minimumvalue of days recommended by the European ParliamentThe thresholds for full membership and full non-membershipwere defined with an equal distance interval from the cross-over point 250days and 50days respectively The result is atarget set of ldquoEU countries with high maternity leaverdquo
Paternity Leave4 A majority of members of the EU Parlia-ment have approved a full paid paternity leave of at least twoweeks (Thomsen amp Urth 2010) For this reason the paternityleave set calibration was computed by considering theminimum number of days recommended by the European Par-liament as the full membership threshold ie 15days Conse-quently the crossover point and the full non-membershipthreshold were defined with an equal distance interval fromthe fullmembership value 9days and 3days respectively Itwillbe the target set of ldquoEU countries with high paternity leaverdquo
Parental Leave5 In our analysis we considered only paidparental leave as the sum of both mother and father quotasFrom Directive 201018 of the Council of Europe we knowthat a minimum period of four months of parental leave foreach parent is recommended (European Union 2010) There-fore in order to consider a countrywith a significant provisionof parental leave we established a full membership thresholdof 240days corresponding to about eight months if we con-sider both parents As above the crossover point of maximumambiguity and the full non-membership threshold are140days and 40days respectively We called this target theset of ldquoEU countries with high parental leaverdquo
Childcare Services6 This concept refers to the availabilityof childcare services across EU countries Data were taken
Volume bullbull Number bullbull bullbull 2015
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
2 CORPORATE GOVERNANCE
institutional domains exists but a lack of holistic perspectivehas limited our knowledge of whether how and whichcountry-level factors in each institutional domain are inconjunctural causality with the representation of women onboards The second limitation is that the arguments aboutgender quotas have been relatively separate from studies ofinstitutional antecedents for women on boards with littleattention to the importance of existing national configurationsfor the introduction of new regulatory policies As a resultwhat remains rather unclear is whether gender quotas forcorporate boards are sufficient by themselves to achieve ahigher number of women on boards (Adams amp Kirchmaier2013 Bergstoslash 2013) or if they are substitutes or complementsin current national configurationsThis study adopts a configurational approach in exploring
the joint influence of particular institutional arrangements ondiversity on boards and the nature of their complementaritiesMore exhaustively we draw on institutional complementar-ities theory to argue that female representation on boards isthe outcome of a conjunctural causal relationship between cer-tain institutional conditions Furthermore we investigate therole of board gender quotas in the existing national configura-tions in terms of their sufficiency and necessity for genderbalance on boards In a comparative perspective the analysisexamines the 27 European Union countries and takes eachcountry as a configuration of specific conditions in four insti-tutional domains regulatory policies welfare states laborand cultural institutions In order to explore causal relationsand combinatory effects we employ fuzzy setQualitativeComparative Analysis (fsQCA) a set-theoretic methodparticularly suitable for studying countries in terms of theirmultiple memberships in sets of institutional attributes Ourfindings reveal a particular configuration of country-levelconditions where the effect of a single condition unfolds onlyin combination with other conditions supporting theexistence of complementarities and joint causal relationshipsIn addition they show that board gender quota legislation isneither a sufficient nor a necessary condition to achieve ahigher number of women on boards Such evidence suggeststhat their diffusion across countries could be due to institu-tional isomorphismmore than to efficiency or rational reasonsOverall this study makes two important contributions
First after identifying the key institutional domains to be in-vestigated we provide a systematic theoretical reasoningabout the influence of their complementarities in shaping gen-der balance on corporate board of directors Second the use ofa configurational approach provides an important methodo-logical contribution Through fsQCA we empiricallyexplore our theory-derived propositions and capture the com-plex relationships between country-level causal conditionsand the representation of women on boards As a result ourpaper refines and expands insights from the extant compara-tive corporate governance literature by opening a windowfor further complementary-based research concerning boardcomposition and demography For policy makers it providessome insights that can better drive their choice about whichmix of policies might be necessary to improve femalerepresentation on boards and especially inwhich institutionaldomains they should be implementedThe paper is structured as follows After the literature re-
view we discuss the theoretical framework and develop our
Volume bullbull Number bullbull bullbull 2015
propositions The following sections describe the researchmethodology and the main findings resulting from the com-parative analysis Discussion and conclusions are providedin the last section
LITERATURE REVIEW
Institutions and Institutional ComplementaritiesInstitutional theory points out that institutions influenceeconomic activities organizational structure and humanbehavior Institutions represent the formal (eg laws consti-tutions) and informal constraints (eg taboos traditionssocio-cultural norms) which limit individuals and organiza-tional choices (North 1990) In other words they shape theinteractions of human beings and form expectations of whatpeople will do (Nugent amp Lin 1995) (Scott 1987 499) definesinstitutions as relatively resilient ldquosystems of social beliefs andsocially organized practices associated with varying func-tional arenas within social systemsrdquo such as work politicslaws or regulations In this vein any institution ldquofits into asystem of institutionsrdquo (Neale 1988 245) in a way that theyco-exist and co-evolve within a given structure by showingmutually reinforcing characteristics (Ahlering amp Deakin2007 Deeg 2007 JacksonampDeeg 2008) Extant research refersto this interdependence with the concept of institutionalcomplementarities Such a perspective is widespread in thecomparative capitalism literature because institutional com-plementarities are acknowledged as an important mechanismto explain the diversity of national institutional systems andtheir resistance to change (eg Amable 2003 Aoki 2001North 1991) For instance Amable (2000) argues that theoverall coherence of a ldquonational modelrdquo can be betterunderstood by considering a large set of interacting andinterrelated institutional arrangements rather than isolatedinstitutions Indeed when complementarities occur the exis-tence of an institutional form reinforces the existence of theothers this generates a ldquodynamic stabilityrdquo (Amable 2003)Generally complementarity between some elements stems
from the circumstance that employing one of them increasesthe value of employing the others (Aoki 2001 Milgrom ampRoberts 1995) From the institutional perspective comple-mentarities imply that the conjunction of two or more insti-tutions together enhances the performance of a given actor(eg organizations or national economies) However twomain logics are embodied in institutional complementarityWhen two or more institutions are organized around similarproperties and common principles the logic is similarityConversely the logic of contrast occurs when institutionswith different or contrasting properties coexist and onemakes up for the deficiencies of the other (Crouch 2005)While the latter logic implies a sort of compensation the for-mer refers to the presence of synergies between institutionsSince similar structures make coexistent institutionsmutually reinforced (Campbell 2011) the more alignedand consistent the institutions the better a given country-level outcome (Amable 2003)Although the complementarities-based approach has
spread in financial (eg Amable Ernst amp Palombarini 2005Campbell 2011) and corporate governance research (egAguilera Filatotchev Gospel amp Jackson 2008 Garcigravea-Castro
copy 2015 John Wiley amp Sons Ltd
3COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Aguilera amp Arintildeo 2013 Houmlpner 2005 Jackson 2005 Kang ampMoon 2012 Rediker amp Seth 1995 Weimer amp Pape 1999) ithas been neglected in previous studies of diversity oncorporate boards It is in this gap that we place our research
Institutional Arguments on Gender Diversity onBoardsThe comparative and country-level research on corporateboards has addressed the role of national institutional charac-teristics in shaping gender diversity on boards of directorsespecially with regard to institutional systems (Grosvold2011 Grosvold amp Brammer 2011 Terjesen amp Singh 2008)infrastructures and public policies (Terjesen Sealy amp Singh2009) and occupational environments (Adams amp Kirchmaier2013)Grosvold and Brammer (2011) show that countries with
generous welfare provisions encouraging women to balancework and family (French and Germanic legal heritages) havefewer women board directors From a cultural perspectivethe authors find that Nordic European and Eastern Europeanculture-oriented countries have a significantly greater percent-age ofwomen on boards owing to their lower levels of genderdifferentiation Looking at labor institutions Adams andKirchmaier (2013) argue that the presence of (non-executive)women on boards is positively related to female employmentby excluding part-time and unemployed workers For thisreason the authors underline the importance of policiespromoting full-time and family services since part-time jobsfor taking on family responsibilities could underminewomenrsquos professional careers The rationale of focusing on ca-reers to search for the main causes of the under-representationof women on boards is that full participation in the labormarket allows women to acquire those competencesexperiences and social capital to sit on boards (eg Adamsamp Flynn 2005 Doldor Vinnicombe Gaughan amp Sealy 2012Singh amp Vinnicombe 2004 Terjesen et al 2009)Interestingly a parallel body of literature reveals that female
employment and careers are primarily affected by twoelements welfare institutions and culturalprescriptivenorms about gender roles in society In detail much researchdocuments that welfare states can fail to release women fromfamily responsibilities and increase unequal gender represen-tation between and within classes or exclude women frominfluential occupations (eg Esping-Andersen 1990 Mandelamp Semyonov 2006 Mandel amp Shalev 2009 Misra amp Moller2005) In a similar vein a number of scholars argue thatgender stereotypes and gender schemas in social culture arestrong impediments for both female career advancementand representation on boards (eg Adams amp Kirchmaier2013 Nelson amp Levesque 2007 Terjesen et al 2009 2014Williams 2000) In turn welfare states themselves are foundto play a key role in promoting equal opportunities (egEsping-Andersen 1990 1999 Grosvold amp Brammer 2011Mandelamp Semyonov 2006MisraampMoller 2005) They signif-icantly impact on gender relations aswell as on the gender di-vision of caring and domestic labor (Orloff 1993 1996) Theseinterdependencies are generally supported also by sociolo-gists who point out that the greatest share of variance in theindividual life courses is due to (1) external social structureslinked to the division of labor (2) the division of labor within
copy 2015 John Wiley amp Sons Ltd
households and (3) the intervention of the state throughwelfare provisions (Mayer 2009)Although not exhaustively institutional arguments have in-
formed a number of studies about the adoption and diffusionof gender quotas for corporate boards In Teigenrsquos work(Teigen 2012) the spread of gender quota legislation isexplained according to mechanisms of diffusion path depen-dency and critical conjunctures of distinctive national condi-tions Terjesen et al (2014) argue that the establishment ofgender quotas for corporate boards arises from a particularinstitutional environment consisting in (1) gendered welfarestate provisions (2) left-leaning political government and (3)path-dependent policy initiatives for gender equality Thesecircumstances of institutional coherence between somecountry-level factors do not necessarily imply complementar-ities (Deeg 2007) albeit complementarities could existConversely Grosvold and Brammer (2011) discuss that moreradical affirmative action should be taken when nationalcultural heritages are slow to change In this way genderlegislation on boards might be a supplementary institutionlikely making up for the deficiencies of other institutions(according to Crouch 2005)Despite their contributions in the institutional understand-
ing of gender diversity on boards these studies have failedto investigate the effects of the joint influence of institutionson women on boards In this way the causal mechanismunderlying their relationships has remained less than clearMoreover a deeper analysis of the role of gender regulatorypolicies in the existing national configurations is still neededThere is therefore scope to explore their necessity orsufficiency as well as their complementary or supplementaryfunction in national institutional systemsGiven their close interconnection and their importance as
antecedents of women on boards welfare labor and culturalinstitutions are particularly suitable to be investigated interms of complementarities Accordingly we need to focuson how gender roles in these three institutional domains arecausally and jointly related to gender balance on boards Inline with Schneider and Wagemann (2012) this means thatwomen on boards could be re-framed as the outcomeresulting from sets of institutional attributes For the purposeof this study in the next section we theoretically argue forthe existence of complementarities between welfare laborand cultural institutions Therefore in order to exploreconjunctural causality we empirically explore our proposi-tions by taking countries as configurations of certaincountry-level causal conditions including gender quotas oncorporate boards
THEORETICAL DEVELOPMENT
The subject of women on corporate boards clearly has socialorigins since it evokes a problem of equality in the distribu-tion of opportunity and power in a given social system As aresult the presence of women in top corporate positions canbe conceived as a subset of the overall power structure Ifthe problem of female under-representation on boards isconceptualized as embedded within broader gender-relatedsocial phenomena women on boards cannot be separatedfrom issues related to women in family workforce
Volume bullbull Number bullbull bullbull 2015
4 CORPORATE GOVERNANCE
politystate and culture The rationale is that gender itself isan institution intertwined with other institutions (Martin2004) as some gendered practices and processes have movedgender in multiple settings and contexts (Acker 1992) In thisframe ldquogender is a property of collectivities institutions andhistorical processesrdquo (Connell 1987 139) and it can be consid-ered ldquoan institution embedded in the workplace occupationsand occupational environments through formally definedrules roles and responsibilities and the lsquohabitusrsquo of mentalstructures through which individuals think about their socialworldrdquo (Terjesen et al 2009 324) Accordingly complemen-tarities between welfare labor and cultural institutions canbe established on the logic of similarity because of theirsimilar approaches with regard to the gender perspectiveWe discuss each in turnAmong the others welfare institutions show a profound
ldquogenderedrdquo nature In general states have had power overother institutions because they have ldquocodified many aspectsof gender into laws or regulationsrdquo (Martin 20041259) Insti-tutions reflect the interests of those who have power to makerules and they are not necessarily socially efficient (North1990) Thus menrsquos power over women has been supportedby legal institutions for many years (Connell 1987)Consistent with these arguments we find that motherhoodlegislation was enacted so many years earlier than laws forfatherhood rights (Table A1) and it has been particularlyresilient to change The extended length of maternity leave isa common feature in EU countries and it disguises anunbalanced protection of motherhood rather than fatherhoodor parenthood This is clear evidence that states havemobilized gender into welfare institutions In this way theyhave formally institutionalized the prevalent role of womenin childcare and housework by contributing to define genderroles in family and work institutions as well as in the overallsocietyIn this vein a similar gendered logic is embedded in labor
institutions According to Williams (2005) much of genderinequality in occupational environments depends on the factthat the prescriptive norm of the ideal worker (eg full-timeand full-force for working) comes into conflict with the preva-lent role of women in family responsibilities (eg full-timeand full-force for childbearing and childrearing) in a way thatmakes them not ldquoun-genderedrdquo norms For instance thetypical skill regimes of coordinatedmarket economies (CMEs)are found to be more appropriate to the male model offull-time and continuous employment by limiting women tocertain areas of employment (Mandel amp Shalev 2009) In viewof that welfare and labor institutions are closely complemen-tary in their ldquogenderedrdquo structures the presence of moregender unbalanced welfare polices enhances the presence ofgender imbalance in labor markets as well as in prescriptivenorms of what is expected by women and menFinally it is widely acknowledged that national cultures
have an important role in shaping gender roles in societyCulture stems from human behaviors recursive practicesnorms and beliefs of a given society Considering thefundamental sociality of gender (Lorber 1994) it is rationalto assume that when social actors take ldquogenderedrdquo behaviorsprocesses and practices gender itself ends up flowing intonational culture Moreover since individuals with commoncultural backgrounds share convergent mental models
Volume bullbull Number bullbull bullbull 2015
ideologies and institutions it is reasonable that those institu-tions underlie common beliefs and cultural norms on what isexpected from individuals (DenzauampNorth 1994) Thereforeif gender is a property embedded in cultural institutions wecan argue that the presence of gender in national culturesenhances the presence of gender in other institutions The ideais that gender schemas in national cultures may lead to moregendered welfare and labor institutions In turn genderedwelfare institutions may contribute to intensify the presenceof gender imbalance in labor markets with consequent feweremployment and career opportunities for womenTaken together welfare cultural and labor institutions
complement each other and reciprocally strengthen their gen-dered nature The presence of institutional complementaritiescauses mutual reinforcement and synergistic effects on thedistribution of power and opportunity in a given institutionalsystem According to our rationale complementaritiesbetween these three institutional domains contribute toexplain the different performance in terms of female represen-tation on boards between EU countries Indeed if women onboards reflect the overall power structure of social systemswe expect that in countries where welfare labor and culturalinstitutions are aligned and highly consistent with anldquoun-genderedrdquo perspective performance in terms of womenon boards will be higher because of the synergistic effect ofcomplementaritiesTherefore we suggest the following
Proposition 1a The more ldquoun-genderedrdquo cultural welfare andlabor institutions the greater the number of women on boardsof directors
Clearly assuming the existence of institutional complemen-tarities posits that the effects of one institution are contingenton the presenceabsence of another (Jackson 2005) In thisvein complementarities underlie a causal effect and they per-mit the exploration of possible claims to causality (Deeg 2007Kogut amp Ragin 2006) Investigating causal relations consistsin unraveling the necessary and sufficient conditions andcombinations of these two types of causes for a given outcome(Schneider amp Wagemann 2012 53) When we propose thatcomplementary and aligned institutions have mutuallyreinforcing effects on female representation on boards weare assuming an underlying conjunctural causality This jointcausation can be intended in terms of conjunction orcombination of multiple conditions where no single causemay be either necessary or sufficient (Kogut amp Ragin200647 Ragin 2000) Set-theoretic methods are particularlysuitable for exploring these issues and their logic has beenapplied to empirically explore our propositionsConjunctural causal relationship is established when a
combination of causal conditions are linked by logical ANDoperators () For example ABC implies that a single condi-tion A plays a causal role only in combination with othercausal factors (B and C) In order to empirically verify theexistence of institutional complementarities the main causalconditions at national level have been selected according to(1) their significant impact on gender diversity on corporateboards (2) their capacity to generate complementarities withother institutional domains (Deeg 2007) and (3) their impor-tance in supporting the gendered nature of institutions
copy 2015 John Wiley amp Sons Ltd
5COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Therefore for each institutional domain we suggest thefollowing causal conditionsWelfare institutions operate at multiple levels through
several public policies and with different outcomes for thewellbeing of a number of social groups Consistent with ourarguments we look into the structure of parental leavepolicies (ie paternity maternity and parental leave) and theprovision of childcare services for assessing the presence ofgender in welfare institutions We are motivated by two as-pects Firstly if we include parental leave policies for motherfather and both parents we can have an important foregoerof the gender division of family and childcare responsibilitiesSecondly the nature of the welfare state is closely related togendered dimensions of maternity leave childcare servicesand female labor participation (Terjesen et al 2014) Motherrsquosentitlements and maternity leave were often chosen asexamples of the perverse effects of workfamily reconciliationpolicies on female employment and careers (eg Aschcraft1999 Grosvold amp Brammer 2011 Mandel amp Semyonov2006 Mandel amp Shalev 2009 Misra amp Moller 2005 Nelsonamp Levesque 2007) In a comparative perspective we expectcountries with more gender equality-oriented welfare institu-tions to have (1) higher levels of childcare serviceswhich releasewomen from their prevalent role in domestic responsibilities (2)a shorter difference in the lengths of paternity and maternityleave (meaning higher length of paternity leave and not higherlength of maternity leave) and (3) a higher level of parentalleave Taken together these conditions can reveal a moreegalitarian perception of gender roles in welfare institutionsConversely given the plurality of inputs underlying cultural
and labor institutions (eg labor regulation earnings gap ste-reotypes mental models recursive practices behaviors etc)their gendered structure is suitable to be assessed in terms ofaggregate measure and final outcome Consequently we referto the broader concept of gender equality in society to measurethe presence of gender in national culture meanwhile we takefemale employment and part-time female employment as avalid proxy of how gender perspective is embedded withinlabormarkets Since part-time jobs for taking on family respon-sibilities may undermine womenrsquos professional careers(AdamsampKirchmaier 2013) it is important to promote policiesfor full-time female employment and family services As aresult we expect that countries with more un-genderedcultural and labor institutions present high levels of genderequality in society high levels of female employment but nothigh levels of female part-time workIn terms of joint causation between the elected causal condi-
tions we propose the following empirically testableproposition
Proposition 1b High paternity leave not high maternity leavehigh parental leave high levels of childcare services high femaleemployment not high female part-time work AND high genderequality in society are sufficient conditions to achieve a highernumber of women on boards
The Role of Board Gender Quotas in NationalConfigurationsConfigurational and set-theoretical methods are particularlyvaluable to map countries as configurations of certain causal
copy 2015 John Wiley amp Sons Ltd
conditions This property allows for the theoretical and empir-ical exploration of the necessary and sufficient function thatgender quotas on boards have in the existing nationalconfigurationsA condition is necessary if whenever the outcome occurs it
is present It is sufficient if whenever the condition occursacross cases the outcome is present In other words genderquotas should be a necessary condition if whenever countriesshow a higher level of women on boards they have beenenacted Meanwhile they should be a sufficient condition ifwhenever they occur countries show a higher number ofwomen on boards However if theory-informed Proposition1a is likely to be true the joint presence of highly alignedand consistent country-level causal conditions is sufficient toachieve a higher presence of women on boards (Proposition1b) without requiring any kind of regulation or self-regulation at board level In other words their internalconsistency and gender neutrality entail superior effects onfemale representation on boards because of the institutionalcomplementarities Since the outcome occurs even in theabsence of quotas in set-theoretic terms this means thatgender quotas are not a necessary condition to achieve ahigher number of women on boards However it is generallyand logically true that the presence of mandatory genderquotas at board level implies the presence of more women inboard positions In comparative perspective this means thatwhenever gender quota regulation occurs we expectcountries to have a higher number of women on boards Bydefinition of sufficiency in set-theoretic terms this leads tothe assumption that gender quotas are a sufficient conditionby themselves to have a higher number of women on boardsand they represent an alternative path to the outcome ofinterest Indeed several scholars have acknowledged that incountries where particular women-friendly conditions aremissing affirmative action may be a valuable alternative tohave more women on boards (eg Grosvold amp Brammer2011) More formally we propose the following propositions
Proposition 2a Board gender quotas are not a necessary condi-tion to achieve a higher number of women on boards
Proposition 2b Board gender quotas are a sufficient condition bythemselves to achieve a higher number of women on boards
Definitively if gender quotas on boards represent anothersufficient condition Propositions 1b and 2b reasonably showtwo equally effective and mutually non-exclusive pathwaysto a major presence of women on boards This circumstanceimplies equifinality A result is equifinal when differentcombinations of causal conditions are linked by logical ORoperators (+) For instance a resultant solution ldquoA+Brdquoimplies that A or B equally lead to the outcome
RESEARCH METHOD
Fuzzy Set Qualitative Comparative AnalysisFuzzy set qualitative comparative analysis (fsQCA) has beenemployed here to map countries in terms of their multiplememberships in sets of institutional attributes The aim wasto explore which causal conditions combine and complement
Volume bullbull Number bullbull bullbull 2015
6 CORPORATE GOVERNANCE
each other to achieve the outcome under investigation Whenthe assumptions of configurational theory are involved thismethod is more suitable to assess the presence of equifinalityand conjunctural causation rather than statistical investiga-tion (eg Fiss 2007 2011) Unlike statistical methodologybased on linear algebra QCA relies on Boolean algebra andapplies a rigid logicmethodology to compare phenomena thatvary both qualitatively and quantitatively for instance in na-ture (eg present or absent) or degree (Ragin 2002 Rihoux2006) Through comparisons across cases QCA allows us touncover synergistic combinatory and equifinal effects bylogically reducing the number of possible combinations ofcausal conditions (Kogut amp Ragin 2006) For instance Kogutand Ragin (2006) note that QCA is able to identify eventuallogical contradictions this property represents an importantfeature to control even though it does not avoid the problemof omitted variables which can make spurious the inferredcausality (unobserved sources of variation such as culturaldisposition) Taken together these advantages have madeQCA very widespread in political economy managementand organization studies (Ragin amp Rihoux 2004 Rihoux2006 eg Fiss 2011 Garcigravea-Castro et al 2013 Grandori ampFurnari 2008 Kogut amp Ragin 2006)FsQCA requires the transformation of conventional
variables into sets ldquousing theoretical and substantive criteriaexternal to the data and taking into account the researcherrsquosconceptualization definition and labeling of the set inquestionrdquo (Ragin 2008b16) This process of calibration isparticularly significant as countriescases have to be assessedwith regard to their membership in previously defined sets ofcausal conditions (Schneider ampWagemann 2012) Instead of abinary logic (ldquo0rdquo for absence and ldquo1rdquo for presence) fsQCAinvolves the application of fuzzy logic for more fine-grainedmeasures of the attributes under investigation (Fiss 2007) Inparticular we make use of the ldquodirect methodrdquo of calibrationby specifying three threshold values one for full membershipto the set one for full non-membership to the set and one forthe crossover point or rather the point of maximumambiguity where cases have both a membership andnon-membership score of 5 in a given set (Ragin 20002008a) Furthermore a fuzzy set (A) can be negated and it isdenoted by ldquo~Ardquo (Ragin 2008b) The membership in the setldquo~Ardquo can be calculated as 1 minus the fuzzy membership inthe set ldquoArdquo For example if we have a countrywith amember-ship score in the set of ldquocountries with high maternity leaverdquoof 6 the membership score in the negated set ldquocountries withnot high maternity leaverdquo is 4 Thus denoting with k thenumber of causal conditions all their possible combinationswith their negations are 2k and they represent the rows of aldquotruth tablerdquoOur analysis is computed with the current version of the
fsQCA software package 25 (Ragin Drass amp Davey 2006)By relying on the Quine-McCluskey algorithm or method ofprime implicants it permits a logical reduction of the detectedcombinations After calculating the number of cases withgreater than 5 membership score in each combination therelevant combinations of causal conditions are selectedaccording to their frequency When the total number of casesis relatively small the frequency threshold should be 1 or 2(Ragin 2008b) We set as acceptable a frequency higher thanor equal to 1 Finally the validity of the detected combinations
Volume bullbull Number bullbull bullbull 2015
is assessed with the calculation of consistency (the measure atwhich each combination can lead to the outcome) andcoverage (the measure of how many cases with an outcomeare the results of a particular causal condition) They arecalculated with the following
Consistency X lt Yeth THORN frac14 summin XYeth THORN=sumX
Coverage X lt Yeth THORN frac14 summin XYeth THORN=sumY
whereX is the membership score of cases in a given configura-tion of causal conditions and Y is the membership score ofcases in the outcome set The minimum recommended thresh-old to accept a solution as consistent is 75 (Ragin 2006 2008a)
Selection Criteria of Cases and ConditionsIn line with Kogut and Ragin (2006) the selection of cases andconditions was particularly consistent with our substantiveand theoretical interests and it required a systematic dialoguebetween ideas and evidence While the selection of causalconditions underlies a reasoned synthesis of theoreticalarguments and empirical evidence previously discussed thechoice of comparing the EU countries1 stems from two mainmotivations On the one hand EU countries show differentperformance in terms of female representation on boards ac-cording to their different economic cultural and regulatoryenvironments (Kang Chen amp Gray 2007) Given thisheterogeneity it is very challenging to explore whether arelative superiority of a particular institutional model existsOn the other hand the European Union is very committedin the debate about gender diversity on boards as it has askedpublicly listed companies to increase the female representa-tion on boards to 40 percent by 2020 While some countrieshave introduced some form of regulation others have optedfor voluntary or recommendatory initiatives (Huse ampSeierstad 2014) Furthermore recognizing the disproportion-ate involvement of women in part-time work and thepersistence of the traditional caregiver model the EuropeanUnion has asked member states to provide a major numberof inexpensive and high-quality childcare services suitableforms of parental leave for bothmen andwomen and bindingquotas for increasing the presence of women in positions ofresponsibility These circumstances have created a commonpurpose on how to have more women on boards but theyrequire further investigation A key questionwould bewhetherregulatory policies enacted in some countries might be transfe-rable to others and the role that institutional complementaritiesmay have in shaping female representation on boardsIn this study countries are analyzed as configurations of
welfare labor and cultural institutions We also include regu-latory policies about board gender quotas to investigate theirrole in the existing national configurations With the aim ofelecting the causal conditions to be included in the analysisthe three main institutional domains have been detailed inspecific national attributes While welfare institutions includemeasures about maternity leave paternity leave parentalleave and childcare services labor institutions are expressedin terms of the total amount of female labor force and thepercentage of women involved in part-time work Nationalculture corresponds to the overall level of gender equality in
copy 2015 John Wiley amp Sons Ltd
7COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
society and it can be measured using the Global Gender GapIndex Finally regulatory policies refer to the form ofregulation for female participation on board (gender quotasor corporate governance codes) Moreover in order to expressthese conditions quantitatively we conducted a documentaryanalysis of the main legal texts statistics and documentswhich contain information about the phenomenon under in-vestigation (Bailey 1994 Payne amp Payne 2004 Scott 1990)They are mainly provided by the Council of Europe FamilyPolicy database (2009) OECD Family Database (2012)Margherita OrsquoDorchai and Bosch (2009) EU-SILC (2012)the International Review of Leave Policies and RelatedResearch (Moss 2014) the International Labor Organization(2010) the EUrsquos Mutual Information System on Social Protec-tion (MISSOC 2014) and World Economic Forum (2013) Inthis way a systematic review of legislation for each one ofthe 27 European Union countries was madeTables A1 andA2 in the appendix show our datamatrix and
descriptive statistics In the following section we detail thedescription of both causal conditions and outcome and wediscuss the criteria of their calibration in fuzzy sets
Data Description and Set CalibrationOutcome Measures A higher number of women on
boards is the outcome of our interest Data about women onboardswere taken from the European Commissionrsquos databaseon women and men in decision making (European Commis-sion 2012a) containing information on 582 companies corre-sponding to 5910 board members The companies coveredare the largest (primarily blue-chip index members) publiclylisted2 companies in each of the 27 European member states(maximum 50 per country) As described in the methodologi-cal section of the European Commission database (EuropeanCommission 2014) in countries with unitary (one-tier) sys-tems the board of directors is counted as including non-executive and executive members and data cover the mainboard plus the members of the most senior executive body(eg executive committee) In countrieswith two-tier systemsdata cover executive and non-executive members of bothboards but only the supervisory board is counted Individualssitting on more than one decision-making body are countedonly once and employee representatives are excluded Inorder to express how many women there are on boardscompared with the total number of board members we usethe percentage and not the absolute values Moreover we takeinto account data from both executive and non-executiveboardmembers as we are interested in the attainment of thosepositions held by women through their career paths ratherthan their performance in the boards of directors While toachieve perfect balance between men and women requiresthe presence of 50 percent women on the boardmuch researchhas demonstrated that the critical mass of women directors isreached when boards of directors have at least 30 percentwomen The President of the European Commission invitedpublicly listed companies to voluntarily increase womenrsquospresence on corporate boards to 30 percent by 2015 and 40percent by 2020 while following the example of Norway theEuropean Womenrsquos Lobby recommended European memberstates to adopt legislation requiring certain companies to have40 percent of women on their boards of directors by 2015 and
copy 2015 John Wiley amp Sons Ltd
50 percent by 2020 (Armstrong amp Walby 2012) By applyingthese substantive guidelines as external criteria to calibratemeasures of sufficient or insufficient presence of women onboards in a country we considered 30 percent as the fullmembership threshold for sufficient gender diversity onboards Although this does not constitute adequate proof ofequality it does represent a significant achievement Thus thethree thresholds chosen to calibrate our outcome are 30 percentfor full membership 20 percent for the crossover point of max-imum ambiguity and 10 percent for the full non-membershipFor these reasons we specify this target as the set of ldquoEUcountries with a higher number of women on boardsrdquo
Maternity Leave3 Since parental leave can be designed invery different ways we have adopted careful criteria to makewelfare institutions between EU countries more comparableIn particular only the statutory amount for maternity and pa-ternity leave was considered Moreover thanks to fuzzy logicwe are able to take into account the level of generosity of ma-ternity and paternity leave by using a more fine-grained mea-sure of these attributes rather than their mere presence (1) orabsence (0) Finally even though uptake of leave can differgreatly from that allowed for by legislation the laws providea condition that precedes the possibility of actually takingleave Thus they mirror the gendered nature of welfare poli-cies which potentially emphasize the prevailing role ofwomen in family responsibilities The calibration was doneconsidering a crossover point of maximum ambiguity of150days approximately corresponding to the minimumvalue of days recommended by the European ParliamentThe thresholds for full membership and full non-membershipwere defined with an equal distance interval from the cross-over point 250days and 50days respectively The result is atarget set of ldquoEU countries with high maternity leaverdquo
Paternity Leave4 A majority of members of the EU Parlia-ment have approved a full paid paternity leave of at least twoweeks (Thomsen amp Urth 2010) For this reason the paternityleave set calibration was computed by considering theminimum number of days recommended by the European Par-liament as the full membership threshold ie 15days Conse-quently the crossover point and the full non-membershipthreshold were defined with an equal distance interval fromthe fullmembership value 9days and 3days respectively Itwillbe the target set of ldquoEU countries with high paternity leaverdquo
Parental Leave5 In our analysis we considered only paidparental leave as the sum of both mother and father quotasFrom Directive 201018 of the Council of Europe we knowthat a minimum period of four months of parental leave foreach parent is recommended (European Union 2010) There-fore in order to consider a countrywith a significant provisionof parental leave we established a full membership thresholdof 240days corresponding to about eight months if we con-sider both parents As above the crossover point of maximumambiguity and the full non-membership threshold are140days and 40days respectively We called this target theset of ldquoEU countries with high parental leaverdquo
Childcare Services6 This concept refers to the availabilityof childcare services across EU countries Data were taken
Volume bullbull Number bullbull bullbull 2015
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
3COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Aguilera amp Arintildeo 2013 Houmlpner 2005 Jackson 2005 Kang ampMoon 2012 Rediker amp Seth 1995 Weimer amp Pape 1999) ithas been neglected in previous studies of diversity oncorporate boards It is in this gap that we place our research
Institutional Arguments on Gender Diversity onBoardsThe comparative and country-level research on corporateboards has addressed the role of national institutional charac-teristics in shaping gender diversity on boards of directorsespecially with regard to institutional systems (Grosvold2011 Grosvold amp Brammer 2011 Terjesen amp Singh 2008)infrastructures and public policies (Terjesen Sealy amp Singh2009) and occupational environments (Adams amp Kirchmaier2013)Grosvold and Brammer (2011) show that countries with
generous welfare provisions encouraging women to balancework and family (French and Germanic legal heritages) havefewer women board directors From a cultural perspectivethe authors find that Nordic European and Eastern Europeanculture-oriented countries have a significantly greater percent-age ofwomen on boards owing to their lower levels of genderdifferentiation Looking at labor institutions Adams andKirchmaier (2013) argue that the presence of (non-executive)women on boards is positively related to female employmentby excluding part-time and unemployed workers For thisreason the authors underline the importance of policiespromoting full-time and family services since part-time jobsfor taking on family responsibilities could underminewomenrsquos professional careers The rationale of focusing on ca-reers to search for the main causes of the under-representationof women on boards is that full participation in the labormarket allows women to acquire those competencesexperiences and social capital to sit on boards (eg Adamsamp Flynn 2005 Doldor Vinnicombe Gaughan amp Sealy 2012Singh amp Vinnicombe 2004 Terjesen et al 2009)Interestingly a parallel body of literature reveals that female
employment and careers are primarily affected by twoelements welfare institutions and culturalprescriptivenorms about gender roles in society In detail much researchdocuments that welfare states can fail to release women fromfamily responsibilities and increase unequal gender represen-tation between and within classes or exclude women frominfluential occupations (eg Esping-Andersen 1990 Mandelamp Semyonov 2006 Mandel amp Shalev 2009 Misra amp Moller2005) In a similar vein a number of scholars argue thatgender stereotypes and gender schemas in social culture arestrong impediments for both female career advancementand representation on boards (eg Adams amp Kirchmaier2013 Nelson amp Levesque 2007 Terjesen et al 2009 2014Williams 2000) In turn welfare states themselves are foundto play a key role in promoting equal opportunities (egEsping-Andersen 1990 1999 Grosvold amp Brammer 2011Mandelamp Semyonov 2006MisraampMoller 2005) They signif-icantly impact on gender relations aswell as on the gender di-vision of caring and domestic labor (Orloff 1993 1996) Theseinterdependencies are generally supported also by sociolo-gists who point out that the greatest share of variance in theindividual life courses is due to (1) external social structureslinked to the division of labor (2) the division of labor within
copy 2015 John Wiley amp Sons Ltd
households and (3) the intervention of the state throughwelfare provisions (Mayer 2009)Although not exhaustively institutional arguments have in-
formed a number of studies about the adoption and diffusionof gender quotas for corporate boards In Teigenrsquos work(Teigen 2012) the spread of gender quota legislation isexplained according to mechanisms of diffusion path depen-dency and critical conjunctures of distinctive national condi-tions Terjesen et al (2014) argue that the establishment ofgender quotas for corporate boards arises from a particularinstitutional environment consisting in (1) gendered welfarestate provisions (2) left-leaning political government and (3)path-dependent policy initiatives for gender equality Thesecircumstances of institutional coherence between somecountry-level factors do not necessarily imply complementar-ities (Deeg 2007) albeit complementarities could existConversely Grosvold and Brammer (2011) discuss that moreradical affirmative action should be taken when nationalcultural heritages are slow to change In this way genderlegislation on boards might be a supplementary institutionlikely making up for the deficiencies of other institutions(according to Crouch 2005)Despite their contributions in the institutional understand-
ing of gender diversity on boards these studies have failedto investigate the effects of the joint influence of institutionson women on boards In this way the causal mechanismunderlying their relationships has remained less than clearMoreover a deeper analysis of the role of gender regulatorypolicies in the existing national configurations is still neededThere is therefore scope to explore their necessity orsufficiency as well as their complementary or supplementaryfunction in national institutional systemsGiven their close interconnection and their importance as
antecedents of women on boards welfare labor and culturalinstitutions are particularly suitable to be investigated interms of complementarities Accordingly we need to focuson how gender roles in these three institutional domains arecausally and jointly related to gender balance on boards Inline with Schneider and Wagemann (2012) this means thatwomen on boards could be re-framed as the outcomeresulting from sets of institutional attributes For the purposeof this study in the next section we theoretically argue forthe existence of complementarities between welfare laborand cultural institutions Therefore in order to exploreconjunctural causality we empirically explore our proposi-tions by taking countries as configurations of certaincountry-level causal conditions including gender quotas oncorporate boards
THEORETICAL DEVELOPMENT
The subject of women on corporate boards clearly has socialorigins since it evokes a problem of equality in the distribu-tion of opportunity and power in a given social system As aresult the presence of women in top corporate positions canbe conceived as a subset of the overall power structure Ifthe problem of female under-representation on boards isconceptualized as embedded within broader gender-relatedsocial phenomena women on boards cannot be separatedfrom issues related to women in family workforce
Volume bullbull Number bullbull bullbull 2015
4 CORPORATE GOVERNANCE
politystate and culture The rationale is that gender itself isan institution intertwined with other institutions (Martin2004) as some gendered practices and processes have movedgender in multiple settings and contexts (Acker 1992) In thisframe ldquogender is a property of collectivities institutions andhistorical processesrdquo (Connell 1987 139) and it can be consid-ered ldquoan institution embedded in the workplace occupationsand occupational environments through formally definedrules roles and responsibilities and the lsquohabitusrsquo of mentalstructures through which individuals think about their socialworldrdquo (Terjesen et al 2009 324) Accordingly complemen-tarities between welfare labor and cultural institutions canbe established on the logic of similarity because of theirsimilar approaches with regard to the gender perspectiveWe discuss each in turnAmong the others welfare institutions show a profound
ldquogenderedrdquo nature In general states have had power overother institutions because they have ldquocodified many aspectsof gender into laws or regulationsrdquo (Martin 20041259) Insti-tutions reflect the interests of those who have power to makerules and they are not necessarily socially efficient (North1990) Thus menrsquos power over women has been supportedby legal institutions for many years (Connell 1987)Consistent with these arguments we find that motherhoodlegislation was enacted so many years earlier than laws forfatherhood rights (Table A1) and it has been particularlyresilient to change The extended length of maternity leave isa common feature in EU countries and it disguises anunbalanced protection of motherhood rather than fatherhoodor parenthood This is clear evidence that states havemobilized gender into welfare institutions In this way theyhave formally institutionalized the prevalent role of womenin childcare and housework by contributing to define genderroles in family and work institutions as well as in the overallsocietyIn this vein a similar gendered logic is embedded in labor
institutions According to Williams (2005) much of genderinequality in occupational environments depends on the factthat the prescriptive norm of the ideal worker (eg full-timeand full-force for working) comes into conflict with the preva-lent role of women in family responsibilities (eg full-timeand full-force for childbearing and childrearing) in a way thatmakes them not ldquoun-genderedrdquo norms For instance thetypical skill regimes of coordinatedmarket economies (CMEs)are found to be more appropriate to the male model offull-time and continuous employment by limiting women tocertain areas of employment (Mandel amp Shalev 2009) In viewof that welfare and labor institutions are closely complemen-tary in their ldquogenderedrdquo structures the presence of moregender unbalanced welfare polices enhances the presence ofgender imbalance in labor markets as well as in prescriptivenorms of what is expected by women and menFinally it is widely acknowledged that national cultures
have an important role in shaping gender roles in societyCulture stems from human behaviors recursive practicesnorms and beliefs of a given society Considering thefundamental sociality of gender (Lorber 1994) it is rationalto assume that when social actors take ldquogenderedrdquo behaviorsprocesses and practices gender itself ends up flowing intonational culture Moreover since individuals with commoncultural backgrounds share convergent mental models
Volume bullbull Number bullbull bullbull 2015
ideologies and institutions it is reasonable that those institu-tions underlie common beliefs and cultural norms on what isexpected from individuals (DenzauampNorth 1994) Thereforeif gender is a property embedded in cultural institutions wecan argue that the presence of gender in national culturesenhances the presence of gender in other institutions The ideais that gender schemas in national cultures may lead to moregendered welfare and labor institutions In turn genderedwelfare institutions may contribute to intensify the presenceof gender imbalance in labor markets with consequent feweremployment and career opportunities for womenTaken together welfare cultural and labor institutions
complement each other and reciprocally strengthen their gen-dered nature The presence of institutional complementaritiescauses mutual reinforcement and synergistic effects on thedistribution of power and opportunity in a given institutionalsystem According to our rationale complementaritiesbetween these three institutional domains contribute toexplain the different performance in terms of female represen-tation on boards between EU countries Indeed if women onboards reflect the overall power structure of social systemswe expect that in countries where welfare labor and culturalinstitutions are aligned and highly consistent with anldquoun-genderedrdquo perspective performance in terms of womenon boards will be higher because of the synergistic effect ofcomplementaritiesTherefore we suggest the following
Proposition 1a The more ldquoun-genderedrdquo cultural welfare andlabor institutions the greater the number of women on boardsof directors
Clearly assuming the existence of institutional complemen-tarities posits that the effects of one institution are contingenton the presenceabsence of another (Jackson 2005) In thisvein complementarities underlie a causal effect and they per-mit the exploration of possible claims to causality (Deeg 2007Kogut amp Ragin 2006) Investigating causal relations consistsin unraveling the necessary and sufficient conditions andcombinations of these two types of causes for a given outcome(Schneider amp Wagemann 2012 53) When we propose thatcomplementary and aligned institutions have mutuallyreinforcing effects on female representation on boards weare assuming an underlying conjunctural causality This jointcausation can be intended in terms of conjunction orcombination of multiple conditions where no single causemay be either necessary or sufficient (Kogut amp Ragin200647 Ragin 2000) Set-theoretic methods are particularlysuitable for exploring these issues and their logic has beenapplied to empirically explore our propositionsConjunctural causal relationship is established when a
combination of causal conditions are linked by logical ANDoperators () For example ABC implies that a single condi-tion A plays a causal role only in combination with othercausal factors (B and C) In order to empirically verify theexistence of institutional complementarities the main causalconditions at national level have been selected according to(1) their significant impact on gender diversity on corporateboards (2) their capacity to generate complementarities withother institutional domains (Deeg 2007) and (3) their impor-tance in supporting the gendered nature of institutions
copy 2015 John Wiley amp Sons Ltd
5COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Therefore for each institutional domain we suggest thefollowing causal conditionsWelfare institutions operate at multiple levels through
several public policies and with different outcomes for thewellbeing of a number of social groups Consistent with ourarguments we look into the structure of parental leavepolicies (ie paternity maternity and parental leave) and theprovision of childcare services for assessing the presence ofgender in welfare institutions We are motivated by two as-pects Firstly if we include parental leave policies for motherfather and both parents we can have an important foregoerof the gender division of family and childcare responsibilitiesSecondly the nature of the welfare state is closely related togendered dimensions of maternity leave childcare servicesand female labor participation (Terjesen et al 2014) Motherrsquosentitlements and maternity leave were often chosen asexamples of the perverse effects of workfamily reconciliationpolicies on female employment and careers (eg Aschcraft1999 Grosvold amp Brammer 2011 Mandel amp Semyonov2006 Mandel amp Shalev 2009 Misra amp Moller 2005 Nelsonamp Levesque 2007) In a comparative perspective we expectcountries with more gender equality-oriented welfare institu-tions to have (1) higher levels of childcare serviceswhich releasewomen from their prevalent role in domestic responsibilities (2)a shorter difference in the lengths of paternity and maternityleave (meaning higher length of paternity leave and not higherlength of maternity leave) and (3) a higher level of parentalleave Taken together these conditions can reveal a moreegalitarian perception of gender roles in welfare institutionsConversely given the plurality of inputs underlying cultural
and labor institutions (eg labor regulation earnings gap ste-reotypes mental models recursive practices behaviors etc)their gendered structure is suitable to be assessed in terms ofaggregate measure and final outcome Consequently we referto the broader concept of gender equality in society to measurethe presence of gender in national culture meanwhile we takefemale employment and part-time female employment as avalid proxy of how gender perspective is embedded withinlabormarkets Since part-time jobs for taking on family respon-sibilities may undermine womenrsquos professional careers(AdamsampKirchmaier 2013) it is important to promote policiesfor full-time female employment and family services As aresult we expect that countries with more un-genderedcultural and labor institutions present high levels of genderequality in society high levels of female employment but nothigh levels of female part-time workIn terms of joint causation between the elected causal condi-
tions we propose the following empirically testableproposition
Proposition 1b High paternity leave not high maternity leavehigh parental leave high levels of childcare services high femaleemployment not high female part-time work AND high genderequality in society are sufficient conditions to achieve a highernumber of women on boards
The Role of Board Gender Quotas in NationalConfigurationsConfigurational and set-theoretical methods are particularlyvaluable to map countries as configurations of certain causal
copy 2015 John Wiley amp Sons Ltd
conditions This property allows for the theoretical and empir-ical exploration of the necessary and sufficient function thatgender quotas on boards have in the existing nationalconfigurationsA condition is necessary if whenever the outcome occurs it
is present It is sufficient if whenever the condition occursacross cases the outcome is present In other words genderquotas should be a necessary condition if whenever countriesshow a higher level of women on boards they have beenenacted Meanwhile they should be a sufficient condition ifwhenever they occur countries show a higher number ofwomen on boards However if theory-informed Proposition1a is likely to be true the joint presence of highly alignedand consistent country-level causal conditions is sufficient toachieve a higher presence of women on boards (Proposition1b) without requiring any kind of regulation or self-regulation at board level In other words their internalconsistency and gender neutrality entail superior effects onfemale representation on boards because of the institutionalcomplementarities Since the outcome occurs even in theabsence of quotas in set-theoretic terms this means thatgender quotas are not a necessary condition to achieve ahigher number of women on boards However it is generallyand logically true that the presence of mandatory genderquotas at board level implies the presence of more women inboard positions In comparative perspective this means thatwhenever gender quota regulation occurs we expectcountries to have a higher number of women on boards Bydefinition of sufficiency in set-theoretic terms this leads tothe assumption that gender quotas are a sufficient conditionby themselves to have a higher number of women on boardsand they represent an alternative path to the outcome ofinterest Indeed several scholars have acknowledged that incountries where particular women-friendly conditions aremissing affirmative action may be a valuable alternative tohave more women on boards (eg Grosvold amp Brammer2011) More formally we propose the following propositions
Proposition 2a Board gender quotas are not a necessary condi-tion to achieve a higher number of women on boards
Proposition 2b Board gender quotas are a sufficient condition bythemselves to achieve a higher number of women on boards
Definitively if gender quotas on boards represent anothersufficient condition Propositions 1b and 2b reasonably showtwo equally effective and mutually non-exclusive pathwaysto a major presence of women on boards This circumstanceimplies equifinality A result is equifinal when differentcombinations of causal conditions are linked by logical ORoperators (+) For instance a resultant solution ldquoA+Brdquoimplies that A or B equally lead to the outcome
RESEARCH METHOD
Fuzzy Set Qualitative Comparative AnalysisFuzzy set qualitative comparative analysis (fsQCA) has beenemployed here to map countries in terms of their multiplememberships in sets of institutional attributes The aim wasto explore which causal conditions combine and complement
Volume bullbull Number bullbull bullbull 2015
6 CORPORATE GOVERNANCE
each other to achieve the outcome under investigation Whenthe assumptions of configurational theory are involved thismethod is more suitable to assess the presence of equifinalityand conjunctural causation rather than statistical investiga-tion (eg Fiss 2007 2011) Unlike statistical methodologybased on linear algebra QCA relies on Boolean algebra andapplies a rigid logicmethodology to compare phenomena thatvary both qualitatively and quantitatively for instance in na-ture (eg present or absent) or degree (Ragin 2002 Rihoux2006) Through comparisons across cases QCA allows us touncover synergistic combinatory and equifinal effects bylogically reducing the number of possible combinations ofcausal conditions (Kogut amp Ragin 2006) For instance Kogutand Ragin (2006) note that QCA is able to identify eventuallogical contradictions this property represents an importantfeature to control even though it does not avoid the problemof omitted variables which can make spurious the inferredcausality (unobserved sources of variation such as culturaldisposition) Taken together these advantages have madeQCA very widespread in political economy managementand organization studies (Ragin amp Rihoux 2004 Rihoux2006 eg Fiss 2011 Garcigravea-Castro et al 2013 Grandori ampFurnari 2008 Kogut amp Ragin 2006)FsQCA requires the transformation of conventional
variables into sets ldquousing theoretical and substantive criteriaexternal to the data and taking into account the researcherrsquosconceptualization definition and labeling of the set inquestionrdquo (Ragin 2008b16) This process of calibration isparticularly significant as countriescases have to be assessedwith regard to their membership in previously defined sets ofcausal conditions (Schneider ampWagemann 2012) Instead of abinary logic (ldquo0rdquo for absence and ldquo1rdquo for presence) fsQCAinvolves the application of fuzzy logic for more fine-grainedmeasures of the attributes under investigation (Fiss 2007) Inparticular we make use of the ldquodirect methodrdquo of calibrationby specifying three threshold values one for full membershipto the set one for full non-membership to the set and one forthe crossover point or rather the point of maximumambiguity where cases have both a membership andnon-membership score of 5 in a given set (Ragin 20002008a) Furthermore a fuzzy set (A) can be negated and it isdenoted by ldquo~Ardquo (Ragin 2008b) The membership in the setldquo~Ardquo can be calculated as 1 minus the fuzzy membership inthe set ldquoArdquo For example if we have a countrywith amember-ship score in the set of ldquocountries with high maternity leaverdquoof 6 the membership score in the negated set ldquocountries withnot high maternity leaverdquo is 4 Thus denoting with k thenumber of causal conditions all their possible combinationswith their negations are 2k and they represent the rows of aldquotruth tablerdquoOur analysis is computed with the current version of the
fsQCA software package 25 (Ragin Drass amp Davey 2006)By relying on the Quine-McCluskey algorithm or method ofprime implicants it permits a logical reduction of the detectedcombinations After calculating the number of cases withgreater than 5 membership score in each combination therelevant combinations of causal conditions are selectedaccording to their frequency When the total number of casesis relatively small the frequency threshold should be 1 or 2(Ragin 2008b) We set as acceptable a frequency higher thanor equal to 1 Finally the validity of the detected combinations
Volume bullbull Number bullbull bullbull 2015
is assessed with the calculation of consistency (the measure atwhich each combination can lead to the outcome) andcoverage (the measure of how many cases with an outcomeare the results of a particular causal condition) They arecalculated with the following
Consistency X lt Yeth THORN frac14 summin XYeth THORN=sumX
Coverage X lt Yeth THORN frac14 summin XYeth THORN=sumY
whereX is the membership score of cases in a given configura-tion of causal conditions and Y is the membership score ofcases in the outcome set The minimum recommended thresh-old to accept a solution as consistent is 75 (Ragin 2006 2008a)
Selection Criteria of Cases and ConditionsIn line with Kogut and Ragin (2006) the selection of cases andconditions was particularly consistent with our substantiveand theoretical interests and it required a systematic dialoguebetween ideas and evidence While the selection of causalconditions underlies a reasoned synthesis of theoreticalarguments and empirical evidence previously discussed thechoice of comparing the EU countries1 stems from two mainmotivations On the one hand EU countries show differentperformance in terms of female representation on boards ac-cording to their different economic cultural and regulatoryenvironments (Kang Chen amp Gray 2007) Given thisheterogeneity it is very challenging to explore whether arelative superiority of a particular institutional model existsOn the other hand the European Union is very committedin the debate about gender diversity on boards as it has askedpublicly listed companies to increase the female representa-tion on boards to 40 percent by 2020 While some countrieshave introduced some form of regulation others have optedfor voluntary or recommendatory initiatives (Huse ampSeierstad 2014) Furthermore recognizing the disproportion-ate involvement of women in part-time work and thepersistence of the traditional caregiver model the EuropeanUnion has asked member states to provide a major numberof inexpensive and high-quality childcare services suitableforms of parental leave for bothmen andwomen and bindingquotas for increasing the presence of women in positions ofresponsibility These circumstances have created a commonpurpose on how to have more women on boards but theyrequire further investigation A key questionwould bewhetherregulatory policies enacted in some countries might be transfe-rable to others and the role that institutional complementaritiesmay have in shaping female representation on boardsIn this study countries are analyzed as configurations of
welfare labor and cultural institutions We also include regu-latory policies about board gender quotas to investigate theirrole in the existing national configurations With the aim ofelecting the causal conditions to be included in the analysisthe three main institutional domains have been detailed inspecific national attributes While welfare institutions includemeasures about maternity leave paternity leave parentalleave and childcare services labor institutions are expressedin terms of the total amount of female labor force and thepercentage of women involved in part-time work Nationalculture corresponds to the overall level of gender equality in
copy 2015 John Wiley amp Sons Ltd
7COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
society and it can be measured using the Global Gender GapIndex Finally regulatory policies refer to the form ofregulation for female participation on board (gender quotasor corporate governance codes) Moreover in order to expressthese conditions quantitatively we conducted a documentaryanalysis of the main legal texts statistics and documentswhich contain information about the phenomenon under in-vestigation (Bailey 1994 Payne amp Payne 2004 Scott 1990)They are mainly provided by the Council of Europe FamilyPolicy database (2009) OECD Family Database (2012)Margherita OrsquoDorchai and Bosch (2009) EU-SILC (2012)the International Review of Leave Policies and RelatedResearch (Moss 2014) the International Labor Organization(2010) the EUrsquos Mutual Information System on Social Protec-tion (MISSOC 2014) and World Economic Forum (2013) Inthis way a systematic review of legislation for each one ofthe 27 European Union countries was madeTables A1 andA2 in the appendix show our datamatrix and
descriptive statistics In the following section we detail thedescription of both causal conditions and outcome and wediscuss the criteria of their calibration in fuzzy sets
Data Description and Set CalibrationOutcome Measures A higher number of women on
boards is the outcome of our interest Data about women onboardswere taken from the European Commissionrsquos databaseon women and men in decision making (European Commis-sion 2012a) containing information on 582 companies corre-sponding to 5910 board members The companies coveredare the largest (primarily blue-chip index members) publiclylisted2 companies in each of the 27 European member states(maximum 50 per country) As described in the methodologi-cal section of the European Commission database (EuropeanCommission 2014) in countries with unitary (one-tier) sys-tems the board of directors is counted as including non-executive and executive members and data cover the mainboard plus the members of the most senior executive body(eg executive committee) In countrieswith two-tier systemsdata cover executive and non-executive members of bothboards but only the supervisory board is counted Individualssitting on more than one decision-making body are countedonly once and employee representatives are excluded Inorder to express how many women there are on boardscompared with the total number of board members we usethe percentage and not the absolute values Moreover we takeinto account data from both executive and non-executiveboardmembers as we are interested in the attainment of thosepositions held by women through their career paths ratherthan their performance in the boards of directors While toachieve perfect balance between men and women requiresthe presence of 50 percent women on the boardmuch researchhas demonstrated that the critical mass of women directors isreached when boards of directors have at least 30 percentwomen The President of the European Commission invitedpublicly listed companies to voluntarily increase womenrsquospresence on corporate boards to 30 percent by 2015 and 40percent by 2020 while following the example of Norway theEuropean Womenrsquos Lobby recommended European memberstates to adopt legislation requiring certain companies to have40 percent of women on their boards of directors by 2015 and
copy 2015 John Wiley amp Sons Ltd
50 percent by 2020 (Armstrong amp Walby 2012) By applyingthese substantive guidelines as external criteria to calibratemeasures of sufficient or insufficient presence of women onboards in a country we considered 30 percent as the fullmembership threshold for sufficient gender diversity onboards Although this does not constitute adequate proof ofequality it does represent a significant achievement Thus thethree thresholds chosen to calibrate our outcome are 30 percentfor full membership 20 percent for the crossover point of max-imum ambiguity and 10 percent for the full non-membershipFor these reasons we specify this target as the set of ldquoEUcountries with a higher number of women on boardsrdquo
Maternity Leave3 Since parental leave can be designed invery different ways we have adopted careful criteria to makewelfare institutions between EU countries more comparableIn particular only the statutory amount for maternity and pa-ternity leave was considered Moreover thanks to fuzzy logicwe are able to take into account the level of generosity of ma-ternity and paternity leave by using a more fine-grained mea-sure of these attributes rather than their mere presence (1) orabsence (0) Finally even though uptake of leave can differgreatly from that allowed for by legislation the laws providea condition that precedes the possibility of actually takingleave Thus they mirror the gendered nature of welfare poli-cies which potentially emphasize the prevailing role ofwomen in family responsibilities The calibration was doneconsidering a crossover point of maximum ambiguity of150days approximately corresponding to the minimumvalue of days recommended by the European ParliamentThe thresholds for full membership and full non-membershipwere defined with an equal distance interval from the cross-over point 250days and 50days respectively The result is atarget set of ldquoEU countries with high maternity leaverdquo
Paternity Leave4 A majority of members of the EU Parlia-ment have approved a full paid paternity leave of at least twoweeks (Thomsen amp Urth 2010) For this reason the paternityleave set calibration was computed by considering theminimum number of days recommended by the European Par-liament as the full membership threshold ie 15days Conse-quently the crossover point and the full non-membershipthreshold were defined with an equal distance interval fromthe fullmembership value 9days and 3days respectively Itwillbe the target set of ldquoEU countries with high paternity leaverdquo
Parental Leave5 In our analysis we considered only paidparental leave as the sum of both mother and father quotasFrom Directive 201018 of the Council of Europe we knowthat a minimum period of four months of parental leave foreach parent is recommended (European Union 2010) There-fore in order to consider a countrywith a significant provisionof parental leave we established a full membership thresholdof 240days corresponding to about eight months if we con-sider both parents As above the crossover point of maximumambiguity and the full non-membership threshold are140days and 40days respectively We called this target theset of ldquoEU countries with high parental leaverdquo
Childcare Services6 This concept refers to the availabilityof childcare services across EU countries Data were taken
Volume bullbull Number bullbull bullbull 2015
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
4 CORPORATE GOVERNANCE
politystate and culture The rationale is that gender itself isan institution intertwined with other institutions (Martin2004) as some gendered practices and processes have movedgender in multiple settings and contexts (Acker 1992) In thisframe ldquogender is a property of collectivities institutions andhistorical processesrdquo (Connell 1987 139) and it can be consid-ered ldquoan institution embedded in the workplace occupationsand occupational environments through formally definedrules roles and responsibilities and the lsquohabitusrsquo of mentalstructures through which individuals think about their socialworldrdquo (Terjesen et al 2009 324) Accordingly complemen-tarities between welfare labor and cultural institutions canbe established on the logic of similarity because of theirsimilar approaches with regard to the gender perspectiveWe discuss each in turnAmong the others welfare institutions show a profound
ldquogenderedrdquo nature In general states have had power overother institutions because they have ldquocodified many aspectsof gender into laws or regulationsrdquo (Martin 20041259) Insti-tutions reflect the interests of those who have power to makerules and they are not necessarily socially efficient (North1990) Thus menrsquos power over women has been supportedby legal institutions for many years (Connell 1987)Consistent with these arguments we find that motherhoodlegislation was enacted so many years earlier than laws forfatherhood rights (Table A1) and it has been particularlyresilient to change The extended length of maternity leave isa common feature in EU countries and it disguises anunbalanced protection of motherhood rather than fatherhoodor parenthood This is clear evidence that states havemobilized gender into welfare institutions In this way theyhave formally institutionalized the prevalent role of womenin childcare and housework by contributing to define genderroles in family and work institutions as well as in the overallsocietyIn this vein a similar gendered logic is embedded in labor
institutions According to Williams (2005) much of genderinequality in occupational environments depends on the factthat the prescriptive norm of the ideal worker (eg full-timeand full-force for working) comes into conflict with the preva-lent role of women in family responsibilities (eg full-timeand full-force for childbearing and childrearing) in a way thatmakes them not ldquoun-genderedrdquo norms For instance thetypical skill regimes of coordinatedmarket economies (CMEs)are found to be more appropriate to the male model offull-time and continuous employment by limiting women tocertain areas of employment (Mandel amp Shalev 2009) In viewof that welfare and labor institutions are closely complemen-tary in their ldquogenderedrdquo structures the presence of moregender unbalanced welfare polices enhances the presence ofgender imbalance in labor markets as well as in prescriptivenorms of what is expected by women and menFinally it is widely acknowledged that national cultures
have an important role in shaping gender roles in societyCulture stems from human behaviors recursive practicesnorms and beliefs of a given society Considering thefundamental sociality of gender (Lorber 1994) it is rationalto assume that when social actors take ldquogenderedrdquo behaviorsprocesses and practices gender itself ends up flowing intonational culture Moreover since individuals with commoncultural backgrounds share convergent mental models
Volume bullbull Number bullbull bullbull 2015
ideologies and institutions it is reasonable that those institu-tions underlie common beliefs and cultural norms on what isexpected from individuals (DenzauampNorth 1994) Thereforeif gender is a property embedded in cultural institutions wecan argue that the presence of gender in national culturesenhances the presence of gender in other institutions The ideais that gender schemas in national cultures may lead to moregendered welfare and labor institutions In turn genderedwelfare institutions may contribute to intensify the presenceof gender imbalance in labor markets with consequent feweremployment and career opportunities for womenTaken together welfare cultural and labor institutions
complement each other and reciprocally strengthen their gen-dered nature The presence of institutional complementaritiescauses mutual reinforcement and synergistic effects on thedistribution of power and opportunity in a given institutionalsystem According to our rationale complementaritiesbetween these three institutional domains contribute toexplain the different performance in terms of female represen-tation on boards between EU countries Indeed if women onboards reflect the overall power structure of social systemswe expect that in countries where welfare labor and culturalinstitutions are aligned and highly consistent with anldquoun-genderedrdquo perspective performance in terms of womenon boards will be higher because of the synergistic effect ofcomplementaritiesTherefore we suggest the following
Proposition 1a The more ldquoun-genderedrdquo cultural welfare andlabor institutions the greater the number of women on boardsof directors
Clearly assuming the existence of institutional complemen-tarities posits that the effects of one institution are contingenton the presenceabsence of another (Jackson 2005) In thisvein complementarities underlie a causal effect and they per-mit the exploration of possible claims to causality (Deeg 2007Kogut amp Ragin 2006) Investigating causal relations consistsin unraveling the necessary and sufficient conditions andcombinations of these two types of causes for a given outcome(Schneider amp Wagemann 2012 53) When we propose thatcomplementary and aligned institutions have mutuallyreinforcing effects on female representation on boards weare assuming an underlying conjunctural causality This jointcausation can be intended in terms of conjunction orcombination of multiple conditions where no single causemay be either necessary or sufficient (Kogut amp Ragin200647 Ragin 2000) Set-theoretic methods are particularlysuitable for exploring these issues and their logic has beenapplied to empirically explore our propositionsConjunctural causal relationship is established when a
combination of causal conditions are linked by logical ANDoperators () For example ABC implies that a single condi-tion A plays a causal role only in combination with othercausal factors (B and C) In order to empirically verify theexistence of institutional complementarities the main causalconditions at national level have been selected according to(1) their significant impact on gender diversity on corporateboards (2) their capacity to generate complementarities withother institutional domains (Deeg 2007) and (3) their impor-tance in supporting the gendered nature of institutions
copy 2015 John Wiley amp Sons Ltd
5COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Therefore for each institutional domain we suggest thefollowing causal conditionsWelfare institutions operate at multiple levels through
several public policies and with different outcomes for thewellbeing of a number of social groups Consistent with ourarguments we look into the structure of parental leavepolicies (ie paternity maternity and parental leave) and theprovision of childcare services for assessing the presence ofgender in welfare institutions We are motivated by two as-pects Firstly if we include parental leave policies for motherfather and both parents we can have an important foregoerof the gender division of family and childcare responsibilitiesSecondly the nature of the welfare state is closely related togendered dimensions of maternity leave childcare servicesand female labor participation (Terjesen et al 2014) Motherrsquosentitlements and maternity leave were often chosen asexamples of the perverse effects of workfamily reconciliationpolicies on female employment and careers (eg Aschcraft1999 Grosvold amp Brammer 2011 Mandel amp Semyonov2006 Mandel amp Shalev 2009 Misra amp Moller 2005 Nelsonamp Levesque 2007) In a comparative perspective we expectcountries with more gender equality-oriented welfare institu-tions to have (1) higher levels of childcare serviceswhich releasewomen from their prevalent role in domestic responsibilities (2)a shorter difference in the lengths of paternity and maternityleave (meaning higher length of paternity leave and not higherlength of maternity leave) and (3) a higher level of parentalleave Taken together these conditions can reveal a moreegalitarian perception of gender roles in welfare institutionsConversely given the plurality of inputs underlying cultural
and labor institutions (eg labor regulation earnings gap ste-reotypes mental models recursive practices behaviors etc)their gendered structure is suitable to be assessed in terms ofaggregate measure and final outcome Consequently we referto the broader concept of gender equality in society to measurethe presence of gender in national culture meanwhile we takefemale employment and part-time female employment as avalid proxy of how gender perspective is embedded withinlabormarkets Since part-time jobs for taking on family respon-sibilities may undermine womenrsquos professional careers(AdamsampKirchmaier 2013) it is important to promote policiesfor full-time female employment and family services As aresult we expect that countries with more un-genderedcultural and labor institutions present high levels of genderequality in society high levels of female employment but nothigh levels of female part-time workIn terms of joint causation between the elected causal condi-
tions we propose the following empirically testableproposition
Proposition 1b High paternity leave not high maternity leavehigh parental leave high levels of childcare services high femaleemployment not high female part-time work AND high genderequality in society are sufficient conditions to achieve a highernumber of women on boards
The Role of Board Gender Quotas in NationalConfigurationsConfigurational and set-theoretical methods are particularlyvaluable to map countries as configurations of certain causal
copy 2015 John Wiley amp Sons Ltd
conditions This property allows for the theoretical and empir-ical exploration of the necessary and sufficient function thatgender quotas on boards have in the existing nationalconfigurationsA condition is necessary if whenever the outcome occurs it
is present It is sufficient if whenever the condition occursacross cases the outcome is present In other words genderquotas should be a necessary condition if whenever countriesshow a higher level of women on boards they have beenenacted Meanwhile they should be a sufficient condition ifwhenever they occur countries show a higher number ofwomen on boards However if theory-informed Proposition1a is likely to be true the joint presence of highly alignedand consistent country-level causal conditions is sufficient toachieve a higher presence of women on boards (Proposition1b) without requiring any kind of regulation or self-regulation at board level In other words their internalconsistency and gender neutrality entail superior effects onfemale representation on boards because of the institutionalcomplementarities Since the outcome occurs even in theabsence of quotas in set-theoretic terms this means thatgender quotas are not a necessary condition to achieve ahigher number of women on boards However it is generallyand logically true that the presence of mandatory genderquotas at board level implies the presence of more women inboard positions In comparative perspective this means thatwhenever gender quota regulation occurs we expectcountries to have a higher number of women on boards Bydefinition of sufficiency in set-theoretic terms this leads tothe assumption that gender quotas are a sufficient conditionby themselves to have a higher number of women on boardsand they represent an alternative path to the outcome ofinterest Indeed several scholars have acknowledged that incountries where particular women-friendly conditions aremissing affirmative action may be a valuable alternative tohave more women on boards (eg Grosvold amp Brammer2011) More formally we propose the following propositions
Proposition 2a Board gender quotas are not a necessary condi-tion to achieve a higher number of women on boards
Proposition 2b Board gender quotas are a sufficient condition bythemselves to achieve a higher number of women on boards
Definitively if gender quotas on boards represent anothersufficient condition Propositions 1b and 2b reasonably showtwo equally effective and mutually non-exclusive pathwaysto a major presence of women on boards This circumstanceimplies equifinality A result is equifinal when differentcombinations of causal conditions are linked by logical ORoperators (+) For instance a resultant solution ldquoA+Brdquoimplies that A or B equally lead to the outcome
RESEARCH METHOD
Fuzzy Set Qualitative Comparative AnalysisFuzzy set qualitative comparative analysis (fsQCA) has beenemployed here to map countries in terms of their multiplememberships in sets of institutional attributes The aim wasto explore which causal conditions combine and complement
Volume bullbull Number bullbull bullbull 2015
6 CORPORATE GOVERNANCE
each other to achieve the outcome under investigation Whenthe assumptions of configurational theory are involved thismethod is more suitable to assess the presence of equifinalityand conjunctural causation rather than statistical investiga-tion (eg Fiss 2007 2011) Unlike statistical methodologybased on linear algebra QCA relies on Boolean algebra andapplies a rigid logicmethodology to compare phenomena thatvary both qualitatively and quantitatively for instance in na-ture (eg present or absent) or degree (Ragin 2002 Rihoux2006) Through comparisons across cases QCA allows us touncover synergistic combinatory and equifinal effects bylogically reducing the number of possible combinations ofcausal conditions (Kogut amp Ragin 2006) For instance Kogutand Ragin (2006) note that QCA is able to identify eventuallogical contradictions this property represents an importantfeature to control even though it does not avoid the problemof omitted variables which can make spurious the inferredcausality (unobserved sources of variation such as culturaldisposition) Taken together these advantages have madeQCA very widespread in political economy managementand organization studies (Ragin amp Rihoux 2004 Rihoux2006 eg Fiss 2011 Garcigravea-Castro et al 2013 Grandori ampFurnari 2008 Kogut amp Ragin 2006)FsQCA requires the transformation of conventional
variables into sets ldquousing theoretical and substantive criteriaexternal to the data and taking into account the researcherrsquosconceptualization definition and labeling of the set inquestionrdquo (Ragin 2008b16) This process of calibration isparticularly significant as countriescases have to be assessedwith regard to their membership in previously defined sets ofcausal conditions (Schneider ampWagemann 2012) Instead of abinary logic (ldquo0rdquo for absence and ldquo1rdquo for presence) fsQCAinvolves the application of fuzzy logic for more fine-grainedmeasures of the attributes under investigation (Fiss 2007) Inparticular we make use of the ldquodirect methodrdquo of calibrationby specifying three threshold values one for full membershipto the set one for full non-membership to the set and one forthe crossover point or rather the point of maximumambiguity where cases have both a membership andnon-membership score of 5 in a given set (Ragin 20002008a) Furthermore a fuzzy set (A) can be negated and it isdenoted by ldquo~Ardquo (Ragin 2008b) The membership in the setldquo~Ardquo can be calculated as 1 minus the fuzzy membership inthe set ldquoArdquo For example if we have a countrywith amember-ship score in the set of ldquocountries with high maternity leaverdquoof 6 the membership score in the negated set ldquocountries withnot high maternity leaverdquo is 4 Thus denoting with k thenumber of causal conditions all their possible combinationswith their negations are 2k and they represent the rows of aldquotruth tablerdquoOur analysis is computed with the current version of the
fsQCA software package 25 (Ragin Drass amp Davey 2006)By relying on the Quine-McCluskey algorithm or method ofprime implicants it permits a logical reduction of the detectedcombinations After calculating the number of cases withgreater than 5 membership score in each combination therelevant combinations of causal conditions are selectedaccording to their frequency When the total number of casesis relatively small the frequency threshold should be 1 or 2(Ragin 2008b) We set as acceptable a frequency higher thanor equal to 1 Finally the validity of the detected combinations
Volume bullbull Number bullbull bullbull 2015
is assessed with the calculation of consistency (the measure atwhich each combination can lead to the outcome) andcoverage (the measure of how many cases with an outcomeare the results of a particular causal condition) They arecalculated with the following
Consistency X lt Yeth THORN frac14 summin XYeth THORN=sumX
Coverage X lt Yeth THORN frac14 summin XYeth THORN=sumY
whereX is the membership score of cases in a given configura-tion of causal conditions and Y is the membership score ofcases in the outcome set The minimum recommended thresh-old to accept a solution as consistent is 75 (Ragin 2006 2008a)
Selection Criteria of Cases and ConditionsIn line with Kogut and Ragin (2006) the selection of cases andconditions was particularly consistent with our substantiveand theoretical interests and it required a systematic dialoguebetween ideas and evidence While the selection of causalconditions underlies a reasoned synthesis of theoreticalarguments and empirical evidence previously discussed thechoice of comparing the EU countries1 stems from two mainmotivations On the one hand EU countries show differentperformance in terms of female representation on boards ac-cording to their different economic cultural and regulatoryenvironments (Kang Chen amp Gray 2007) Given thisheterogeneity it is very challenging to explore whether arelative superiority of a particular institutional model existsOn the other hand the European Union is very committedin the debate about gender diversity on boards as it has askedpublicly listed companies to increase the female representa-tion on boards to 40 percent by 2020 While some countrieshave introduced some form of regulation others have optedfor voluntary or recommendatory initiatives (Huse ampSeierstad 2014) Furthermore recognizing the disproportion-ate involvement of women in part-time work and thepersistence of the traditional caregiver model the EuropeanUnion has asked member states to provide a major numberof inexpensive and high-quality childcare services suitableforms of parental leave for bothmen andwomen and bindingquotas for increasing the presence of women in positions ofresponsibility These circumstances have created a commonpurpose on how to have more women on boards but theyrequire further investigation A key questionwould bewhetherregulatory policies enacted in some countries might be transfe-rable to others and the role that institutional complementaritiesmay have in shaping female representation on boardsIn this study countries are analyzed as configurations of
welfare labor and cultural institutions We also include regu-latory policies about board gender quotas to investigate theirrole in the existing national configurations With the aim ofelecting the causal conditions to be included in the analysisthe three main institutional domains have been detailed inspecific national attributes While welfare institutions includemeasures about maternity leave paternity leave parentalleave and childcare services labor institutions are expressedin terms of the total amount of female labor force and thepercentage of women involved in part-time work Nationalculture corresponds to the overall level of gender equality in
copy 2015 John Wiley amp Sons Ltd
7COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
society and it can be measured using the Global Gender GapIndex Finally regulatory policies refer to the form ofregulation for female participation on board (gender quotasor corporate governance codes) Moreover in order to expressthese conditions quantitatively we conducted a documentaryanalysis of the main legal texts statistics and documentswhich contain information about the phenomenon under in-vestigation (Bailey 1994 Payne amp Payne 2004 Scott 1990)They are mainly provided by the Council of Europe FamilyPolicy database (2009) OECD Family Database (2012)Margherita OrsquoDorchai and Bosch (2009) EU-SILC (2012)the International Review of Leave Policies and RelatedResearch (Moss 2014) the International Labor Organization(2010) the EUrsquos Mutual Information System on Social Protec-tion (MISSOC 2014) and World Economic Forum (2013) Inthis way a systematic review of legislation for each one ofthe 27 European Union countries was madeTables A1 andA2 in the appendix show our datamatrix and
descriptive statistics In the following section we detail thedescription of both causal conditions and outcome and wediscuss the criteria of their calibration in fuzzy sets
Data Description and Set CalibrationOutcome Measures A higher number of women on
boards is the outcome of our interest Data about women onboardswere taken from the European Commissionrsquos databaseon women and men in decision making (European Commis-sion 2012a) containing information on 582 companies corre-sponding to 5910 board members The companies coveredare the largest (primarily blue-chip index members) publiclylisted2 companies in each of the 27 European member states(maximum 50 per country) As described in the methodologi-cal section of the European Commission database (EuropeanCommission 2014) in countries with unitary (one-tier) sys-tems the board of directors is counted as including non-executive and executive members and data cover the mainboard plus the members of the most senior executive body(eg executive committee) In countrieswith two-tier systemsdata cover executive and non-executive members of bothboards but only the supervisory board is counted Individualssitting on more than one decision-making body are countedonly once and employee representatives are excluded Inorder to express how many women there are on boardscompared with the total number of board members we usethe percentage and not the absolute values Moreover we takeinto account data from both executive and non-executiveboardmembers as we are interested in the attainment of thosepositions held by women through their career paths ratherthan their performance in the boards of directors While toachieve perfect balance between men and women requiresthe presence of 50 percent women on the boardmuch researchhas demonstrated that the critical mass of women directors isreached when boards of directors have at least 30 percentwomen The President of the European Commission invitedpublicly listed companies to voluntarily increase womenrsquospresence on corporate boards to 30 percent by 2015 and 40percent by 2020 while following the example of Norway theEuropean Womenrsquos Lobby recommended European memberstates to adopt legislation requiring certain companies to have40 percent of women on their boards of directors by 2015 and
copy 2015 John Wiley amp Sons Ltd
50 percent by 2020 (Armstrong amp Walby 2012) By applyingthese substantive guidelines as external criteria to calibratemeasures of sufficient or insufficient presence of women onboards in a country we considered 30 percent as the fullmembership threshold for sufficient gender diversity onboards Although this does not constitute adequate proof ofequality it does represent a significant achievement Thus thethree thresholds chosen to calibrate our outcome are 30 percentfor full membership 20 percent for the crossover point of max-imum ambiguity and 10 percent for the full non-membershipFor these reasons we specify this target as the set of ldquoEUcountries with a higher number of women on boardsrdquo
Maternity Leave3 Since parental leave can be designed invery different ways we have adopted careful criteria to makewelfare institutions between EU countries more comparableIn particular only the statutory amount for maternity and pa-ternity leave was considered Moreover thanks to fuzzy logicwe are able to take into account the level of generosity of ma-ternity and paternity leave by using a more fine-grained mea-sure of these attributes rather than their mere presence (1) orabsence (0) Finally even though uptake of leave can differgreatly from that allowed for by legislation the laws providea condition that precedes the possibility of actually takingleave Thus they mirror the gendered nature of welfare poli-cies which potentially emphasize the prevailing role ofwomen in family responsibilities The calibration was doneconsidering a crossover point of maximum ambiguity of150days approximately corresponding to the minimumvalue of days recommended by the European ParliamentThe thresholds for full membership and full non-membershipwere defined with an equal distance interval from the cross-over point 250days and 50days respectively The result is atarget set of ldquoEU countries with high maternity leaverdquo
Paternity Leave4 A majority of members of the EU Parlia-ment have approved a full paid paternity leave of at least twoweeks (Thomsen amp Urth 2010) For this reason the paternityleave set calibration was computed by considering theminimum number of days recommended by the European Par-liament as the full membership threshold ie 15days Conse-quently the crossover point and the full non-membershipthreshold were defined with an equal distance interval fromthe fullmembership value 9days and 3days respectively Itwillbe the target set of ldquoEU countries with high paternity leaverdquo
Parental Leave5 In our analysis we considered only paidparental leave as the sum of both mother and father quotasFrom Directive 201018 of the Council of Europe we knowthat a minimum period of four months of parental leave foreach parent is recommended (European Union 2010) There-fore in order to consider a countrywith a significant provisionof parental leave we established a full membership thresholdof 240days corresponding to about eight months if we con-sider both parents As above the crossover point of maximumambiguity and the full non-membership threshold are140days and 40days respectively We called this target theset of ldquoEU countries with high parental leaverdquo
Childcare Services6 This concept refers to the availabilityof childcare services across EU countries Data were taken
Volume bullbull Number bullbull bullbull 2015
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
5COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Therefore for each institutional domain we suggest thefollowing causal conditionsWelfare institutions operate at multiple levels through
several public policies and with different outcomes for thewellbeing of a number of social groups Consistent with ourarguments we look into the structure of parental leavepolicies (ie paternity maternity and parental leave) and theprovision of childcare services for assessing the presence ofgender in welfare institutions We are motivated by two as-pects Firstly if we include parental leave policies for motherfather and both parents we can have an important foregoerof the gender division of family and childcare responsibilitiesSecondly the nature of the welfare state is closely related togendered dimensions of maternity leave childcare servicesand female labor participation (Terjesen et al 2014) Motherrsquosentitlements and maternity leave were often chosen asexamples of the perverse effects of workfamily reconciliationpolicies on female employment and careers (eg Aschcraft1999 Grosvold amp Brammer 2011 Mandel amp Semyonov2006 Mandel amp Shalev 2009 Misra amp Moller 2005 Nelsonamp Levesque 2007) In a comparative perspective we expectcountries with more gender equality-oriented welfare institu-tions to have (1) higher levels of childcare serviceswhich releasewomen from their prevalent role in domestic responsibilities (2)a shorter difference in the lengths of paternity and maternityleave (meaning higher length of paternity leave and not higherlength of maternity leave) and (3) a higher level of parentalleave Taken together these conditions can reveal a moreegalitarian perception of gender roles in welfare institutionsConversely given the plurality of inputs underlying cultural
and labor institutions (eg labor regulation earnings gap ste-reotypes mental models recursive practices behaviors etc)their gendered structure is suitable to be assessed in terms ofaggregate measure and final outcome Consequently we referto the broader concept of gender equality in society to measurethe presence of gender in national culture meanwhile we takefemale employment and part-time female employment as avalid proxy of how gender perspective is embedded withinlabormarkets Since part-time jobs for taking on family respon-sibilities may undermine womenrsquos professional careers(AdamsampKirchmaier 2013) it is important to promote policiesfor full-time female employment and family services As aresult we expect that countries with more un-genderedcultural and labor institutions present high levels of genderequality in society high levels of female employment but nothigh levels of female part-time workIn terms of joint causation between the elected causal condi-
tions we propose the following empirically testableproposition
Proposition 1b High paternity leave not high maternity leavehigh parental leave high levels of childcare services high femaleemployment not high female part-time work AND high genderequality in society are sufficient conditions to achieve a highernumber of women on boards
The Role of Board Gender Quotas in NationalConfigurationsConfigurational and set-theoretical methods are particularlyvaluable to map countries as configurations of certain causal
copy 2015 John Wiley amp Sons Ltd
conditions This property allows for the theoretical and empir-ical exploration of the necessary and sufficient function thatgender quotas on boards have in the existing nationalconfigurationsA condition is necessary if whenever the outcome occurs it
is present It is sufficient if whenever the condition occursacross cases the outcome is present In other words genderquotas should be a necessary condition if whenever countriesshow a higher level of women on boards they have beenenacted Meanwhile they should be a sufficient condition ifwhenever they occur countries show a higher number ofwomen on boards However if theory-informed Proposition1a is likely to be true the joint presence of highly alignedand consistent country-level causal conditions is sufficient toachieve a higher presence of women on boards (Proposition1b) without requiring any kind of regulation or self-regulation at board level In other words their internalconsistency and gender neutrality entail superior effects onfemale representation on boards because of the institutionalcomplementarities Since the outcome occurs even in theabsence of quotas in set-theoretic terms this means thatgender quotas are not a necessary condition to achieve ahigher number of women on boards However it is generallyand logically true that the presence of mandatory genderquotas at board level implies the presence of more women inboard positions In comparative perspective this means thatwhenever gender quota regulation occurs we expectcountries to have a higher number of women on boards Bydefinition of sufficiency in set-theoretic terms this leads tothe assumption that gender quotas are a sufficient conditionby themselves to have a higher number of women on boardsand they represent an alternative path to the outcome ofinterest Indeed several scholars have acknowledged that incountries where particular women-friendly conditions aremissing affirmative action may be a valuable alternative tohave more women on boards (eg Grosvold amp Brammer2011) More formally we propose the following propositions
Proposition 2a Board gender quotas are not a necessary condi-tion to achieve a higher number of women on boards
Proposition 2b Board gender quotas are a sufficient condition bythemselves to achieve a higher number of women on boards
Definitively if gender quotas on boards represent anothersufficient condition Propositions 1b and 2b reasonably showtwo equally effective and mutually non-exclusive pathwaysto a major presence of women on boards This circumstanceimplies equifinality A result is equifinal when differentcombinations of causal conditions are linked by logical ORoperators (+) For instance a resultant solution ldquoA+Brdquoimplies that A or B equally lead to the outcome
RESEARCH METHOD
Fuzzy Set Qualitative Comparative AnalysisFuzzy set qualitative comparative analysis (fsQCA) has beenemployed here to map countries in terms of their multiplememberships in sets of institutional attributes The aim wasto explore which causal conditions combine and complement
Volume bullbull Number bullbull bullbull 2015
6 CORPORATE GOVERNANCE
each other to achieve the outcome under investigation Whenthe assumptions of configurational theory are involved thismethod is more suitable to assess the presence of equifinalityand conjunctural causation rather than statistical investiga-tion (eg Fiss 2007 2011) Unlike statistical methodologybased on linear algebra QCA relies on Boolean algebra andapplies a rigid logicmethodology to compare phenomena thatvary both qualitatively and quantitatively for instance in na-ture (eg present or absent) or degree (Ragin 2002 Rihoux2006) Through comparisons across cases QCA allows us touncover synergistic combinatory and equifinal effects bylogically reducing the number of possible combinations ofcausal conditions (Kogut amp Ragin 2006) For instance Kogutand Ragin (2006) note that QCA is able to identify eventuallogical contradictions this property represents an importantfeature to control even though it does not avoid the problemof omitted variables which can make spurious the inferredcausality (unobserved sources of variation such as culturaldisposition) Taken together these advantages have madeQCA very widespread in political economy managementand organization studies (Ragin amp Rihoux 2004 Rihoux2006 eg Fiss 2011 Garcigravea-Castro et al 2013 Grandori ampFurnari 2008 Kogut amp Ragin 2006)FsQCA requires the transformation of conventional
variables into sets ldquousing theoretical and substantive criteriaexternal to the data and taking into account the researcherrsquosconceptualization definition and labeling of the set inquestionrdquo (Ragin 2008b16) This process of calibration isparticularly significant as countriescases have to be assessedwith regard to their membership in previously defined sets ofcausal conditions (Schneider ampWagemann 2012) Instead of abinary logic (ldquo0rdquo for absence and ldquo1rdquo for presence) fsQCAinvolves the application of fuzzy logic for more fine-grainedmeasures of the attributes under investigation (Fiss 2007) Inparticular we make use of the ldquodirect methodrdquo of calibrationby specifying three threshold values one for full membershipto the set one for full non-membership to the set and one forthe crossover point or rather the point of maximumambiguity where cases have both a membership andnon-membership score of 5 in a given set (Ragin 20002008a) Furthermore a fuzzy set (A) can be negated and it isdenoted by ldquo~Ardquo (Ragin 2008b) The membership in the setldquo~Ardquo can be calculated as 1 minus the fuzzy membership inthe set ldquoArdquo For example if we have a countrywith amember-ship score in the set of ldquocountries with high maternity leaverdquoof 6 the membership score in the negated set ldquocountries withnot high maternity leaverdquo is 4 Thus denoting with k thenumber of causal conditions all their possible combinationswith their negations are 2k and they represent the rows of aldquotruth tablerdquoOur analysis is computed with the current version of the
fsQCA software package 25 (Ragin Drass amp Davey 2006)By relying on the Quine-McCluskey algorithm or method ofprime implicants it permits a logical reduction of the detectedcombinations After calculating the number of cases withgreater than 5 membership score in each combination therelevant combinations of causal conditions are selectedaccording to their frequency When the total number of casesis relatively small the frequency threshold should be 1 or 2(Ragin 2008b) We set as acceptable a frequency higher thanor equal to 1 Finally the validity of the detected combinations
Volume bullbull Number bullbull bullbull 2015
is assessed with the calculation of consistency (the measure atwhich each combination can lead to the outcome) andcoverage (the measure of how many cases with an outcomeare the results of a particular causal condition) They arecalculated with the following
Consistency X lt Yeth THORN frac14 summin XYeth THORN=sumX
Coverage X lt Yeth THORN frac14 summin XYeth THORN=sumY
whereX is the membership score of cases in a given configura-tion of causal conditions and Y is the membership score ofcases in the outcome set The minimum recommended thresh-old to accept a solution as consistent is 75 (Ragin 2006 2008a)
Selection Criteria of Cases and ConditionsIn line with Kogut and Ragin (2006) the selection of cases andconditions was particularly consistent with our substantiveand theoretical interests and it required a systematic dialoguebetween ideas and evidence While the selection of causalconditions underlies a reasoned synthesis of theoreticalarguments and empirical evidence previously discussed thechoice of comparing the EU countries1 stems from two mainmotivations On the one hand EU countries show differentperformance in terms of female representation on boards ac-cording to their different economic cultural and regulatoryenvironments (Kang Chen amp Gray 2007) Given thisheterogeneity it is very challenging to explore whether arelative superiority of a particular institutional model existsOn the other hand the European Union is very committedin the debate about gender diversity on boards as it has askedpublicly listed companies to increase the female representa-tion on boards to 40 percent by 2020 While some countrieshave introduced some form of regulation others have optedfor voluntary or recommendatory initiatives (Huse ampSeierstad 2014) Furthermore recognizing the disproportion-ate involvement of women in part-time work and thepersistence of the traditional caregiver model the EuropeanUnion has asked member states to provide a major numberof inexpensive and high-quality childcare services suitableforms of parental leave for bothmen andwomen and bindingquotas for increasing the presence of women in positions ofresponsibility These circumstances have created a commonpurpose on how to have more women on boards but theyrequire further investigation A key questionwould bewhetherregulatory policies enacted in some countries might be transfe-rable to others and the role that institutional complementaritiesmay have in shaping female representation on boardsIn this study countries are analyzed as configurations of
welfare labor and cultural institutions We also include regu-latory policies about board gender quotas to investigate theirrole in the existing national configurations With the aim ofelecting the causal conditions to be included in the analysisthe three main institutional domains have been detailed inspecific national attributes While welfare institutions includemeasures about maternity leave paternity leave parentalleave and childcare services labor institutions are expressedin terms of the total amount of female labor force and thepercentage of women involved in part-time work Nationalculture corresponds to the overall level of gender equality in
copy 2015 John Wiley amp Sons Ltd
7COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
society and it can be measured using the Global Gender GapIndex Finally regulatory policies refer to the form ofregulation for female participation on board (gender quotasor corporate governance codes) Moreover in order to expressthese conditions quantitatively we conducted a documentaryanalysis of the main legal texts statistics and documentswhich contain information about the phenomenon under in-vestigation (Bailey 1994 Payne amp Payne 2004 Scott 1990)They are mainly provided by the Council of Europe FamilyPolicy database (2009) OECD Family Database (2012)Margherita OrsquoDorchai and Bosch (2009) EU-SILC (2012)the International Review of Leave Policies and RelatedResearch (Moss 2014) the International Labor Organization(2010) the EUrsquos Mutual Information System on Social Protec-tion (MISSOC 2014) and World Economic Forum (2013) Inthis way a systematic review of legislation for each one ofthe 27 European Union countries was madeTables A1 andA2 in the appendix show our datamatrix and
descriptive statistics In the following section we detail thedescription of both causal conditions and outcome and wediscuss the criteria of their calibration in fuzzy sets
Data Description and Set CalibrationOutcome Measures A higher number of women on
boards is the outcome of our interest Data about women onboardswere taken from the European Commissionrsquos databaseon women and men in decision making (European Commis-sion 2012a) containing information on 582 companies corre-sponding to 5910 board members The companies coveredare the largest (primarily blue-chip index members) publiclylisted2 companies in each of the 27 European member states(maximum 50 per country) As described in the methodologi-cal section of the European Commission database (EuropeanCommission 2014) in countries with unitary (one-tier) sys-tems the board of directors is counted as including non-executive and executive members and data cover the mainboard plus the members of the most senior executive body(eg executive committee) In countrieswith two-tier systemsdata cover executive and non-executive members of bothboards but only the supervisory board is counted Individualssitting on more than one decision-making body are countedonly once and employee representatives are excluded Inorder to express how many women there are on boardscompared with the total number of board members we usethe percentage and not the absolute values Moreover we takeinto account data from both executive and non-executiveboardmembers as we are interested in the attainment of thosepositions held by women through their career paths ratherthan their performance in the boards of directors While toachieve perfect balance between men and women requiresthe presence of 50 percent women on the boardmuch researchhas demonstrated that the critical mass of women directors isreached when boards of directors have at least 30 percentwomen The President of the European Commission invitedpublicly listed companies to voluntarily increase womenrsquospresence on corporate boards to 30 percent by 2015 and 40percent by 2020 while following the example of Norway theEuropean Womenrsquos Lobby recommended European memberstates to adopt legislation requiring certain companies to have40 percent of women on their boards of directors by 2015 and
copy 2015 John Wiley amp Sons Ltd
50 percent by 2020 (Armstrong amp Walby 2012) By applyingthese substantive guidelines as external criteria to calibratemeasures of sufficient or insufficient presence of women onboards in a country we considered 30 percent as the fullmembership threshold for sufficient gender diversity onboards Although this does not constitute adequate proof ofequality it does represent a significant achievement Thus thethree thresholds chosen to calibrate our outcome are 30 percentfor full membership 20 percent for the crossover point of max-imum ambiguity and 10 percent for the full non-membershipFor these reasons we specify this target as the set of ldquoEUcountries with a higher number of women on boardsrdquo
Maternity Leave3 Since parental leave can be designed invery different ways we have adopted careful criteria to makewelfare institutions between EU countries more comparableIn particular only the statutory amount for maternity and pa-ternity leave was considered Moreover thanks to fuzzy logicwe are able to take into account the level of generosity of ma-ternity and paternity leave by using a more fine-grained mea-sure of these attributes rather than their mere presence (1) orabsence (0) Finally even though uptake of leave can differgreatly from that allowed for by legislation the laws providea condition that precedes the possibility of actually takingleave Thus they mirror the gendered nature of welfare poli-cies which potentially emphasize the prevailing role ofwomen in family responsibilities The calibration was doneconsidering a crossover point of maximum ambiguity of150days approximately corresponding to the minimumvalue of days recommended by the European ParliamentThe thresholds for full membership and full non-membershipwere defined with an equal distance interval from the cross-over point 250days and 50days respectively The result is atarget set of ldquoEU countries with high maternity leaverdquo
Paternity Leave4 A majority of members of the EU Parlia-ment have approved a full paid paternity leave of at least twoweeks (Thomsen amp Urth 2010) For this reason the paternityleave set calibration was computed by considering theminimum number of days recommended by the European Par-liament as the full membership threshold ie 15days Conse-quently the crossover point and the full non-membershipthreshold were defined with an equal distance interval fromthe fullmembership value 9days and 3days respectively Itwillbe the target set of ldquoEU countries with high paternity leaverdquo
Parental Leave5 In our analysis we considered only paidparental leave as the sum of both mother and father quotasFrom Directive 201018 of the Council of Europe we knowthat a minimum period of four months of parental leave foreach parent is recommended (European Union 2010) There-fore in order to consider a countrywith a significant provisionof parental leave we established a full membership thresholdof 240days corresponding to about eight months if we con-sider both parents As above the crossover point of maximumambiguity and the full non-membership threshold are140days and 40days respectively We called this target theset of ldquoEU countries with high parental leaverdquo
Childcare Services6 This concept refers to the availabilityof childcare services across EU countries Data were taken
Volume bullbull Number bullbull bullbull 2015
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
6 CORPORATE GOVERNANCE
each other to achieve the outcome under investigation Whenthe assumptions of configurational theory are involved thismethod is more suitable to assess the presence of equifinalityand conjunctural causation rather than statistical investiga-tion (eg Fiss 2007 2011) Unlike statistical methodologybased on linear algebra QCA relies on Boolean algebra andapplies a rigid logicmethodology to compare phenomena thatvary both qualitatively and quantitatively for instance in na-ture (eg present or absent) or degree (Ragin 2002 Rihoux2006) Through comparisons across cases QCA allows us touncover synergistic combinatory and equifinal effects bylogically reducing the number of possible combinations ofcausal conditions (Kogut amp Ragin 2006) For instance Kogutand Ragin (2006) note that QCA is able to identify eventuallogical contradictions this property represents an importantfeature to control even though it does not avoid the problemof omitted variables which can make spurious the inferredcausality (unobserved sources of variation such as culturaldisposition) Taken together these advantages have madeQCA very widespread in political economy managementand organization studies (Ragin amp Rihoux 2004 Rihoux2006 eg Fiss 2011 Garcigravea-Castro et al 2013 Grandori ampFurnari 2008 Kogut amp Ragin 2006)FsQCA requires the transformation of conventional
variables into sets ldquousing theoretical and substantive criteriaexternal to the data and taking into account the researcherrsquosconceptualization definition and labeling of the set inquestionrdquo (Ragin 2008b16) This process of calibration isparticularly significant as countriescases have to be assessedwith regard to their membership in previously defined sets ofcausal conditions (Schneider ampWagemann 2012) Instead of abinary logic (ldquo0rdquo for absence and ldquo1rdquo for presence) fsQCAinvolves the application of fuzzy logic for more fine-grainedmeasures of the attributes under investigation (Fiss 2007) Inparticular we make use of the ldquodirect methodrdquo of calibrationby specifying three threshold values one for full membershipto the set one for full non-membership to the set and one forthe crossover point or rather the point of maximumambiguity where cases have both a membership andnon-membership score of 5 in a given set (Ragin 20002008a) Furthermore a fuzzy set (A) can be negated and it isdenoted by ldquo~Ardquo (Ragin 2008b) The membership in the setldquo~Ardquo can be calculated as 1 minus the fuzzy membership inthe set ldquoArdquo For example if we have a countrywith amember-ship score in the set of ldquocountries with high maternity leaverdquoof 6 the membership score in the negated set ldquocountries withnot high maternity leaverdquo is 4 Thus denoting with k thenumber of causal conditions all their possible combinationswith their negations are 2k and they represent the rows of aldquotruth tablerdquoOur analysis is computed with the current version of the
fsQCA software package 25 (Ragin Drass amp Davey 2006)By relying on the Quine-McCluskey algorithm or method ofprime implicants it permits a logical reduction of the detectedcombinations After calculating the number of cases withgreater than 5 membership score in each combination therelevant combinations of causal conditions are selectedaccording to their frequency When the total number of casesis relatively small the frequency threshold should be 1 or 2(Ragin 2008b) We set as acceptable a frequency higher thanor equal to 1 Finally the validity of the detected combinations
Volume bullbull Number bullbull bullbull 2015
is assessed with the calculation of consistency (the measure atwhich each combination can lead to the outcome) andcoverage (the measure of how many cases with an outcomeare the results of a particular causal condition) They arecalculated with the following
Consistency X lt Yeth THORN frac14 summin XYeth THORN=sumX
Coverage X lt Yeth THORN frac14 summin XYeth THORN=sumY
whereX is the membership score of cases in a given configura-tion of causal conditions and Y is the membership score ofcases in the outcome set The minimum recommended thresh-old to accept a solution as consistent is 75 (Ragin 2006 2008a)
Selection Criteria of Cases and ConditionsIn line with Kogut and Ragin (2006) the selection of cases andconditions was particularly consistent with our substantiveand theoretical interests and it required a systematic dialoguebetween ideas and evidence While the selection of causalconditions underlies a reasoned synthesis of theoreticalarguments and empirical evidence previously discussed thechoice of comparing the EU countries1 stems from two mainmotivations On the one hand EU countries show differentperformance in terms of female representation on boards ac-cording to their different economic cultural and regulatoryenvironments (Kang Chen amp Gray 2007) Given thisheterogeneity it is very challenging to explore whether arelative superiority of a particular institutional model existsOn the other hand the European Union is very committedin the debate about gender diversity on boards as it has askedpublicly listed companies to increase the female representa-tion on boards to 40 percent by 2020 While some countrieshave introduced some form of regulation others have optedfor voluntary or recommendatory initiatives (Huse ampSeierstad 2014) Furthermore recognizing the disproportion-ate involvement of women in part-time work and thepersistence of the traditional caregiver model the EuropeanUnion has asked member states to provide a major numberof inexpensive and high-quality childcare services suitableforms of parental leave for bothmen andwomen and bindingquotas for increasing the presence of women in positions ofresponsibility These circumstances have created a commonpurpose on how to have more women on boards but theyrequire further investigation A key questionwould bewhetherregulatory policies enacted in some countries might be transfe-rable to others and the role that institutional complementaritiesmay have in shaping female representation on boardsIn this study countries are analyzed as configurations of
welfare labor and cultural institutions We also include regu-latory policies about board gender quotas to investigate theirrole in the existing national configurations With the aim ofelecting the causal conditions to be included in the analysisthe three main institutional domains have been detailed inspecific national attributes While welfare institutions includemeasures about maternity leave paternity leave parentalleave and childcare services labor institutions are expressedin terms of the total amount of female labor force and thepercentage of women involved in part-time work Nationalculture corresponds to the overall level of gender equality in
copy 2015 John Wiley amp Sons Ltd
7COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
society and it can be measured using the Global Gender GapIndex Finally regulatory policies refer to the form ofregulation for female participation on board (gender quotasor corporate governance codes) Moreover in order to expressthese conditions quantitatively we conducted a documentaryanalysis of the main legal texts statistics and documentswhich contain information about the phenomenon under in-vestigation (Bailey 1994 Payne amp Payne 2004 Scott 1990)They are mainly provided by the Council of Europe FamilyPolicy database (2009) OECD Family Database (2012)Margherita OrsquoDorchai and Bosch (2009) EU-SILC (2012)the International Review of Leave Policies and RelatedResearch (Moss 2014) the International Labor Organization(2010) the EUrsquos Mutual Information System on Social Protec-tion (MISSOC 2014) and World Economic Forum (2013) Inthis way a systematic review of legislation for each one ofthe 27 European Union countries was madeTables A1 andA2 in the appendix show our datamatrix and
descriptive statistics In the following section we detail thedescription of both causal conditions and outcome and wediscuss the criteria of their calibration in fuzzy sets
Data Description and Set CalibrationOutcome Measures A higher number of women on
boards is the outcome of our interest Data about women onboardswere taken from the European Commissionrsquos databaseon women and men in decision making (European Commis-sion 2012a) containing information on 582 companies corre-sponding to 5910 board members The companies coveredare the largest (primarily blue-chip index members) publiclylisted2 companies in each of the 27 European member states(maximum 50 per country) As described in the methodologi-cal section of the European Commission database (EuropeanCommission 2014) in countries with unitary (one-tier) sys-tems the board of directors is counted as including non-executive and executive members and data cover the mainboard plus the members of the most senior executive body(eg executive committee) In countrieswith two-tier systemsdata cover executive and non-executive members of bothboards but only the supervisory board is counted Individualssitting on more than one decision-making body are countedonly once and employee representatives are excluded Inorder to express how many women there are on boardscompared with the total number of board members we usethe percentage and not the absolute values Moreover we takeinto account data from both executive and non-executiveboardmembers as we are interested in the attainment of thosepositions held by women through their career paths ratherthan their performance in the boards of directors While toachieve perfect balance between men and women requiresthe presence of 50 percent women on the boardmuch researchhas demonstrated that the critical mass of women directors isreached when boards of directors have at least 30 percentwomen The President of the European Commission invitedpublicly listed companies to voluntarily increase womenrsquospresence on corporate boards to 30 percent by 2015 and 40percent by 2020 while following the example of Norway theEuropean Womenrsquos Lobby recommended European memberstates to adopt legislation requiring certain companies to have40 percent of women on their boards of directors by 2015 and
copy 2015 John Wiley amp Sons Ltd
50 percent by 2020 (Armstrong amp Walby 2012) By applyingthese substantive guidelines as external criteria to calibratemeasures of sufficient or insufficient presence of women onboards in a country we considered 30 percent as the fullmembership threshold for sufficient gender diversity onboards Although this does not constitute adequate proof ofequality it does represent a significant achievement Thus thethree thresholds chosen to calibrate our outcome are 30 percentfor full membership 20 percent for the crossover point of max-imum ambiguity and 10 percent for the full non-membershipFor these reasons we specify this target as the set of ldquoEUcountries with a higher number of women on boardsrdquo
Maternity Leave3 Since parental leave can be designed invery different ways we have adopted careful criteria to makewelfare institutions between EU countries more comparableIn particular only the statutory amount for maternity and pa-ternity leave was considered Moreover thanks to fuzzy logicwe are able to take into account the level of generosity of ma-ternity and paternity leave by using a more fine-grained mea-sure of these attributes rather than their mere presence (1) orabsence (0) Finally even though uptake of leave can differgreatly from that allowed for by legislation the laws providea condition that precedes the possibility of actually takingleave Thus they mirror the gendered nature of welfare poli-cies which potentially emphasize the prevailing role ofwomen in family responsibilities The calibration was doneconsidering a crossover point of maximum ambiguity of150days approximately corresponding to the minimumvalue of days recommended by the European ParliamentThe thresholds for full membership and full non-membershipwere defined with an equal distance interval from the cross-over point 250days and 50days respectively The result is atarget set of ldquoEU countries with high maternity leaverdquo
Paternity Leave4 A majority of members of the EU Parlia-ment have approved a full paid paternity leave of at least twoweeks (Thomsen amp Urth 2010) For this reason the paternityleave set calibration was computed by considering theminimum number of days recommended by the European Par-liament as the full membership threshold ie 15days Conse-quently the crossover point and the full non-membershipthreshold were defined with an equal distance interval fromthe fullmembership value 9days and 3days respectively Itwillbe the target set of ldquoEU countries with high paternity leaverdquo
Parental Leave5 In our analysis we considered only paidparental leave as the sum of both mother and father quotasFrom Directive 201018 of the Council of Europe we knowthat a minimum period of four months of parental leave foreach parent is recommended (European Union 2010) There-fore in order to consider a countrywith a significant provisionof parental leave we established a full membership thresholdof 240days corresponding to about eight months if we con-sider both parents As above the crossover point of maximumambiguity and the full non-membership threshold are140days and 40days respectively We called this target theset of ldquoEU countries with high parental leaverdquo
Childcare Services6 This concept refers to the availabilityof childcare services across EU countries Data were taken
Volume bullbull Number bullbull bullbull 2015
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
7COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
society and it can be measured using the Global Gender GapIndex Finally regulatory policies refer to the form ofregulation for female participation on board (gender quotasor corporate governance codes) Moreover in order to expressthese conditions quantitatively we conducted a documentaryanalysis of the main legal texts statistics and documentswhich contain information about the phenomenon under in-vestigation (Bailey 1994 Payne amp Payne 2004 Scott 1990)They are mainly provided by the Council of Europe FamilyPolicy database (2009) OECD Family Database (2012)Margherita OrsquoDorchai and Bosch (2009) EU-SILC (2012)the International Review of Leave Policies and RelatedResearch (Moss 2014) the International Labor Organization(2010) the EUrsquos Mutual Information System on Social Protec-tion (MISSOC 2014) and World Economic Forum (2013) Inthis way a systematic review of legislation for each one ofthe 27 European Union countries was madeTables A1 andA2 in the appendix show our datamatrix and
descriptive statistics In the following section we detail thedescription of both causal conditions and outcome and wediscuss the criteria of their calibration in fuzzy sets
Data Description and Set CalibrationOutcome Measures A higher number of women on
boards is the outcome of our interest Data about women onboardswere taken from the European Commissionrsquos databaseon women and men in decision making (European Commis-sion 2012a) containing information on 582 companies corre-sponding to 5910 board members The companies coveredare the largest (primarily blue-chip index members) publiclylisted2 companies in each of the 27 European member states(maximum 50 per country) As described in the methodologi-cal section of the European Commission database (EuropeanCommission 2014) in countries with unitary (one-tier) sys-tems the board of directors is counted as including non-executive and executive members and data cover the mainboard plus the members of the most senior executive body(eg executive committee) In countrieswith two-tier systemsdata cover executive and non-executive members of bothboards but only the supervisory board is counted Individualssitting on more than one decision-making body are countedonly once and employee representatives are excluded Inorder to express how many women there are on boardscompared with the total number of board members we usethe percentage and not the absolute values Moreover we takeinto account data from both executive and non-executiveboardmembers as we are interested in the attainment of thosepositions held by women through their career paths ratherthan their performance in the boards of directors While toachieve perfect balance between men and women requiresthe presence of 50 percent women on the boardmuch researchhas demonstrated that the critical mass of women directors isreached when boards of directors have at least 30 percentwomen The President of the European Commission invitedpublicly listed companies to voluntarily increase womenrsquospresence on corporate boards to 30 percent by 2015 and 40percent by 2020 while following the example of Norway theEuropean Womenrsquos Lobby recommended European memberstates to adopt legislation requiring certain companies to have40 percent of women on their boards of directors by 2015 and
copy 2015 John Wiley amp Sons Ltd
50 percent by 2020 (Armstrong amp Walby 2012) By applyingthese substantive guidelines as external criteria to calibratemeasures of sufficient or insufficient presence of women onboards in a country we considered 30 percent as the fullmembership threshold for sufficient gender diversity onboards Although this does not constitute adequate proof ofequality it does represent a significant achievement Thus thethree thresholds chosen to calibrate our outcome are 30 percentfor full membership 20 percent for the crossover point of max-imum ambiguity and 10 percent for the full non-membershipFor these reasons we specify this target as the set of ldquoEUcountries with a higher number of women on boardsrdquo
Maternity Leave3 Since parental leave can be designed invery different ways we have adopted careful criteria to makewelfare institutions between EU countries more comparableIn particular only the statutory amount for maternity and pa-ternity leave was considered Moreover thanks to fuzzy logicwe are able to take into account the level of generosity of ma-ternity and paternity leave by using a more fine-grained mea-sure of these attributes rather than their mere presence (1) orabsence (0) Finally even though uptake of leave can differgreatly from that allowed for by legislation the laws providea condition that precedes the possibility of actually takingleave Thus they mirror the gendered nature of welfare poli-cies which potentially emphasize the prevailing role ofwomen in family responsibilities The calibration was doneconsidering a crossover point of maximum ambiguity of150days approximately corresponding to the minimumvalue of days recommended by the European ParliamentThe thresholds for full membership and full non-membershipwere defined with an equal distance interval from the cross-over point 250days and 50days respectively The result is atarget set of ldquoEU countries with high maternity leaverdquo
Paternity Leave4 A majority of members of the EU Parlia-ment have approved a full paid paternity leave of at least twoweeks (Thomsen amp Urth 2010) For this reason the paternityleave set calibration was computed by considering theminimum number of days recommended by the European Par-liament as the full membership threshold ie 15days Conse-quently the crossover point and the full non-membershipthreshold were defined with an equal distance interval fromthe fullmembership value 9days and 3days respectively Itwillbe the target set of ldquoEU countries with high paternity leaverdquo
Parental Leave5 In our analysis we considered only paidparental leave as the sum of both mother and father quotasFrom Directive 201018 of the Council of Europe we knowthat a minimum period of four months of parental leave foreach parent is recommended (European Union 2010) There-fore in order to consider a countrywith a significant provisionof parental leave we established a full membership thresholdof 240days corresponding to about eight months if we con-sider both parents As above the crossover point of maximumambiguity and the full non-membership threshold are140days and 40days respectively We called this target theset of ldquoEU countries with high parental leaverdquo
Childcare Services6 This concept refers to the availabilityof childcare services across EU countries Data were taken
Volume bullbull Number bullbull bullbull 2015
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
TABLE1
Truth
Table
High
maternity
leav
e
High
paternity
leav
e
High
parental
leav
e
High
child
care
services
High
gend
ereq
uality
High
leve
lof
regu
latio
n
High
female
labo
rforce
High
female
part-tim
eem
ploy
men
tNo
ofcasesa
High
numbe
rof
wom
enon
boards
Raw
consistencyb
PRI
consistency
SYM
consistency
01
11
11
10
11
100
100
100
01
11
11
11
11
100
100
100
01
11
10
11
11
91
72
79
01
11
10
10
21
861
72
11
00
10
11
10
74
00
00
11
10
11
10
61
29
29
01
00
11
11
10
61
31
31
00
11
11
11
10
52
18
18
00
10
11
11
10
50
00
01
01
01
12
049
05
05
01
10
10
10
40
48
24
24
00
00
10
11
10
47
19
19
11
10
10
10
10
44
11
10
10
10
10
20
408
08
00
10
10
10
20
39
13
13
01
01
10
10
10
30
01
00
01
01
11
028
00
00
00
10
01
10
20
00
00
01
01
02
01
00
a No
ofcasesTh
enu
mberof
theEurop
eancoun
trieswith
greaterthan
5mem
bershipin
that
combina
tionof
cond
ition
sThe
ydisplaythoseconfi
guratio
ns
bRaw
consistencyrepresen
tstheprop
ortio
nof
casesin
each
truthtablerow
that
displaytheou
tcom
e
8 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
TABLE 2Truth Table Analysis
Model HighWOBa
= f(HighPALpb
HighMLc
HighPLd
HighFCHse
HighFlff
HighGEg
HighREGh
HighFpti
)
Rows 19
Algorithm Quine-McCluskey
--- COMPLEX SOLUTION ---
Frequency cutoff 1
Consistency cutoff 080
Rawcoverage
Uniquecoverage
j
Consistency
HighPALp ~HighML HighPL HighFCHs HighFlf HighGE 49 49 85Solution Coverage 49Solution Consistency 85Cases with greater than 5 membership in terms of the solution Slovenia SwedenFinland Denmark France
aHigh Number of Women on BoardsbHigh Parental LeavecHigh Maternity LeavedHigh Paternity LeaveeHigh Formal Childcare ServicesfHigh Female Labor ForcegHigh Gender EqualityhHigh RegulationiHigh Female Part-Time EmploymentjUnique coverage is the rate of the sample that is covered by this specific pathway
FIGURE 1Representation of the Solution
AT
BE
BG
CY
CZ
DE
DK
EE EL ES
FI
FR
HU IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 01 02 03 04 05 06 07 08 09 1
Fuzz
y-se
t mem
bers
hip
in th
e ou
tcom
e H
igh
WO
B
Fuzzy-set membership in solution HighPALp ~ HighML HighPL HighFCHs HighFlf HighGE
Typical Cases
Deviant Cases for Consistency
9COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
from Eurostat the statistical office of the European Union Forour analysis data relating to formal services with durationhigher than or equal to 30hours for children aged less than
copy 2015 John Wiley amp Sons Ltd
3years (0ndash2 years) were chosen According to the objectivesof the Barcelona Summit member states aimed to removeobstacles to female participation in the labor force and tomeet
Volume bullbull Number bullbull bullbull 2015
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
10 CORPORATE GOVERNANCE
the demand for more childcare services for at least 33 percentof children less than 3years of age This target represents ourthreshold of full membership Following the principle of rangeequality the crossover point was established at 20 percent asthis percentage is neither too far nor too close to the Barcelonaobjectives In a similar vein the full non-membership wasdefined as 10 percent as it does not get close to meeting theseobjectives This will be the target set of ldquoEU countries withhigh level of formal childcare servicesrdquo
Female Participation in the LaborMarket Data on femaleemployment was taken from the Global Gender Gap Reportof the World Economic Forum (2013) and include a measureof the proportion of a countryrsquos working-age population(15ndash64) that engages in the labor market The agenda ofEurope 2020 proposes as a main goal the achievement of ageneral employment rate for women and men of 75 percentfor the 20ndash64 years age group as 75 percent is estimated tobe full employment where everybody who wants to get ajob should be able to do so At the same time the LisbonStrategy aimed to achieve by 2010 female employment of 60percent In line with EU recommendations we propose athreshold of full membership at 65 percent of female employ-ment That represents a middle point between what had to bedone and what may be done in the coming years Then thecrossover point of maximum ambiguity and the fullnon-membership threshold are 45 percent and 25 percentrespectively with equal intervals from the crossover pointWe called this target the set of ldquoEU countries with high levelof female labor forcerdquo
Female Involvement in Part-Time Jobs Female part-timeemployment rates were taken from the Global Gender GapReport of the World Economic Forum (2013) and representthe percentage of women of the total female employment ina country involved in part-time jobs Since 1997 (Directive81) the European Union has urged the removal of discrimina-tion against part-time workers and the promotion of qualitypart-time work (Burri amp Aune 2013 Eszter 2013) Womenare the majority of part-time workers in the EU with 321percent of women working part-time compared with only 9percent of men This circumstance has a negative impact onfemale career progression training opportunities and the gen-der pay gap (Burri amp Aune 2013) Then in order to consider acountry as having a significant female involvement in part-time work we argued that a value of 35 percent of the wholefemale labor force indicates a strong imbalance between theway in which women and men stay in the labor marketFollowing the principle of range equality the crossover pointwas established at 20 percent and the threshold for full non-membership was defined as 5 percent This will be the targetset of ldquoEU countries with high level of female part-timeworkrdquo
Global Gender Gap Index Data regarding the global gen-der gap index were taken from the Global Gender Gap Reportof the World Economic Forum (2013) This index was devel-oped to capture the magnitude of gender-based disparitiesIn particular it seeks to measure important aspects of genderequality across four key areas namely health educationeconomics and politics and it ranks a large set of countriesin accordance with their scores in gender equality between 0
Volume bullbull Number bullbull bullbull 2015
and 1 For our aims this index represents a suitable aggregatemeasure to assess the presence of gender equality in societiesFirstly it is independent from the countriesrsquo levels of develop-ment For example it is clear that rich countries can offer moreeducation and health opportunities to all members of theirsocieties Secondly it is based on outcome rather than inputsThis means that its focus is on the results achieved in outcomeindicators (eg the number of legislators managers or seniorofficials) rather than in policy indicators (eg length ofmaternity leave) According to the logic with which the globalgender gap index has been constructed we have calibratedcases by establishing a threshold of 5 for the crossover pointof maximum ambiguity 1 for full membership and 0 for fullnon-membership The result is a target set of ldquoEU countrieswith high level of gender equalityrdquo
Forms of Regulation Data regarding the legal or volun-tary regulation of female representation on boards were takenfrom several sources such as the European Commissionrsquosprogress report (2012b) the European Commission NationalFactsheets (European Commission 2013) Catalyst Report(2014) Terjesen et al (2014) By recognizing that the forms ofregulation differ greatly between EU countries we made aparticular distinction between countries with gender boardquotas and countries with forms of self-regulation (such ascodes of good governance) In this way we assigned the valueof 1 to EU countrieswhere gender quotas occur 5 to EU coun-tries with some forms of self-regulation and 0 to countriesthat do not adopt any of the foregoingHowever if a thresholdof the crossover point is established at 5 for example thecalibration becomes problematic as several countries presentthis value and their membership score in the fuzzy set wouldbe 5 In this way cases can be conceptually ambiguousbecause they are neither in nor out of the target set (Ragin2008b) For this reason we established that 55 could be thecrossover point of maximum ambiguity Following the princi-ple of range equality the thresholds for full membership andfull non-membership were defined with an equal distanceinterval from the crossover point In particular the formercorresponds to a level of regulation more than or equal to90 percent (9) the latter corresponds to less than or equal to20 percent (2) because it does not satisfy in any way theaim of gender balance on boards This target set correspondsto the set of ldquoEU countries with a high form of regulation forfemale representation on boardsrdquo
ANALYSIS AND RESULTS
The truth table resulting from calibrations is shown inTable A3 The analysis was made at two levels Firstly weindividually analyzed the sufficiency and necessity of eachcausal condition of a higher number of women on boardsAfterwards we proceeded to examine their combinedsufficiency in order to explore joint causation and equifinalityBy definition a necessary condition represents a superset of
the outcome set in away that no case could show the outcomewithout the condition Hence the fuzzymembership scores inthe causal conditions must be greater than or equal to fuzzymembership in the outcome (Ragin 2008b) The consistencyof necessary conditions is the result of the following
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
11COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Consistency Y lt Xeth THORN frac14 summin XYeth THORNsumY
To reduce the likelihood of true logical contradictions theconsistency threshold for considering a condition as necessaryneeds to be 90 or higher (Schneider amp Wagemann 2012) Asshown in Table A4 the conditions that pass this thresholdare (1) high level of labor force (100) (2) high level of genderequality (98) and (3) not high level of maternity leave (92)However the different size of sets requires an evaluation ofthe corresponding values of coverage in order to check forrelevance and triviality The formula of coverage of necessaryconditions is useful to establish whether the outcome set ismuch smaller than the condition set It is
Coverage Y lt Xeth THORN frac14 summin XYeth THORNsumX
Figures A1-A3 report the graphical representations of thedistributions of countries in each necessary condition Sincethe greater the value of coverage the greater the relevance ofnecessary conditions we should consider ldquonot high maternityleaverdquo as a necessary condition to achieve a higher number ofwomen on boards because it is fully consistent and has agreater value of coverage than the others (39) Neverthelessthere is another form of triviality that should be avoided iewhen the necessary condition might be a constant because itoccurs in most of the cases under investigation (Schneider ampWagemann 2012) To check relevance without triviality wemade use of the formula proposed by Schneider andWagemann (2012)
Relevance of Necessity frac14 sum 1 xeth THORNsum 1min x yeth THORNeth
According to Schneider and Wagemann if a necessarycondition is a constant the resulting values of relevance areclose to 0 and they indicate triviality conversely they are closeto 1 Table A4 shows that for each condition that passes thethreshold of consistency we obtained very low values ofrelevance Definitively these conditions cannot be consideredrelevant due to their constancyFurthermore we tested the individual sufficiency of each
causal condition employed in our analysis Interestingly wefound that none of them can be considered a sufficient condi-tion leading by itself to a higher number of women on boardsIndeed their consistency values are not considerably accept-able for establishing individual sufficiency In line with thecriteria of calibration the condition ldquohigh level of regulationrdquorefers to the presence of gender quotas at board level Itsconsistency value is around 50 showing that gender quotasare not a sufficient condition by themselves to achieve ahigher number of women on boards The correspondingresults are shown in Table A4The existence of necessary but non-sufficient conditions
(individually) implies a conjunctural causation because theycould be sufficient if combined with others (Schneider ampWagemann 2012) In order to explore conjunctural causationwe performed the joint analysis of sufficient conditions andthe logical minimization of the truth table After calculating
copy 2015 John Wiley amp Sons Ltd
all the possible combinations (28) the number of cases for eachconfiguration was determined by selecting a frequencythreshold of 10 The outcomewas found by setting ldquocountrieswith a higher number of women on boardsrdquo to 1 for eachconfiguration (row) whose consistency level meets andorexceeds the threshold of 75 as shown in Table 1Since there were not logical reminders (logically possible
configurations which were not empirically observed acrosscases) in Table 2 we report the results corresponding tothe complex solution or rather that solution which limitsthe analysis to the observed cases without counterfactualsFor this reason the complex solution is also defined as aconservative solution (Schneider amp Wagemann 2012)Conversely when certain types of assumptions are madeabout logical reminders the analysis produces even theparsimonious and intermediate solutions as broadlydescribed elsewhere (eg Ragin 2008b 2009 Schneider ampWagemann 2012)Our complex solution provides a single configuration of suf-
ficient country-level conditions leading to a higher number ofwomen on boards This pathway displays a consistencyhigher than the threshold of 85 which coincides with theoverall solution consistency while the coverage shows a valueof 49 which is very acceptable More in depth this configura-tion corresponds to the EU countries with high paternityleave not highmaternity leave high parental leave high levelof childcare services high level of female labor force and highlevel of gender equality They are Slovenia Denmark SwedenFinland and France which have greater than 5 membershipin this configuration
DISCUSSION AND CONCLUSION
To address the lack of a complementary-based approach in theliterature about gender diversity on boards this study investi-gates whether and how certain institutional domains in na-tional environments are causally and jointly related to agreater presence of women on boards and explores the natureof their complementarities Alongside it seeks to empiricallyassess the role of board gender quotas in the existing nationalconfigurations to infer more about the reasons for their adop-tion and diffusion The core assumption in Proposition 1adraws on institutional complementarities theory to argue thatthe more ldquonon-genderedrdquo the welfare labor and culturalinstitutions the higher the number of women on boardsThe empirical evidence provides support for a number of
our propositions Particularly Proposition 1b has been sup-ported by the presence of countries with particular nationalconfigurations where high paternity leave not high maternityleave high parental leave high level of childcare serviceshigh level of female labor force and high level of gender equal-ity are sufficient conditions to achieve a higher number ofwomen on boards Moreover these results support that takenjointly certain institutional arrangements inwelfare labor andcultural environments are causally related to female represen-tation on boards of directors However we cannot infer thesame for the condition ldquonot high level of female part-time em-ploymentrdquo since it is missing in the unique configurationThis was probably due to its lack of consistency with the otherconditions because there are countries such as Denmark and
Volume bullbull Number bullbull bullbull 2015
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
12 CORPORATE GOVERNANCE
France where female part-time employment is higher than inthe others even though their values are closer to the crossoverpoints than to the threshold of full-membership in the set ofldquohigh level of female part-time employmentrdquoIn line with our expectations in Proposition 2a board
gender quotas are found not to be a necessary condition toachieve a higher number of women on boards In practicalterms there are countries where the particular configurationof national institutions is sufficient to foster the presence ofwomen in top corporate positions without enacting genderquotas at board level (ie Slovenia Denmark and Sweden)However contrary to our assumption in Proposition 2b wefind that board gender quotas are not a sufficient conditionto achieve a higher number of women on boards Bearing inmind the definition of sufficient conditions this result issupported by the existence of countries which do not show ahigher number of women on boards despite the enactmentof mandatory gender quotas (eg Belgium Spain and Italy)As gender quotas are found not to be a sufficient condition bythemselves our findings do not support the existence ofequifinal pathwayswhich can lead to greater female represen-tation on boards As a result they cannot be considered asequally effective andmutual substitutes of a ldquonational modelrdquoin which gender equality is radically embedded in eachinstitutional domainIn Figure 1 we graphically display our findings As suffi-
ciency implies that conditions are subsets of the outcomethe membership score of a country in the sets of the formerhave to be equal to or smaller than its membership in the setof the latter This means that all cases should be above or onthe main diagonal Interestingly the XY plot shows somequalitative differences between countries By discussing thesedifferences we propose comparative within-case studies tocorroborate our assumptions and assess the role of boardgender quotas within the existing national configurationsAccording to the principles of post-QCA cases studies de-
scribed in Schneider and Wagemann (2012) ldquotypical casesrdquoabove the main diagonal are those which satisfy high valueof consistency and coverage in both the sufficient configura-tion and the outcome (Finland Sweden and France) whilecases with good values in the sufficient solution but not inthe outcome set are labeled ldquodeviant cases for consistencyrdquo(Slovenia) Denmark represents a very difficult case as it staysbelow the main diagonal Denmark contradicts the statementof sufficiency despite its membership in both solution andoutcome This circumstance substantiates what has beennoted elsewhere exactly that Denmark represents a ldquodeviantrdquocase among the Nordic countries (Teigen 2012) due to itsmore limited gender equality tradition in politics In fact theskepticism about gender quotas on boards has led Denmarkto opt for soft regulationBy focusing on typical cases Finnish French and Swedish
national configurations show that the high gender neutralityand consistency between their institutions are sufficient tolead to more women on boards In line with the results ofGrosvold and Brammer (2011) most of these typical casesare primarily Nordic European culture-oriented countrieswhere the embeddedness of gender equality in national cul-ture is widely recognized Conversely we reveal that Francehas a good performance in terms of female representationon boards While this finding diverges from the evidence
Volume bullbull Number bullbull bullbull 2015
that generous welfare institutions in countries with Frenchand Germanic legal heritages lead to lower levels of womenon boards (Grosvold amp Brammer 2011) it is really consis-tent with our assumptions Indeed France Sweden andFinland share the highest provision of childcare serviceshighest paternity and parental leaves and highest level offemale employment between EU countries Taken togetherthis evidence highlights that assessing the influence ofwelfare institutions on women on boards requires anadditional focus on their level of gender equality more thanon their mere generosity The presence of more gender-neutral institutions which are aligned and mutually rein-forcing enhances the presence of un-gendered structures inpower institutions and leads countries to better perform interms of gender diversity on boards Under our rationaleit is not surprising that Sweden France and Finland presentsome of the highest rates of women on boards between EUcountries Given the assumption of institutional complemen-tarities underlying the theory-informed Proposition 1a it isreasonable to conclude that the less the gender perspectiveis embedded in these institutional domains the higher thepresence of women on boardsAlthough they were not necessary in this ldquoidealrdquo configura-
tion gender quotas for boards of directors have been enactedin Finland and France This circumstance suggests that inthese countries the implementation of gender quotas mightbe due more to diffusion or legitimization reasons rather thanto rational sources Kogut ampRagin (2006 47) argue that ldquodiffu-sion depends upon existing configurations This means that ifnorthern European countries share a thousand years of insti-tutional and ideational diffusion they aremore likely to adoptinstitutions from each other than from other regions becausethe institutional compliance is more likelyrdquo Certainly the in-troduction of board-level gender quotas has become a sociallyexpected policy followingNorwayrsquos initiative and their diffu-sion among EU countries seems to be not so much related torational and efficiency reasons Even though gender quotasare a near zero-cost policy for nations (Brogi 2013) other costsmay arise for companies In this vein several scholars contendthat the introduction of board-level gender quotas can haveambiguous effects on firm performance (eg Ahern ampDittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) but isomorphic behaviors or reasons of sociallegitimacy tend to disguise these aspects As shown in therecent work of Seierstad Warner-Soslashderholm Torchia andHuse (2015) the EU represents a key influential actor inpolitical debates on potential regulations for female represen-tation on boards The EU pressure has been particularlyvisible in the case of Germany Despite great skepticism andstrong political disagreement about gender quotas Germanyhas recently enacted quotas law 30 percent of supervisoryboard positions must be held by women from 2016 Theseinsights underline an important implication if reasons ofinstitutional isomorphism or social legitimization prevail wecan expect that changes might occur in other particularlyskeptical countries (eg Denmark) as well as in countries likeFinland or France where the institutional setting is alreadyfavorable to having more women on boardsAnother relevant implication of our research is related to the
fact that the presence of institutional complementarities canexplain why introducing a new institution into a given system
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
13COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
might fail to achieve the intended objective (Deeg 2007) Onthe one hand our findings give evidence of what has beennoted in previous research (eg Adams amp Kirchmaier 2013Bergstoslash 2013) if gender quotas contribute to reinforcegendered or negative attitudes toward women they cannotbe very effective and they need to be combined andcomplemented with more gender-neutral family laws andpolicies promotingwomen at all levels of their career advance-ment not just at board level On the other hand the highcomplementarity between institutions in a ldquogenderedrdquoperspective might contribute to slow down the changemaking gender quotas not a sufficient condition by them-selves to achieve a greater presence of women on boards Thismight be the case for countries such as Italy Belgium orSpain where gender quotas are not combined with a nationalenvironment particularly devoted to gender equality Forinstance Italy is not considered as a gender-egalitarian societyand its performance in terms of women in board positions israther disappointing (Seierstad et al 2015)Overall this study makes several contributions For
scholars we refine and expand insights from the extant litera-ture on gender diversity on corporate boards We make afurther step in this stream of research by finding theoreticaland empirical support for the existence of complementaritiesbetween the main institutional domains affecting women onboards In this way we open a window for future researchwhich might address a plurality of phenomena related to cor-porate boards in a configurational and complementarities-based approach (eg composition and demography ofcorporate boards the effectiveness of corporate governancedesign or corporate governance practices) We also preparethe ground for future investigations on institutional changefor women on boards Indeed ldquoif institutional complementa-rities exist then change in one institution should precipitatechange in complementary institutionsrdquo (Deeg 2007 622) Bytaking a configurational perspective this study also makesan important methodological contribution to the corporategovernance literature Set-theoretic methods enable theempirical investigation of the theoretically derived existenceof conjunctural relations between certain causal conditionsBy employing them we provide an empirical demonstrationof the joint influence ofwelfare labor and cultural institutionson the presence of women on boards Moreover fsQCAallows for a depth comparison between countries particularlyuseful to gain relevant insights about the mechanisms of thediffusionadoption of board gender regulationFrom a practical perspective this research presents notable
implications for policymakers Our insights may better drivetheir choice about which mix of policies might be necessaryto improve female representation on boards and especiallyin which institutional domains they should be endorsed Ifthe determinants of female representation on boards stemfrom particular institutional arrangements the aim shouldbe to achieve gender neutrality in each institutional domainGiven the high interconnection between welfare labor andcultural institutions and the mutually reinforcing effects oftheir complementarities it may be more effective to imple-ment policies involving all these institutional domains ratherthan introducing regulatory policies just at board level Inaddition as quota laws may have ambiguous effects onboards of directors and firm performance (see eg Ahern amp
copy 2015 John Wiley amp Sons Ltd
Dittmar 2012 Ferreira 2014 Terjesen et al 2014 Toomey2008) more rational-driven policies might consider the actualnecessity and sufficiency of gender quotas in the existingnational configurationsHowever this study suffers some limitations First even
though fsQCA methodology allows for the exploration ofcausal relationships complementarities and synergisticeffects it relies mainly on the subjectivism of researcherchoices To contain this limitation we made our criteria inthe selection of cases causal conditions and calibrationparticularly transparent Second we focus mainly on institu-tional environments without taking into account the charac-teristics of national companies and corporate governancesystems and practices Our choice stems from the evidencethat legal and cultural environments play the most role inshaping gender balance on boards rather than governanceand business systems (Grosvold amp Brammer 2011)However as the national differences in types and systemsof corporate governance may have some effects future re-search could investigate the existence of complementaritiesbetween firm-level and corporate board-level characteristicsin a comparative perspective and their joint influence onwomen on boards Third our analysis included the differ-ence between the implementation of gender quotas and softregulation but the enforcement of the law varies greatlyClearly when the enforcement is strong as in Norway orFrance then there is a direct relationship between thenumber of women on boards and quota However whenthe enforcement is weak ndash as in Spain ndash the consequencesmay be feeble Further in-depth case studies could overcomethis limitation by exploring the role of enforcement withregard to the actual necessity and sufficiency of genderquotas on boards Finally as our sample was limited in sizewe did not perform additional statistical tests Futuredevelopment of this research could include European andnon-European countries In doing so it would be particu-larly interesting to deepen our insights relating to themechanisms of adoption and diffusion of gender regulatorypolicies for boards of directorsTo conclude through this research we contribute to concep-
tualizing the problem of female underrepresentation onboards as embedded within broader gender-related socialissues According to our assumption we propose women onboards as the outcome of a set of complementary institutionsand re-frame them in terms of set relations In line withAmable (2000) acknowledging the effects of interacting insti-tutions is very important for theoretical research and policyrecommendations Thus we reveal that the more the genderperspective is embedded in several institutional domainsthe lower the presence of women in the overall powerstructure and therefore in top corporate positions Thereforelegislative initiatives should consider that the introduction ofgender quotas at board level might not be sufficient if genderinequality persists in other institutions
ACKNOWLEDGEMENTS
The authors would like to thank the Associate Editor and fiveanonymous reviewers for their valuable comments andsuggestions that significantly improved this manuscript
Volume bullbull Number bullbull bullbull 2015
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
TABLEA1
DataMatrix
Welfare
prov
isions
Gen
der
equa
lity
Boa
rd-Lev
elregu
latory
policy
Female
Participation
inthe
labo
rmarket
ompa
nies
Introduction
Improvem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
red
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
201979
112
1989
0540
7727
533
6918
1971
105
2002
3180
27781
132
6215
1987
227
2009
15547
8744
03
6320
1988
126
NA
00
19674
013
67
APPENDIX
(Contin
ues)
14 CORPORATE GOVERNANCE
NOTES
1 The EuropeanUnionwas established on 1November 1993with 12member states Their number has grown to the present 28 througha series of enlargements Since we compared EU countries fromJanuary 2013 to June 2013 we had to exclude Croatia from theanalysis because its entry in the European Union has occurredon July 2013 Thus the number of cases we employed in ouranalysis is 27 but they constitute de facto a population rather thana sample
2 Publicly listedmeans that the shares of the company are traded onthe stock exchange The largest companies are taken to be themembers (max 50) of the primary blue-chip index which is anindex maintained by the stock exchange covering the largest com-panies by market capitalization andor market trades (EuropeanCommissionrsquos Database 2012a) More in depth a) in cases wherethe blue chip index covers a large number of companies only the50 largest are taken into account b) in cases where the blue chipindex does not cover enough companies companies with the nextlargestmarket capitalization are taken into accountwhen possiblec) non-national companies (ie those registered in another countryaccording to the ISIN code) are excluded so that the data for eachcountry cover only companies registered in that country(European Commission 2014)
3 According to OECDrsquos definition maternity leave is anemployment-protected absence for employed women in a periodaround the time of childbirth As the aim is to protect the healthof the mother and newborn child this leave is generally takenprior to (pre-birth leave) and immediately after childbirth (post-birth leave) Most EU countries have compulsory pre-birth leaveand they provide public income support payments during thisperiod In some countries maternity leave is included in generalparental leave schemes (eg Sweden Germany)
4 Paternity leave is an employment-protected absence for employedfathers It is much shorter than maternity leave and it usuallystarts soon after the birth of child Because of the short period ofabsence workers on paternity leave often continue to receive fullwage payments In some countries paternity leave is part of theparental leave schemes (fatherrsquos quotas) rather than establishedas a separate right In our analysis we considered paternity leaveavailable to fathers only
5 Parental leave provides paid or unpaid leave to parents for childcare It is often supplementary to specific maternity and paternityleave periods and it usually follows the period ofmaternity leave
6 Data were provided by the EU-SILC and the European statisticson income and living conditions the reference source for compar-ative statistics on income distribution and social inclusion in theEuropean Union Formal childcare services include fourEU-SILC survey variables namely pre-school or equivalenteducation compulsory education centre of childcare servicesoutside school hours and day-care centre of child care organizedor controlled by public or private sector Formal childcare servicesare classified by age group and duration as the percentage of thepopulation of each age group
Wom
enon
boards
EU coun
tries
Wom
enon
boards
()
C
WOB
Cov
e
AT
Austria
119
20BE
Belgium
129
18BG
Bulgaria
116
15CY
Rep
ublic
ofCyp
rus
77
20
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
TABLEA1
(Con
tinue
d)
Wom
enon
boards
Welfare
prov
isions
Gen
der
equa
lity
Board-Le
vel
regu
latory
policy
Female
Participation
inthe
labo
rmarket
EU coun
tries
Wom
enon
boards
()
Com
panies
Introductio
nIm
provem
ent
ofmaternity
leave
Statutory
maternity
leav
e(day
s)
Introduction
improvem
ento
fpaternity
leave
Statutory
paternity
leav
e(day
s)
Paid
parental
leav
efor
mothe
rs
fathers
Form
alchild
care
services
()
Globa
lgend
erga
p
Form
ofregu
latio
nfor
female
represen
tatio
non
board
Female
part-tim
eem
ploy
men
t(
)
Female
labo
rforce
()
WOB
Cov
ered
With
data
ML
PLPA
LpFC
Hs
GGG
REG
Fpt
Flf
CZ
Czech
Rep
ublic
164
99
1968
196
NA
01095
1674
07
61DE
German
y179
3030
18781
968
98NA
01092
15778
538
71DK
Den
mark
208
1818
18921
960
126
1984
14224
59803
525
76EE
Estonia
78
1616
1999
140
2004
10435
14702
012
71EL
Greece
79
2424
19211
969
119
2000
20
15678
014
58ES
Spain
123
3333
19001
969
112
19311
980
2007
150
15733
122
66FI
Finlan
d286
2323
1978
105
1971
18158
22845
116
73FR
Fran
ce251
3636
19091
969
112
2002
141092
23759
122
66HU
Hun
gary
74
1414
1969
168
2002
5924
6676
06
57IE
Irelan
d87
1919
1969
182
NA
00
11785
039
62IT
Italy
110
3737
19501
972
140
2012
1330
11697
131
51LT
Lithua
nia
178
2424
1995
126
1995
28238
5721
010
69LU
Luxembo
urg
97
1010
1969
112
1962
2364
27733
530
60LV
Latvia
282
3030
1996
112
2002
101080
19760
011
71MT
Malta
35
2121
1996
981996
10
1671
026
43NL
TheNethe
rlan
ds215
2222
18891
966
112
2001
20
7773
561
73PL
Poland
118
1919
19241
972
112
20102
012
141092
5705
512
59PT
Portug
al74
1818
1963
120
1999
100
34724
514
70RO
Rom
ania
119
1010
2002
126
2004
5594
4694
012
56SE
Swed
en255
2626
19631
974
981980
10420
35817
518
77SI
Slov
enia
187
2020
1993
105
1993
90260
36744
011
67SK
Slov
akia
138
1010
19681
993
98NA
01092
4681
06
61UK
United
Kingd
om188
4444
19481
976
182
2003
140
3738
539
69
15COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
TABLE A2Descriptive Statistics
Criteria of calibration
Variable MeanStddev Minimum Maximum
Nocases Missing
Fullmembership
Crossoverpoint
Full non-membership
Women on Boards 1468 675 35 286 27 0 30 20 10Maternity Leave 12848 3293 98 227 27 0 250 150 50Paternity Leave 1048 1715 0 90 27 0 15 9 3Parental Leave 43544 41508 0 1095 27 0 240 140 40Form of Regulation -- -- 0 1 27 0 090 055 020Childcare Services 1603 1334 1 59 27 0 33 20 10Female Part-timeEmployment
2085 1327 3 61 27 0 35 20 5
Female Labor Force 6474 762 43 77 27 0 65 45 25Gender Equality 73 04 6707 8453 27 0 1 05 0
TABLE A3Results of Calibration and Fuzzy Sets
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
AT 08 24 01 100 02 81 39 93 91BE 11 21 05 77 83 84 98 92 81BG 07 91 95 100 03 81 01 03 83CY 02 33 01 01 43 74 01 20 88CZ 25 80 01 100 000 74 01 07 79DE 35 17 01 100 18 84 39 97 93DK 56 33 92 93 100 86 39 73 96EE 03 43 62 100 14 77 01 17 93EL 03 28 03 01 18 74 01 23 72ES 09 24 95 01 18 80 98 60 87FI 93 21 99 63 61 89 98 31 94FR 82 24 92 100 67 83 98 60 87HU 02 63 12 100 01 74 01 06 70IE 03 72 01 01 06 85 01 98 81IT 06 43 02 100 06 77 98 90 53LT 34 33 100 95 01 79 01 12 91LU 04 24 03 100 83 80 39 88 77LV 92 24 62 100 43 83 01 14 93MT 01 17 02 01 000 74 01 77 30NL 61 24 03 01 02 84 39 100 94PL 08 24 92 100 01 77 39 17 75PT 02 29 62 01 96 79 39 23 92
(Continues)
16 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
TABLE A3(Continued)
EUcountries
Set of EUcountrieswith ahigher
number ofwomen onboards
Set of EUcountrieswith highlevel of
maternityleave
Set of EUcountrieswith highlevel ofpaternityleave
Set of EUcountrieswith highlevel ofparentalleave
Set of EUcountrieswith highlevel offormal
childcareservices
Set of EUcountrieswith highlevel ofgenderequality
Set of EUcountries withhigh level ofregulation for
femalerepresentation
on board
Set of EUcountrieswith highlevel of
female part-time
employment
Set of EUcountrieswith highlevel offemale
labor force
HighWOB HighML HighPL HighPALp HighFCHs HighGE HighREG HighFpt HighFlf
RO 08 33 12 100 01 76 01 17 67SE 84 17 62 100 97 87 39 40 96SI 40 21 100 97 98 81 01 14 88SK 13 17 01 100 01 75 01 06 79UK 41 72 92 01 01 81 39 98 91
TABLE A4Analysis and Relevance of Necessity Conditions
Analysis of sufficientconditions
Outcome variable HighWOBOutcome variable HighWOB
Description Conditions tested Consistency Coverage Relevance Consistency Raw coverage
High Maternity Leave HighML 50 39 39 50Not High Maternity Leave ~HighML 92 39 20 39 92High Paternity Leave HighPL 72 46 46 72Not High Paternity Leave ~HighPL 41 20 19 41High Formal Childcare Services HighFCHs 57 49 49 57Not High Formal Childcare Services ~HighFCHs 57 23 23 57High Female Labor Force HighFlf 100 33 24 33 100Not High Female Labor Force ~HighFlf 26 39 39 26High Female Part Time Employment HighFpt 61 35 35 61Not High Female Part Time Employment ~HighFpt 64 33 33 64High Gender Equality HighGE 98 33 27 33 98Not High Gender Equality ~HighGE 38 51 51 38High Regulation HighREG 58 50 50 58Not High Regulation ~HighREG 71 28 28 70High Parental Leave HighPALp 80 32 32 80Not High Parental leave ~HighPALp 25 21 21 25
17COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
FIGURE A1XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Level of Gender Equalityrdquo
FIGURE A2XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoNot High Maternity Leaverdquo
FIGURE A3XY PLOT ndash Distribution of Countries for Necessary Condi-
tion ldquoHigh Female Labor Forcerdquo
FIGURE A4Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Maternity Leaverdquo
AT BE
BG
CY
CZ
DE
DK
EE
EL ES
FI FR
HU
IE
IT
LT
LU
LV
MT NL
PL PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 25 50 75 100 125 150 175 200 225 250
Fuzz
y se
t
Maternity Leave (days)
FIGURE A5Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Paternity Leaverdquo
AT
BE
BG
CY CZ
DE
DK
EE
EL
ES FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40 50 60 70 80 90 100
Fuzz
y se
t
Paternity Leave (days)
FIGURE A6Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Parental Leaverdquo
AT
BE
BG
CY
CZ DE
DK
EE
EL ES
FI
FR
HU
IE
IT LT LU
LV
MT NL
PL
PT
RO SE
SI SK
UK 0
01
02
03
04
05
06
07
08
09
1
0 500 1000 1500
Fuzz
y se
t
Parental Leave (days)
18 CORPORATE GOVERNANCE
copy 2015 John Wiley amp Sons LtdVolume bullbull Number bullbull bullbull 2015
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
FIGURE A7Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Formal Childcare Servicesrdquo
AT
BE
BG
CY
CZ
DE
DK
EE
EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT NL
PL
PT
RO
SE SI
SK UK 0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Formal Childcare Services ()
FIGURE A8Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Gender Equalityrdquo
AT BE BG CY CZ
DE DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
06 07 08 09 1
Fuzz
y se
t
Gender Equality
FIGURE A9Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Regulationrdquo
AT
BG
CY CZ
DE
DK
EE EL
HU
IE LT
LU
LV MT
NL
PL PT
RO
SE
SI SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 02 04 06 08 1
Fuzz
y se
t
Regulation
FIGURE A10Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Part Time Employmentrdquo
AT BE
BG
CY
CZ
DE
DK
EE EL
ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 20 40 60 80
Fuzz
y se
t
Female Part Time Employment ()
FIGURE A11Distribution of Countries in the Fuzzy Set for ldquoHigh Level
of Female Labor Forcerdquo
AT
BE BG
CY
CZ
DE EE
EL
ES
FI FR
HU
IE
IT
LT
LU
LV
MT
NL
PL
PT
RO
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
30 40 50 60 70 80
Fuzz
y se
t
Female Labor Force ()
FIGURE A12Distribution of Countries in the Fuzzy Set for ldquoHigh Num-
ber of Women on Boardrdquo
AT
BE
BG CY
CZ
DE
DK
EE EL ES
FI
FR
HU
IE IT
LT
LU
LV
MT
NL
PL
PT
RO
SE
SI
SK
UK
0
01
02
03
04
05
06
07
08
09
1
0 10 20 30 40
Fuz
zy s
et
Women on board ()
19COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
copy 2015 John Wiley amp Sons Ltd Volume bullbull Number bullbull bullbull 2015
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
20 CORPORATE GOVERNANCE
REFERENCES
Acker J 1992 Gendered institutions From sex roles to gendered in-stitutions Contemporary Sociology 21 565ndash569
Adams R B ampKirchmaier T 2013Making it to the top From femalelabor force participation to boardroom gender diversity ECGI Fi-nance Working Paper 3472013
Adams S M amp Flynn P M 2005 Local knowledge advanceswomenrsquos access to corporate boards Corporate Governance AnInternational Review 13 836ndash846
Aguilera R V amp Cuervo-Cazurra A 2004 Codes of good gover-nance worldwide What is the trigger Organization Studies 25415ndash443
Aguilera R V Filatotchev I Gospel H amp Jackson G 2008 An or-ganizational approach to comparative corporate governanceCosts contingencies and complementarities Organization Sci-ence 19 475ndash492
Aguilera R V amp Jackson G 2003 The cross-national diversity of cor-porate governance Dimensions and determinants Academy ofManagement Review 28 447ndash465
Ahern K R amp Dittmar A K 2012 The changing of the boards Theimpact on firm valuation of mandated female board representa-tion Quarterly Journal of Economics 127 137ndash197
Ahlering B amp Deakin S 2007 Labor regulation corporate gover-nance and legal origin A case of institutional complementarityLaw amp Society Review 41 865ndash908
Alon A 2013 Complexity and dual institutionality The case of IFRSadoption in Russia Corporate Governance An International Re-view 21 42ndash57
Amable B 2000 Institutional complementarity and diversity of so-cial systems of innovation and production Review of Interna-tional Political Economy 7 645ndash687
Amable B 2003 The diversity of modern capitalism Oxford OxfordUniversity Press
Amable B Ernst E amp Palombarini S 2005 How do financial mar-kets affect industrial relations An institutional complementarityapproach Socio-Economic Review 3 311ndash330
Aoki M 2001 Toward a comparative institutional analysis Cam-bridge MA MIT Press
Armstrong J amp Walby S 2012 Gender quotas in managementboards Brussels European Parliament
Aschcraft K L 1999 Managingmaternity leave A qualitative analy-sis of temporary executive succession Administrative ScienceQuarterly 44 240ndash280
Bailey K 1994 Methods of social research 4th edn New York FreePress
Bergstoslash K 2013 Women mean business Why and howNorway leg-islated gender balance on the boards of listed companies In SMachold M Huse K Hansen amp M Brogi (Eds) Getting womenon to corporate boards ndash A snowball starting in Norway Chelten-ham Edward Elgar
Brogi M 2013 Italyrsquos lessons learnt fromNorway In S Machold MHuse K Hansen amp M Brogi (Eds) Getting women on to corpo-rate boards ndash A snowball starting in Norway Cheltenham Ed-ward Elgar
Burri S amp Aune H 2013 Sex discrimination in relation to part-time and fixed-term work The application of EU and nationallaw in practice in 33 European countries Brussels EuropeanUnion
Campbell J L 2011 The US financial crisis Lessons for theories ofinstitutional complementarity Socio-Economic Review 9211ndash234
Connell R W 1987 Gender and power Society the person andsexual politics Stanford CA Stanford University Press
Council of Europe Family Policy Database 2009 Reconciliation ofwork and family life Available at wwwcoeintfamilypolicyda-tabase (accessed April 30 2009)
Volume bullbull Number bullbull bullbull 2015
Crouch C 2005 Complementarity and fit in the study of compara-tive capitalisms In G Morgan R Whitley amp E Moen (Eds)Changing capitalisms Internationalization institutional changeand systems of economic organization 167ndash189 Oxford OxfordUniversity Press
De Anca C 2008Women on corporate boards of directors in Spanishlisted companies In S Vinnicombe V Singh R Burke DBilimoria amp M Huse (Eds)Women on corporate boards of direc-tors International research and practice 96ndash107 Cheltenham Ed-ward Elgar
Deeg R 2007 Complementarity and institutional change in capitalistsystems Journal of European Public Policy 14 611ndash630
Denis D K amp McConnell J J 2003 International corporate gover-nance Journal of Financial and Quantitative Analysis 38 1ndash36
Denzau A T amp North D C 1994 Shared mental models Ideologiesand institutions Kyklos 47 3ndash31
Doldor E Vinnicombe S GaughanM amp Sealy R 2012 Gender di-versity on boards The appointment process and the role of execu-tive search firms Equality and Human Rights CommissionResearch report 85
Esping-Andersen G 1990 The three worlds of welfare capitalismCambridge Polity
Esping-Andersen G 1999 Social foundations of postindustrialeconomies Oxford Oxford University Press
Eszter S 2013 Part-timework in EuropeAvailable at httpswwweurofoundeuropaeupublicationsreport2011working-con-ditions-law-and-regulationpart-time-work-in-europe (accessedAugust 11 2013)
European Commission 2012a Women and men in decision-makingAvailable at httpeceuropaeujusticegender-equalitygen-der-decision-makingdatabaseindex_enhtm (accessed August31 2015)
European Commission 2012b Women in economic decision-makingin the EU Progress report Luxembourg Publications Office of theEuropean Union
European Commission 2013 National factsheets Gender balance onboards Available at httpeceuropaeujusticegender-equal-ityfileswomenonboardswomenonboards-factsheet (accessedJanuary 2013)
European Commission 2014 Database on women and men indecision-making Methodology Available at httpeceuropaeujusticegender-equalityfilesdatabasewmid_methodology_dec_2014pdf (accessed August 31 2015)
EU-SILC 2012 Childcare arrangements Available at httpeceu-ropaeueurostattgmtabledotab=tableampinit=1amplanguage=enamppcode=tps00185ampplugin=1 (accessed September 2014)
European Union 2010 Directive 201018EU Implementing the re-vised Framework Agreement on parental leave concluded byBUSINESSEUROPE UEAPME CEEP and ETUC and repealingDirective 9634EC Official Journal of the European UnionL6813ndashL6820
Ferreira D 2014 Board diversity Should we trust research to informpolicy Corporate Governance An International Review 23108ndash111
Fiss P C 2007 A set-theoretic approach to organizational configura-tions Academy of Management Review 32 1180ndash1198
Fiss P C 2011 Building better causal theories A fuzzy set approachto typologies in organization research Academy of ManagementJournal 54 393ndash420
Garcigravea-Castro R Aguilera V R amp Arintildeo M A 2013 Bundles offirm corporate governance practices A fuzzy set analysis Corpo-rate Governance An International Review 21 390ndash407
Grandori A amp Furnari S 2008 A chemistry of organization Combi-natory analysis and design Organization Studies 29 459ndash485
Grosvold J 2011 Where are all the women Institutional context andthe prevalence of women on the corporate boards of directorsBusiness and Society 50 531ndash555
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
21COMPLEMENTARY INSTITUTIONS AND WOMEN ON BOARDS
Grosvold J amp Brammer S 2011 National institutional systems asantecedents of female board representation An empirical studyCorporate Governance An International Review 19 116ndash135
Houmlpner M 2005 What connects industrial relations and corporategovernance Explaining institutional complementarity Socio-Economic Review 3 331ndash358
Huse M amp Seierstad C 2014 Getting women on to corporateboards Consequences of the Norwegian gender balance law TheEuropean Financial Review 37ndash39
International Labor Organization 2010 Maternity at work A reviewof national legislation Findings from the ILO Database of Condi-tions of Work and Employment Laws Geneva ILO Availableat httpwwwiloorgwcmsp5groupspublicdgreportsdcommpubldocumentspublicationwcms_124442pdf(accessed August 31 2015)
Jackson G 2005 Toward a comparative perspective on corporategovernance and labour management RIETI Discussion PaperSeries 04-E-023
Jackson G amp Deeg R 2008 Comparing capitalisms Under-standing institutional diversity and its implications for interna-tional business Journal of International Business Studies 39540ndash561
Judge W Q Douglas T J amp Kutan A M 2008 Institutional ante-cedents of corporate governance legitimacy Journal of Manage-ment 34 765ndash785
Judge W Li S amp Pinsker R 2010 National adoption of interna-tional accounting standards An institutional perspective Corpo-rate Governance An International Review 18 161ndash174
Kang H Chen G amp Gray S J 2007 Corporate governance andboard composition Diversity and independence of Australianboards Corporate Governance An International Review 15194ndash207
Kang N amp Moon J 2012 Institutional complementarity betweencorporate governance and corporate social responsibility A com-parative institutional analysis of three capitalisms Socio-EconomicReview 10 85ndash108
Kogut B amp Ragin C C 2006 Exploring complexity when diversityis limited Institutional complementarity in theories of rule of lawand national systems revisited European Management Review 344ndash59
Lorber J 1994Paradoxes of gender NewHaven CT Yale UniversityPress
Mandel H amp Semyonov M 2006 A welfare state paradox Stateinterventions and womenrsquos employment opportunities in 22countries American Journal of Sociology 11 1910ndash1949
Mandel H amp Shalev M 2009 How welfare states shape the genderpay gap A theoretical and comparative analysis Social Forces87 1873ndash1912
Margherita A OrsquoDorchai S amp Bosch J 2009 Reconciliationbetween work private and family life in the European UnionLuxembourg Office for Official Publications of the European Com-munities Available at httpeceuropaeueurostatdocuments32174945705547KS-78-09-908-ENPDF6180b5e6-e482-4d5f-a681-6a9bce05d733version=10 (accessed August 31 2015)
Martin P Y 2004 Gender as social institution Social Forces 821249ndash1273
Mayer K U 2009 Whose lives How history societies and institu-tions define and shape life courses Research in Human Develop-ment 1 161ndash187
Milgrom P amp Roberts J 1995 Complementarities and fit strategystructure and organizational change in manufacturing Journal ofAccounting and Economics 19 179ndash208
Misra J amp Moller S 2005 Familialism and welfare regimesPoverty employment and family policies Working Paper 399Luxembourg Income Study
MISSOC 2014 Comparative tables database Available athttpwwwmissocorgMISSOCINFORMATIONBASE
copy 2015 John Wiley amp Sons Ltd
COMPARATIVETABLESMISSOCDATABASEcomparativeTable-Searchjsp (accessed August 31 2015)
Moss P (Ed) 2014 10th International Review of Leave Policies andRelated Research 2014 London International Network on LeavePolicies and Research Available at httpwwwleavenetworkorgfileadminLeavenetworkAnnual_reviews2014_annual_review_korrpdf (accessed August 31 2014)
Neale W C 1988 Institutions In M Tools (Ed) Foundations ofinstitutional thought vol 1 227ndash256 New York ME Sharpe
Nelson T amp Levesque L L 2007 The status of women in corporategovernance in high-growth high-potential firms Entrepreneur-ship Theory and Practice 31 209ndash232
North D C 1990 Institutions institutional change and economicperformance Oxford Oxford University Press
North D C 1991 Institutions Journal of Economic Perspectives 597ndash112
NtimCGamp Soobaroyen T 2013 Corporate governance and perfor-mance in socially responsible corporations New empirical insightfrom a neo-institutional frameworkCorporate Governance An In-ternational Review 21 468ndash494
Nugent J B amp Lin J Y 1995 Institutions and economic develop-ment In H Chenery T N Srinivasan amp J Behrman (Eds) Hand-book of development economics Amsterdam North-Holland
OECD 2012 Family database Available at wwwoecdorgsocialfamilydatabase (accessed August 31 2015)
Orloff A S 1993 Gender and the social rights of citizenship Thecomparative analysis of gender relations and welfare statesAmerican Sociological Review 58 303ndash328
Orloff A S 1996 Gender in the welfare state Annual Review ofSociology 22 51ndash78
Payne G amp Payne J 2004 Key concepts in social research LondonSage Publications
Ragin C C 2000 Fuzzy-set social science Chicago IL University ofChicago Press
Ragin C C 2002 Preacuteface In G De Meur amp B Rihoux (Eds)LrsquoAnalyse qualiquantitative compareacutee (AQQC-QCA) Approchetechniques et applications en sciences humaines 11ndash14 Louvain-la-Neuve Academia-Bruylant
Ragin C C 2006 Set relations in social research Evaluating theirconsistency and courage Political Analysis 14 291ndash310
Ragin C C 2008a Re-designing social inquiry Chicago IL Univer-sity of Chicago Press
Ragin C C 2008b Userrsquos guide to fuzzy-setqualitative compara-tive analysis Available at httpwwwuarizonaedu~craginfsQCAdownloadfsQCAManualpdf (accessed August 31 2015)
Ragin C C 2009 Qualitative comparative analysis using fuzzy sets(fsQCA) In B Rihoux amp C C Ragin (Eds) Configurationalcomparative methods Qualitative comparative analysis (QCA)and related techniques 87ndash121 London Sage Publications
Ragin C Drass K amp Davey S 2006 Fuzzy-SetQualitativeComparative Analysis 20 Tucson AZ Department of SociologyUniversity of Arizona
Ragin C C amp Rihoux B 2004 Qualitative comparative analysis(QCA) State of the art and prospects Qualitative Methods 23ndash13
Rediker K amp Seth A 1995 Boards of directors and substitutioneffects of alternative governance mechanisms Strategic Manage-ment Journal 16 85ndash99
Rihoux B 2006 Qualitative comparative analysis (QCA) and relatedsystematic comparative methods Recent advances and remainingchallenges for social science research International Sociology 21679ndash706
Schneider C Q ampWagemann C 2012 Set-theoretic methods for thesocial sciences A guide to qualitative comparative analysisCambridge Cambridge University Press
Scott J 1990 A matter of record Documentary sources in socialresearch Cambridge Polity
Volume bullbull Number bullbull bullbull 2015
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd
22 CORPORATE GOVERNANCE
ScottW R 1987 The adolescence of institutional theoryAdministra-tive Science Quarterly 32 493ndash511
Seierstad C Warner-Soslashderholm G Torchia M amp Huse M 2015Increasing the number of women on boards The role of actorsand processes Journal of Business Ethics DOI101007s10551-015-2715-0
Singh V amp Vinnicombe S 2004 Why so few women directors in topUKboardrooms Evidence and theoretical explanationsCorporateGovernance An International Review 12 479ndash488
TeigenM 2012 Gender quotas on corporate boards On the diffusionof a distinct national policy reform In F Engelstad amp M Teigen(Eds) Firms boards and gender quotas Comparative perspec-tives 115ndash146 Bingley Emerald Group Publishing
Terjesen S Aguilera R V amp Lorenz R 2014 Legislating a womanrsquosseat on the board Institutional factors driving gender quotas forboards of directors Journal of Business Ethics 50 177ndash186
Terjesen S Sealy R amp Singh V 2009Women directors on corporateboards A review and research agenda Corporate Governance AnInternational Review 17 320ndash327
Terjesen S amp Singh V 2008 Female presence on corporate boards Amulti-country study of environmental context Journal of BusinessEthics 83 55ndash63
Thomsen H amp Urth H 2010 Costs and benefits of maternity andpaternity leave Brussels European Parliament
Toomey C 2008 Quotas forwomen on the boardDo theywork TheSunday Times June 8
Weimer J amp Pape J C 1999 A taxonomy of systems of corporategovernance Corporate Governance An International Review 7152ndash166
Williams J 2000 Unbending gender Why work and family conflictand what to do about it New York Oxford University Press
Williams J C 2005 The glass ceiling and the maternal wall inacademia New Directions for Higher Education 2005 91ndash105
World Economic Forum 2013 The Global Gender Gap ReportGeneva World Economic Forum
Zattoni A amp Cuomo F 2008Why adopt codes of good governanceA comparison of institutional and efficiency perspectivesCorporate Governance An International Review 16 1ndash15
Zattoni A Pedersen T amp Kumar V 2009 The performance ofgroup-affiliated firms during institutional transitions A longitudi-nal study of Indian firmsCorporate Governance An InternationalReview 17 510ndash523
Volume bullbull Number bullbull bullbull 2015
Michela Iannotta is a PhD candidate in Management atSapienza University of Rome Italy She has published severalarticles in the area of human resource management and diver-sity management Her main research interests include institu-tional theory and its application in organizational studiesconfigurational theory complementarities-based approachesand research methods in organizational research
Mauro Gatti is Full Professor of Business Organization andHumanResourceManagement in the Department ofManage-ment at Sapienza University of Rome Italy He published sev-eral articles and monographs on corporate governancehuman resource practices and value creation with particularfocus on diversity management and corporate welfare Hismain research interests include firm governance and institu-tional theory work organization corporate welfare trainingand corporate universities
Morten Huse is Professor of Organization andManagement atBI Norwegian Business School and holds a Chair ofUnternehmensfuumlhrung Wirtschaftsethik und gesellschaftlichenWandel at the University of WittenHerdecke Most of hisrecent work concerns value-creating boards and womenon boards and he has published widely on these topicsBetween 2008 and 2014 he was member of Catalyst EuropeAdvisory Board and between 2010 and 2012 President ofthe European Academy of Management In 2013 he wonan awarded from TIAW (The International Alliance ofWomen) for Championing the Economic Empowerment ofWomen For 2014 he was awarded a research grant atSapienza University He is board chair of Goumlttingen Univer-sity Diversity Institute
copy 2015 John Wiley amp Sons Ltd