Three essays on board composition.

Summary This manuscript presents three separate chapters covering topics related to the functioning and role of boards of directors. The first chapter investigates the effect of recognition of director expertise on firm growth opportunities, using prestige awards earned by directors. The results indicate that the presence of award-winning directors on boards leads to better investment opportunities. The second chapter analyzes the impact of the quota of women on boards of directors in France on the stock market value of companies. Prior to the quota, investors reacted positively to announcements of female board members, particularly for male-dominated boards. The announcement of the enactment of the law on January 27, 2011 is seen as good news on the stock market, leading investors to anticipate the recruitment of women resulting from the quota. The third chapter discusses the impact of the quota on the labor market for directors. The results indicate that the quota has changed board recruitment practices and, as a result, has improved the stability of company-director matches.