This study examines market reactions to the appointment of women to corporate boards, and
observes if their attributes and role they play in monitoring affect firm value. We observe 127
Malaysian firms that appoint women directors over the period 1999–2011. We use the
market model to assess abnormal returns surrounding the appointment of women directors
from day− 10 to day 10. Using conventional t-tests, share time series tests and rank tests, we
find that investors welcome the appointment of women directors. A positive average …