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chrispeel 

  "We find that the constraint imposed by the quota
  caused a significant drop in the stock price at the
  announcement of the law and a large decline in
  Tobin’s Q over the following years, consistent with
  the idea that firms choose boards to maximize value."
The last word "value" in the abstract above is ambiguous; I guess the authors meant "share price". According to other non-monetary measures the "value" of the companies may have gone up. For example, a career path for women could keep them in the companies, making the entire Norwegian workforce more diverse.
forgot_my_pwd
But that is value for whom? For the women who benefit. Not necessarily for the business itself, which is what this paper argues.