Diversity on Corporate Boards

Anzhela Knyazeva, Diana Knyazeva and Lalitha Naveen ()
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Diana Knyazeva: Fox School of Business, Temple University, Philadelphia, Pennsylvania 19122, USA
Lalitha Naveen: Fox School of Business, Temple University, Philadelphia, Pennsylvania 19122, USA

Annual Review of Financial Economics, 2021, vol. 13, issue 1, 301-320

Abstract: This article reviews existing research on board diversity. What role does diversity of board members play in board governance, and how does it influence firm behavior and firm value? First, given the recent focus on board diversity among institutional investors and regulators, we present stylized facts and time trends in board diversity. Second, we discuss the dimensions of diversity that have been examined in the literature. Third, we study the determinants of board diversity. Finally, we assess the research on the effects of board diversity on firm performance and outcomes. We discuss the endogeneity challenges of studying the impact of diversity on firm value and review the main approaches that existing studies have used to address endogeneity. We conclude with suggestions for future research on board diversity.

Keywords: diversity; corporate boards; board structure; board composition; gender diversity; demographic diversity (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (4)

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DOI: 10.1146/annurev-financial-101520-065559

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