Surface- and deep-level diversity of directors and financial performance of French listed firms

Diversidad superficial y profunda de los directores y el desempeño financiero de las empresas que cotizan en Francia

Jérôme Maati () and Christine Maati-Sauvez ()
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Jérôme Maati: IAE Lille - IAE Lille University School of Management - Lille - Université de Lille
Christine Maati-Sauvez: IDP - Institut du Développement et de la Prospective - EA 1384 - UVHC - Université de Valenciennes et du Hainaut-Cambrésis - IAE - Institut d'Administration des Entreprises - UPHF - Université Polytechnique Hauts-de-France

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Abstract: This study examines the influence of surface- and deep-level diversity among French firms' directors on financial performance, with regard to CEO power and operational complexity. Increased uses of age or gender diversity don't improve cognitive governance, regardless of complexity levels. In contrast, educational, professional, and board experience diversity all extend the cognitive bases of complex firms, for the shareholders' benefit. They detract from the performance of less complex firms though. Regarding disciplinary governance, age diversity doesn't improve CEO monitoring. All other components have positive impacts on performance when the CEO is powerful. They weaken it when the CEO is powerless. The results of this study suggest that the performance implications of board diversity may be contingent upon managerial context of the firm.

Keywords: Surface and deep-level diversity; Board of directors; Financial performance; CEO power; Firm complexity; Diversidad superficial y profunda; Junta directiva; Desempeño financiero; Poder gerencial; Complejidad de la firma; Diversité de surface et profonde; Conseil d'administration; Performance financière; Pouvoir du dirigeant; Complexité de la firme (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

Published in Recherches en sciences de gestion, 2019, 4 (133), pp.81-115. ⟨10.3917/resg.133.0081⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03698565

DOI: 10.3917/resg.133.0081

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