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Diversity on Corporate Boards

Author

Listed:
  • Anzhela Knyazeva

    (Fox School of Business, Temple University, Philadelphia, Pennsylvania 19122, USA)

  • Diana Knyazeva

    (Fox School of Business, Temple University, Philadelphia, Pennsylvania 19122, USA)

  • Lalitha Naveen

    (Fox School of Business, Temple University, Philadelphia, Pennsylvania 19122, USA)

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.

Suggested Citation

  • Anzhela Knyazeva & Diana Knyazeva & Lalitha Naveen, 2021. "Diversity on Corporate Boards," Annual Review of Financial Economics, Annual Reviews, vol. 13(1), pages 301-320, November.
    • Handle: RePEc:anr:refeco:v:13:y:2021:p:301-320
    DOI: 10.1146/annurev-financial-101520-065559
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    Cited by:

    1. Moon, Sue H. & Zhou, Mingming & Zhu, Yun, 2023. "What’s in a name? Leaders’ names, compensation, and firm performance," Journal of Financial Stability, Elsevier, vol. 64(C).

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