Simultaneous board and CEO diversity: does it increase firm value?

被引：11

作者：

Borghesi, Richard ^{[1
]}

Chang, Kiyoung ^{[1
]}

Mehran, Jamshid ^{[2
]}

机构：

[1] Univ S Florida, Coll Business Adm, Sarasota, FL 34243 USA

[2] Indiana Univ, Sch Business & Econ, South Bend, IN 46615 USA

来源：

APPLIED ECONOMICS LETTERS | 2016年 / 23卷 / 01期

关键词：

Gender; ethnic; minority; diversity; board of directors; CEO; G30; M14; FINANCIAL PERFORMANCE;

D O I：

10.1080/13504851.2015.1047082

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

There remain open questions regarding whether board of director ethnic and gender diversity increases or decreases firm value. Additionally, prior research has yet to examine the value effects of a diverse board in the presence of a gender/ethnic minority CEO. Using the KLD social ratings database, we examine 13000 firm-years and provide robust evidence that board diversity increases firm value. However, we also show that any value added via board diversity is nullified when a diverse board operates in the presence of a female and/or minority CEO. Results suggest that a significant portion of the value in board diversity may come from gender/ethnic differences between the board members and the CEO. One implication of our study is that when hiring a CEO or electing directors relative gender/ethnic make-up is important.

引用

页码：23 / 26

页数：4

共 8 条

[1] Women in the boardroom and their impact on governance and performance [J].

Adams, Renee B. ;

Ferreira, Daniel .

JOURNAL OF FINANCIAL ECONOMICS, 2009, 94 (02) :291-309

[2] The Economics of Director Heterogeneity [J].

Anderson, Ronald C. ;

Reeb, David M. ;

Upadhyay, Arun ;

Zhao, Wanli .

FINANCIAL MANAGEMENT, 2011, 40 (01) :5-38

[3] The ultimate glass ceiling revisited: The presence of women on corporate boards [J].

Arfken, DE ;

Bellar, SL ;

Helms, MM .

JOURNAL OF BUSINESS ETHICS, 2004, 50 (02) :177-186

[4] Gender Diversity in the Boardroom and Firm Financial Performance [J].

Campbell, Kevin ;

Minguez-Vera, Antonio .

JOURNAL OF BUSINESS ETHICS, 2008, 83 (03) :435-451

[5]

Carter D.A., 2003, Fin Rev, V38, P33, DOI [DOI 10.1111/1540-6288.00034, 10.1111/1540-6288.00034]

[6] Board of director diversity and firm financial performance [J].

Erhardt, NL ;

Werbel, JD ;

Shrader, CB .

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2003, 11 (02) :102-111

[7] Corporate social responsibility: A theory of the firm perspective [J].

McWilliams, A ;

Siegel, D .

ACADEMY OF MANAGEMENT REVIEW, 2001, 26 (01) :117-127

[8]

WATSON WE, 1993, ACAD MANAGE J, V36, P590, DOI 10.5465/256593

← 1 →