Does board diversity matter? Evidence from the market reaction to directors’ departures

Autor:	Etienne Redor
Přispěvatelé:	Redor, Etienne, Audencia Recherche, Audencia Business School
Jazyk:	angličtina
Rok vydání:	2015
Předmět:	[QFIN.GN]Quantitative Finance [q-fin]/General Finance [q-fin.GN] Ethnic diversity [QFIN.GN] Quantitative Finance [q-fin]/General Finance [q-fin.GN] Board of directors jel:G0 Financial performance jel:G3 Gender diversity Ethnic diversity Board of directors Financial performance Departure Departure
Zdroj:	Economics Bulletin Economics Bulletin, Economics Bulletin, 2015, 35 (2), pp.1434-1442
ISSN:	1545-2921
Popis:	International audience; Previous studies that have examined the impact of board diversity on firm financial performance have yielded conflicting results. One of the main challenges for studies looking at the impact of diverse directors stems from the fact that firm financial performance and board of director composition may be endogenously determined. In this paper, we propose an innovative approach to the problem of endogeneity. By analyzing the reaction of the stock market when a diverse director’s departure is announced, we can examine investors’ perceptions of the importance of changes in board diversity. Our results show that investors value gender diversity among directors; however, we are unable to conclude that investors value ethnic diversity among directors.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=dedup_wf_001::82bd93bfaef2f18887cd2b0c521df764 https://hal.archives-ouvertes.fr/hal-01162304 Zobrazit plný text záznamu