Does board diversity really matter to shareholders?
Does board diversity really matter to shareholders? To answer this question, we depart from the traditional approach of analysing the impact of board diversity on firm value to instead concentrate on shareholder voting outcomes in annual director elections. By exploring a hand-collected dataset, we...
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| Publicado no: | URI:https://journals.openedition.org/fcs, |
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| Auteurs principaux: | , |
| Formato: | Article ou chapitre numérique |
| Idioma: | Anglais |
| Publicado em: |
Finance Contrôle Stratégie
2023
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| Assuntos: | |
| Acesso em linha: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
| Resumo: | Does board diversity really matter to shareholders? To answer this question, we depart from the traditional approach of analysing the impact of board diversity on firm value to instead concentrate on shareholder voting outcomes in annual director elections. By exploring a hand-collected dataset, we identify that diversity matters to shareholders. New to the literature, we find that shareholders’ greater support for diverse directors is driven by votes for minority directors. Specifically, we show that non-Caucasian female directors can fully explain the greater shareholder approval for female directors. Our study has implications for board selection and shows that board diversity is valuable to shareholders. |
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