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Corporate Governance, Board Diversity, and Firm PerformanceDavid CarterOklahoma State University - Stillwater - Department of Finance Betty J. SimkinsOklahoma State University - Stillwater - Department of Finance W. Gary SimpsonOklahoma State University - Stillwater - Department of Finance March 2002 Oklahoma State University Working Paper Abstract: This study examines the relationship between board diversity and firm value for Fortune 1000 firms. Board diversity is defined as the percentage of women, African-Americans, Asians, and Hispanics on the board of directors. This research is important because it presents the first empirical evidence examining whether board diversity is associated with improved financial value. After controlling for size, industry, and other corporate governance measures, we find significant positive relationships between the fraction of women or minorities on the board and firm value. We also find that the proportion of women and minorities on boards increases with firm size and board size but decreases as the number of insiders increases. For women, there is an inverse relationship between the percentage of women on boards and the average age of the board.
Number of Pages in PDF File: 36 Keywords: Corporate governance, Diversity, Board of directors, Financial value JEL Classification: G38, M14, J15, J16 working papers seriesDate posted: March 26, 2002Suggested CitationContact Information
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