Ntim, Collins G. (2015) Board diversity and organizational valuation: unravelling the effects of ethnicity and gender. Journal of Management & Governance, 19 (1). pp. 167-195. ISSN 1385-3457
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Abstract
Organizational boards of directors are one of the most important subgroups within most modern organizations, performing critical advisory, monitoring and resource dependence roles. This paper investigates the crucial question of whether the stock market values ethnic and gender diversity within organizational boards. We find that board diversity is positively associated with market valuation. We distinctively demonstrate further that ethnic diversity is valued more highly by the stock market than gender diversity. By contrast, we do not find any evidence of a significant non-linear link between board diversity and market valuation. Our findings are robust across a number of econometric models that deal with different types of endogeneities and market valuation measures. Overall, our results are consistent with agency and resource dependence theoretical predictions.
Item Type: | Article |
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Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HT Communities. Classes. Races |
Schools: | Huddersfield Business School Huddersfield Business School > Quantitative Analysis Research Group |
Related URLs: | |
Depositing User: | Sara Taylor |
Date Deposited: | 28 Jan 2014 14:57 |
Last Modified: | 28 Aug 2021 19:22 |
URI: | http://eprints.hud.ac.uk/id/eprint/19538 |
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