Does Board Ethnic Diversity Impact Board Monitoring Outcomes?
研究了董事会种族多样性与CEO薪酬、会计错报、CEO更替-绩效敏感性及并购绩效等监督结果的关系，未发现多样性改善监督或公司绩效的证据，对公共政策辩论有参考价值。
Abstract This study investigates whether board ethnic diversity is associated with stronger board monitoring outcomes. We explore a range of outcomes – CEO compensation, accounting misstatements, CEO turnover–performance sensitivity and acquisition performance – but find no evidence to support this. We also find no evidence that board ethnic diversity improves overall firm performance, even for those firms with higher agency problems. Our results are robust across different methodologies and have important practical implications, by informing the current public policy debate on board ethnic diversity.