Corporate Innovation: Do Diverse Boards Help?
研究发现，董事会多元化（用多维指数衡量）与企业创新正相关，尤其在业务复杂、董事会经验丰富或外部治理强的公司中更显著；多元化董事会更倾向于探索性创新，产生更多高被引和未被引专利，其中职业多样性作用最大。
Abstract We find that corporate innovation is positively related to board diversity as measured by a multidimensional index. The benefit of board diversity is more pronounced for firms with more complex operations, more experienced boards, and stronger external governance, suggesting that diverse boards have superior advising capacity. We find evidence to suggest that firms with diverse boards engage in more exploratory innovations and develop new technology in unfamiliar areas. As a result, they create a larger number of both most-cited and uncited patents. Finally, of the six different aspects of board diversity, professional diversity matters the most for corporate innovation.