Board Ancestral Diversity and Firm-Performance Volatility
用董事的祖先来源衡量董事会意见和价值观的多样性，发现多样性既有成本也有收益，会导致公司业绩波动性增大，同时增加专利产出和董事会会议次数。
We proxy for board members’ opinions and values using directors’ ancestral origins and show that diversity has costs and benefits, leading to high performance volatility. Consistent with the idea that diverse groups experiment more, firms with ancestrally diverse boards have more numerous and more cited patents. In addition, their strategies conform less to those of the industry peers. However, firms with greater ancestral diversity also have more board meetings and make less predictable decisions. These findings suggest that diversity may lead to inefficiencies in the decision-making process and conflicts in the boardroom.