Diversity on Corporate Boards
本文综述了董事会多样性的研究，包括其趋势、决定因素及对企业绩效的影响，并讨论了内生性挑战，适合关注公司治理和董事会构成的学者阅读。
This article reviews existing research on board diversity. What role does diversity of board members play in board governance, and how does it influence firm behavior and firm value? First, given the recent focus on board diversity among institutional investors and regulators, we present stylized facts and time trends in board diversity. Second, we discuss the dimensions of diversity that have been examined in the literature. Third, we study the determinants of board diversity. Finally, we assess the research on the effects of board diversity on firm performance and outcomes. We discuss the endogeneity challenges of studying the impact of diversity on firm value and review the main approaches that existing studies have used to address endogeneity. We conclude with suggestions for future research on board diversity.