Social Diversity on Corporate Boards in a Country Torn by Civil War
研究了斯里兰卡这个经历数十年极化、内战甚至种族灭绝的国家中，董事会基于种族、宗教、语言、性别和国籍的社交多样性如何正向影响公司绩效和财务稳定性，主要积极效应来自民族语言包容性。
Abstract We examine how social diversity and inclusiveness on corporate boards affect corporate performance and monitoring in Sri Lanka, a country subject to decades of polarization, civil war, and even genocide. Barely more than a decade after the civil war, we find that board social diversity on the basis of ethnicity, religion, language, gender, and nationality of the board members is positively related to corporate performance, both in terms of stock market performance and accounting returns, and to corporate financial stability. The main positive effects of social diversity derive from ethno-linguistic inclusiveness. The results are confirmed by an instrumental variable approach that addresses endogeneity issues. We find no evidence that inter-personal and moral conflicts or communication problems among board members negatively affect firm performance.