STEM expertise in Australian boardrooms: trends and impact on firm outcomes
研究了2007至2022年间澳大利亚上市公司董事会中STEM背景董事的占比变化，发现其虽低但增长，且与更高的创新投资和企业价值相关，尤其在没有STEM背景CEO的公司和STEM占比低的行业中效果更强。
Purpose Australia’s innovation performance lags other advanced economies, highlighting the need to understand how boards can better support innovation. This study aims to examine the evolving representation of directors with science, technology, engineering and mathematics (STEM) expertise on Australian corporate boards and the extent to which this representation impacts innovation investment and firm value. Design/methodology/approach Hand-collected data on director backgrounds from the top 500 Australian Stock Exchange (ASX)-listed firms are used to assess changes in board STEM representation between 2007 and 2022. Regression analysis is then employed to examine the relationship between STEM director representation, innovation investment and firm value. Findings Despite a modest increase between 2007 and 2022, the representation of STEM directors on Australian corporate boards remains low. However, firms with greater STEM board expertise are associated with higher levels of innovation investment and firm value. These effects are strongest in firms without STEM CEOs and in industries with lower STEM representation. Practical implications As firms face increasing technological complexity and opportunities, appointing directors with STEM backgrounds may offer a competitive advantage. Policies and initiatives aimed at expanding the supply of STEM directors are therefore recommended. Originality/value While director expertise is known to influence firm outcomes, limited evidence exists on how STEM expertise at the board level shapes innovation and firm value, particularly in the Australian context. This study provides new evidence on how board STEM expertise contributes to both outcomes.