Demographic diversity and firm value: A review on large companies using panel data approach

Rohail Hassan · Maran Marimuthu · Satirenjit Kaur Johl

15 citations0/0 files storedInternational Symposium on Technology Management and Emerging Technologies (ISTMET)

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Gender Diversity and Inequality Corporate Finance and Governance Team Dynamics and Performance

Abstract

This paper examines the demographic diversity at top-level management and its impact on firm performance. The paper focuses on Upper-echelon theory, which explains board characteristics and firm performance. Theoretical framework is specially designed using concepts, measures and models. Relevant hypotheses are developed to test diversity impact with the use of appropriate variables and measures. A total sample of large 60 top listed companies are considered based on their market capitalization. This empirical work uses BODs attributes and financial data, which are gathered over the period 2009 to 2013. This study incorporates econometrics methodology on panel data analysis, which is used rigorously for hypothesis testing. The results indicate that demographic diversity at board level does have a relationship with market value.

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References

1978Specification Tests in Econometrics 1984Upper Echelons: The Organization as a Reflection of Its Top Managers 1987Doing Gender 2009Women in the boardroom and their impact on governance and performance☆2003Corporate Governance, Board Diversity, and Firm Value 1996Searching for Common Threads: Understanding the Multiple Effects of Diversity in Organizational Groups 2000A Guide to Modern Econometrics 2002A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis

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