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Does Diversity Inside Boardroom Matter On Performance

Research on corporate boards is part of the vast literature on corporate governance, which includes studies from a number of disciplines including strategic management, financial economics and organization theory. In those studies, scholars have focused largely on the issues of board structure and control over management behavior and strategic decision making. Taking the conclusion of the organizational demography literature as a motive power that demographically similar individuals develop comparable attitudes and a shared language as a result of common experiences and similar choices (Michel and Hambrick, 1992; Westphal and Zajac, 1995); many researchers study whether changes in board structure can influence corporate performance. This study, in the same stream, examines director heterogeneity in terms of dissimilarities of particular demographic attributes, and their effects, in a sample of firms. Specifically, we used data representing one hundred S&P 500 companies to examine their board of directors’ heterogeneity and the effects of board diversity on these firms’ social and financial performance.