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Board Diversity, Composition and Firm Performance: Do Gender and Ethnic Diversity influence Firm Performance?

This paper studies the topic of board diversity, board composition and firm performance. It specifically examines the relationship between gender and ethnic diversity of corporate boards and firm performance as measured by ROA. It accounts for the issue of endogeneity by conducting fixed effects regressions to examine this relationship. The paper further explores the influence of CEO diversity on firm performance. The results of this study provide evidence for a positive relationship between board gender diversity and firm performance as well as CEO diversity and firm performance. On the other hand, the results in relation to diverse ethnic board members and firm performance are inconclusive.