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Surface- and deep-level diversity of directors and financial performance of French listed firms

Abstract : This study examines the influence of surface- and deep-level diversity among French firms’ directors on financial performance, with regard to CEO power and operational complexity. Increased uses of age or gender diversity don’t improve cognitive governance, regardless of complexity levels. In contrast, educational, professional, and board experience diversity all extend the cognitive bases of complex firms, for the shareholders’ benefit. They detract from the performance of less complex firms though. Regarding disciplinary governance, age diversity doesn’t improve CEO monitoring. All other components have positive impacts on performance when the CEO is powerful. They weaken it when the CEO is powerless. The results of this study suggest that the performance implications of board diversity may be contingent upon managerial context of the firm.
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https://hal-uphf.archives-ouvertes.fr/hal-03698565
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Submitted on : Saturday, June 18, 2022 - 12:04:23 PM
Last modification on : Monday, June 20, 2022 - 9:24:06 AM

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Jérôme Maati, Christine Maati-Sauvez. Surface- and deep-level diversity of directors and financial performance of French listed firms. Recherches en sciences de gestion, ISEOR, 2019, 4 (133), pp.81-115. ⟨10.3917/resg.133.0081⟩. ⟨hal-03698565⟩

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