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International Journal of Academic Research in Accounting, Finance and Management Sciences

Open Access Journal

ISSN: 2225-8329

Examining the Impact of Board Diversity on Firm Performance: Insights from Demographics, Human Capital, Social Capital, Culture and Structure

Li Li, Maisarah Mohamed Saat, Ping Chu, Zhenhua Tang, Xianglan Lai

http://dx.doi.org/10.6007/IJARAFMS/v15-i1/24890

Open access

The goal of this systematic literature review is to develop a thorough analytical framework for understanding the relationship between board diversity and firm performance. A systematic approach was employed to collect a sample of 140 studies from the Web of Science database. These studies were assessed through content analysis, considering relevant publication trends, theoretical applications, and analytical frameworks for the relationship between board diversity and firm performance (including demographic characteristics, labour resources, social capital, cultural, and structural aspects). The findings revealed inconsistencies in the results of studies examining the impact of board diversity on firm performance. Additionally, it was identified that frameworks for analysing board diversity and firm performance fall into several categories: demographic characteristics (such as gender, age, ethnicity, nationality, and religion); human capital (including educational background, education level, expertise, tenure, and experience); social capital (encompassing relationships with the government, networks, employee representatives, surname sharing, and interlocking directors); and cultural and structural composition (including cultural composition, CEO duality, board size, management ownership/power levels, and board independence). The research implications include establishing a systematic framework for assessing the scope of board diversity, particularly considering its impact on firm performance.

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