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McCann, Mark and Wheeler, Sally, Gender Diversity in the FTSE 100: The Business Case Claim
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Pathan, Shams and Faff, Robert W., Does Board Structure in Banks Really Affect Their Performance?
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Butler, Seletha R., 'Financial Expert': A Subtle Blow to the Pool and Current Pipeline of Women on
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Francoeur, Claude, Hafsi, Taïeb and Labelle, Réal, What Makes Better Boards? A Closer Look at
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Watson, Susan, Gender Diversity on Boards in New Zealand: Followers Not Leaders (September 4,
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Bøhren, Øyvind and Strøm, R. Øystein, Governance and Politics: Regulating Independence and Diversity
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Cucinelli, Doriana, The Impact of Board Diversity on Operating Performance and Firm Risk: Evidence
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Del Prete, Silvia and Stefani, Maria Lucia, Women on Italian Bank Boards: Are They 'Gold Dust'? (June
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Engelen, Peter-Jan, Van der Laan, Gerwin and Van den Berg, Annette, Board Diversity as a Shield During
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What Do We Know About Women on Boards?
By: Simpson, W. Gary; Carter, David A.; D'Souza, Frank. Journal of Applied Finance. 2010, Vol. 20
Issue 2, p27-39.
Dale-Olsen, H., Schone P and Verner, M (2012) Women on Boards of Directors and Firm Performance:
Evidence from Denmark and Norway
Firms, Boards and Gender Quotas: Comparative Perspectives, Comparative Social Research, Vol 29, 21134
Adams, Renee B., Gray, Stephen and Nowland, John, Does Gender Matter in the Boardroom? Evidence
from the Market Reaction to Mandatory New Director Announcements (November 2, 2011). Available at
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Brown, J. Robert, Essay: Neutralizing the Board of Directors and the Impact on Diversity (October 4,
2011). U Denver Legal Studies Research Paper No. 11-18. Available at SSRN:
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Gregory, A Jeanes E Tharyan R Tonks I (2011) Does the stock market gender stereotype corporate
boards? Evidence from the market’s reaction to directors’ trades British Journal of Management Jun2013,
Vol. 24 Issue 2, p174-190
Sun,J, Liu,G, and Lan, G
Does Female Directorship on Independent Audit Committees Constrain Earnings Management?
Journal of Business Ethics (2011) 99:369–382
Special Review Article: Diversity and its not so diverse literature: An international perspective
Karsten Jonsen, Martha L. Maznevski and Susan C. Schneider
International Journal of Cross Cultural Management 2011 11: 35
Does Critical Mass Matter? Views From the Boardroom
Lissa Lamkin Broome, John M. Conley, and Kimberly D. Krawiec
Seattle University Law Review
Vol. 34, 1049-1080, 2011
Worldview Diversity in the Boardroom: A Law and Social Equity Rationale
Regina F. Burch
Loyola University Chicago Law Journal
Vol. 42 586-628 2011
Dangerous Categories: Narratives Of Corporate Board Diversity
Lissa L. Broome, John M. Conley, & Kimberly D. Krawiec
North Carolina Law Review Vol. 89, 102-147, 2011
Jennifer K. Brooke & Tom R. Tyler
Diversity And Corporate Performance: A Review Of The Psychological Literature
North Carolina Law Review Vol. 89, 716-748, 2011
The Milieu Of The Boardroom And The Precinct Of Employment
Deborah A. Demott
North Carolina Law Review Vol. 89
749-758, 2011
Corporate Board Gender Diversity And Stock Performance: The Competence Gap Or Institutional
Investor Bias?
Frank Dobbin & Jiwook Jung
North Carolina Law Review Vol. 89, 809-838, 2011
Commentary: Puzzles About Corporate Boards And Board Diversity
Donald C. Langevoort
North Carolina Law Review
Vol. 89, 841-854, 2011
Board Diversity Revisited: New Rationale, Same Old Story?
Lisa M. Fairfax
North Carolina Law Review Vol. 89, 856-886, 2011
Diversity On Corporate Boards: Limits Of The Business Case And The Connection Between Supporting
Rationales And The Appropriate Response Of The Law
Thomas Lee Hazen
North Carolina Law Review
Vol. 89, 887-900, 2011
Justifying Board Diversity
James A. Fanto, Lawrence M. Solan, And John M. Darley
North Carolina Law Review
Vol. 89, 902-936, 2011
Showcasing Diversity
Patrick S. Shin & Mitu Gulati
North Carolina Law Review
Vol. 89, 1018-1054, 2011
Showcasing: The Positive Spin
Katharine T. Bartlett
North Carolina Law Review
Vol. 89, 1055-1082, 2011
Does Corporate Board Diversity Affect Corporate Payout Policy?
Soku Byoun, Kiyoung Chang
March 2011
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1786510
Knut Nygaard
Forced board changes: Evidence from Norway, 2011
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1793227
The Changing Of The Boards: The Impact On Firm Valuation Of Mandated Female Board Representation
Kenneth R. Ahern
Amy K. Dittmar, 2012
Quarterly Journal of Economics, 2012, vol. 127(1): 137-197.
Fabian Homberg
Top Management Team Diversity: A systematic Review
http://www.hendrix.edu/uploadedFiles/Departments_and_Programs/Business_and_Economics/AMAES/H
omberg.pdf
2011
Women Directors on Corporate Boards:
From Tokenism to Critical Mass
Mariateresa Torchia, Andrea Calabro`
Morten Huse
Journal of Business Ethics (2011) 102:299–317
Women on corporate boards: key influencers or tokens?
Beate Elstad • Gro Ladegard
Journal of Management and Governance (online Nov 2010)
Does Board Gender Diversity improve the Informativeness of Stock Prices?
Ferdinand A. Gul, Bin Srinidhi, Anthony C. Ng
Journal of Accounting and Economics
51(3) 314-338, April 2011
Bin Srinidhi, Ferdinand A. Gul, Judy Tsui
Female Directors and Earnings Quality
Contemporary Accounting Research Volume 28, Issue 5, pages 1610–1644
Renee Adams, Patricia Funk
Beyond the glass ceiling: Does gender matter?
ECGI Working paper 273, 2010
Management Science February 2012 vol. 58 no. 2 219-235
Charlotte Villiers
Achieving gender balance in the boardroom: is it time for legislative action in the UK?
Legal Studies, Vol. 30 No. 4, December 2010, pp. 533–557
Renée Adams, Stephen Gray, John Nowland Is there a Business Case for Female Directors? Evidence
from the Market Reaction to Mandatory New Director Announcements
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1953152
Daniel Ferreira “Board Diversity” in Baker, H.K and Anderson, R (eds) Corporate Governance: A
Synthesis of Theory, Research and Practice, Wiley, 2010
Mijntje Luckerath-Rovers, Women on Board and Firm Performance, Journal of Management and
Governance
May 2013, Volume 17, Issue 2, pp 491-509,
Sabina Nielsen, Morten Huse
Women directors’ contribution to
board decision-making and strategic
involvement: The role of equality perception European Management Review (2010) 7, 16–29
Women on the boards of listed companies: Evidence from Finland
Aila Virtanen
Journal of Management and Governance
November 2012, Volume 16, Issue 4, pp 571-593
S. Alexander Haslam, Michelle K. Ryan, Clara Kulich, Grzegorz
Trojanowski and Cate Atkins
Investing with Prejudice: The Relationship
Between Women’s Presence on Company
Boards and Objective and Subjective
Measures of Company Performance
British Journal of Management, Vol. 21, 484–497 (2010)
Jens Hagendorff and Kevin Keasey
The Value of Board Diversity in Banking:
Evidence from the Market for Corporate Control
The European Journal of Finance
Volume 18, Issue 1, 2012
Deborah L. Rhode and Amanda K. Packel
Diversity on Corporate Boards: How Much Difference Does Difference Make?
Rock Center For Corporate Governance, Stanford
Working Paper Series - NO. 89
September 2010
Sabina Nielsen and Morten Huse
The Contribution of Women on Boards of
Directors: Going beyond the Surface
Corporate Governance: An International Review, 2010, 18(2): 136–148
Toyah Miller and María del Carmen Triana
Demographic Diversity in the Boardroom: Mediators of the Board Diversity–Firm Performance
Relationship1
Journal of Management Studies 46:5 July 2009
Stephen Brammer, Andrew Millington and Stephen Pavelin
Corporate Reputation and Women on the
Board
British Journal of Management, Vol. 20, 17–29 (2009)
Renée B. Adams, Daniel Ferreira
Women in the Boardroom and Their Impact on Governance and Performance
Journal of Financial Economics 94(2) 291-309, 2009
Yi Wang, Bob Clift
Is there a “business case” for board diversity?
Pacific Accounting Review
Vol. 21 No. 2, 2009,pp. 88-103
Terjesen, S, Sealy, R and Singh, V
Women Directors on Corporate Boards:
A Review and Research Agenda
Corporate Governance: An International Review, 2009, 17(3): 320–337
Kevin Campbell, Antonio Mınguez-Vera
Gender Diversity in the Boardroom
and Firm Financial Performance
Journal of Business Ethics (2008) 83:435–451
Ethnic diversity on top corporate boards: a resource dependency perspective
Val Singh, 2007
The International Journal of Human Resource Management 18: 12, 2128 — 2146
Additions to corporate boards: The effect of gender
Kathleen A. Farrell_ Philip L. Hersch
Journal of Corporate Finance 11 (2005), pp. 85–106
Women Directors on top UK Boards
Val Singh, Susan Vinnicombe, Phyl Johnson
Corporate Governance: An International Review 9: 3, 2001,206-216
Whereas the majority of research on board diversity explores the direct
relationship between racial and gender diversity and firm performance, this paper investigates
mediators that explain how board diversity is related to firm performance. Grounded in
signalling theory and the behavioural theory of the firm, we suggest that this relationship
operates through two mediators: firm reputation and innovation. In a sample of Fortune 500
firms, we find a positive relationship between board racial diversity and both firm reputation
and innovation. We find that reputation and innovation both partially mediate the relationship
between board racial diversity and firm performance. In addition, we find a positive
relationship between board gender diversity and innovation.
1