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Title: Cultural Diversity in the Boardroom and Corporate Social Performance

Citation Type: Miscellaneous

Publication Year: 2019

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Abstract: We examine the influence of board cultural diversity on firms' corporate social performance. We derive directors' cultural roots from their last names to create a measure of board cultural diversity. We find that board cultural diversity is positively associated with corporate social performance. This finding supports the stakeholder theory and is consistent with the view that board cultural diversity enhances firms' ability to satisfy the needs of their broader groups of stakeholders. The results are robust to endogeneity concerns and the use of different culture frameworks. The observed positive relationship between board cultural diversity and corporate social performance is particularly strong for firms that operate in industries with high visibility to consumers and in highly competitive industries.

Url: https://nzfc.ac.nz/papers/updated/49.pdf

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Authors: Dodd, Olga; Frijns, Bart; Garel, Alexandre

Publisher: Auckland University of Technology

Data Collections: IPUMS USA

Topics: Labor Force and Occupational Structure, Other

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