Social Diversity on Corporate Boards in a Country Torn by Civil War

We examine how social diversity and inclusiveness on corporate boards affect corporate performance and monitoring in Sri Lanka, a country subject to decades of polarization, civil war, and even genocide. Barely more than a decade after the civil war, we find that board social diversity on the basis...

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Vydané v:	Journal of business ethics Ročník 194; číslo 3; s. 679 - 706
Hlavní autori:	Nazliben, Kamil K., Renneboog, Luc, Uduwalage, Emil
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Dordrecht Springer Netherlands 01.10.2024 Springer Nature B.V
Predmet:	Boards of directors Business and Management Business Ethics Citizenship Civil war Corporate culture Decision making Education Education reform Ethics Ethnicity Ethnolinguistics Gender Genocide Inclusion Linguistics Management Minority & ethnic groups Minority & ethnic violence Moral dilemmas Multiculturalism & pluralism Organizational effectiveness Organizational performance Original Paper Philosophy Polarization Quality of Life Research Religion Securities markets Social responsibility Stock exchanges Stockholders Tamil people War CEO turnover Inclusion Ethnic diversity Corporate governance G33 Socio-cultural diversity G34 Inclusiveness Gender bias Corporate performance Board of directors
ISSN:	0167-4544, 1573-0697
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Shrnutí:	We examine how social diversity and inclusiveness on corporate boards affect corporate performance and monitoring in Sri Lanka, a country subject to decades of polarization, civil war, and even genocide. Barely more than a decade after the civil war, we find that board social diversity on the basis of ethnicity, religion, language, gender, and nationality of the board members is positively related to corporate performance, both in terms of stock market performance and accounting returns, and to corporate financial stability. The main positive effects of social diversity derive from ethno-linguistic inclusiveness. The results are confirmed by an instrumental variable approach that addresses endogeneity issues. We find no evidence that inter-personal and moral conflicts or communication problems among board members negatively affect firm performance.
Bibliografia:	ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 14
ISSN:	0167-4544 1573-0697
DOI:	10.1007/s10551-024-05624-z