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The Effect of Board Directors from Countries with Different Genetic Diversity Levels on Corporate Performance

Ntelis, MD, Gaganis, C, Hasan, I and Pasiouras, F (2016) The Effect of Board Directors from Countries with Different Genetic Diversity Levels on Corporate Performance Management Science.

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Abstract

We link genetic diversity in the country of origin of the firms’ board members with corporate performance via board members’ nationality. We hypothesize that our approach captures deep-rooted differences in cultural, institutional, social, psychological, physiological, and other traits that cannot be captured by other recently measured indices of diversity. Using a panel of firms listed in the North American and UK stock markets, we find that adding board directors from countries with different levels of genetic diversity (either higher or lower) increases firm performance. This effect prevails when we control for a number of cultural, institutional, firm-level, and board member characteristics, as well as for the nationality of the board of directors. To identify the relationship, we use—as instrumental variables for our diversity indices—the migratory distance from East Africa and the level of ultraviolet exposure in the directors’ country of nationality.

Item Type: Article
Subjects : Surrey Business School
Divisions : Faculty of Arts and Social Sciences > Surrey Business School
Authors :
AuthorsEmailORCID
Ntelis, MDUNSPECIFIEDUNSPECIFIED
Gaganis, CUNSPECIFIEDUNSPECIFIED
Hasan, IUNSPECIFIEDUNSPECIFIED
Pasiouras, FUNSPECIFIEDUNSPECIFIED
Date : 8 January 2016
Identification Number : 10.1287/mnsc.2015.2299
Copyright Disclaimer : Copyright © 2016, INFORMS
Uncontrolled Keywords : genetic diversity; corporate performance; nationality of board members
Depositing User : Symplectic Elements
Date Deposited : 23 Aug 2016 15:09
Last Modified : 23 Aug 2016 15:09
URI: http://epubs.surrey.ac.uk/id/eprint/811455

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