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Board diversity and corporate investment oversight

机译：董事会多元化和企业投资监督

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摘要

Drawn from theories in group diversity and group performance, this study examines the association between board diversity, measured in both relation-oriented dimension (i.e., gender, race, and age) and task-oriented dimension (i.e., tenure and expertise), and board performance in corporate investment oversight. We assess suboptimal investment by measuring how much firms deviate from the expected level of capital expenditures, R &D expenses, and acquisition spending within their industry. Using a sample of 15,125 firm-year across 1898 firms from 1998 to 2014, we find that task-oriented diversity attributes, such as tenure and expertise, are negatively associated with suboptimal investment, suggesting that diverse boards in terms of firm specific experience and functional expertise are more effective in overseeing corporate investment activities than homogeneous boards. Our results shed light on the recent regulatory requirements on board diversity and recommend greater task-oriented diversity in corporate boardrooms.
机译：从小组多元化和小组绩效的理论出发，本研究考察了董事会多元化之间的关联性，该关联性是在面向关系的维度（即性别，种族和年龄）和面向任务的维度（即任期和专业知识）中进行衡量的，并且公司投资监督中的董事会绩效。我们通过衡量企业偏离其行业内资本支出，研发支出和收购支出的预期水平的程度来评估次优投资。我们使用1998年至2014年间1898家公司的15125家公司年的样本，发现以任务为导向的多样性属性（例如任期和专业知识）与次优投资负相关，这表明在公司特定经验和职能方面，多元化的董事会与同类董事会相比，专业知识在监督公司投资活动方面更为有效。我们的结果揭示了最近对董事会多元化的监管要求，并建议在企业董事会中实现更多面向任务的多元化。

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