Board Diversity: Current State and Future Avenues ()
ABSTRACT
Purpose: This
study reviews the literature on board diversity and addresses three research
questions: What are the demographic characteristics of the literature regarding board diversity? What is the current state of literature in terms of thematology? What are the key areas of future research on Board Diversity? Design/Methodology/Approach: We attempted a systematic literature review of 140 studies published
in 2015-2021. Five criteria have been employed to identify characteristics of
the literature on board diversity and two criteria to identify key themes that
have been studied in conjunction with board diversity. We guide future research
through the analysis of the answers to the questions above and through
proposals from studies reviewed. Findings: Board diversity has been studied mostly in developed countries and
within an empirical framework. Most research is concerned with the effect of
board diversity on firm’s performance (financial and sustainability
performance). Further, there are no conclusive results as to what extend
diversity facilitates firms’ operations. Future research should employ
additional methodologies and data sources to fully explain the impact of board
diversity on business and finance. Originality: This study is the first one trying to map the themes that board
diversity has been studied in conjunction with, for the last seven years and
presents current trends, challenges, and avenues for future research. Practical Implications: Practitioners
and policymakers could benefit from our study, as we present key challenges to
board diversity for the present and the future.
Share and Cite:
Koutoupis, A. , Skourti, T. , Davidopoulos, L. and Kampouris, C. (2022) Board Diversity: Current State and Future Avenues.
Theoretical Economics Letters,
12, 788-813. doi:
10.4236/tel.2022.123044.
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