Influence of age diversity and directors’ values on company performance
Type de matériel :
TexteLangue : français Détails de publication : 2023.
Sujet(s) : Ressources en ligne : Abrégé : This paper analyses the effect of board age diversity on the performance and risk of listed non-financial companies in France. It is negative on financial performance and positive on volatility of stock price returns and default risk. In order to explain these relationships, age diversity is decomposed into diversity of directors’ personal values, estimated from the European Social Survey. The diversity of certain values may lead to conflicts, impair board efficiency, and thus reduce profitability and increase risk. The results remain robust when potential endogeneity problems are taken into account.
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This paper analyses the effect of board age diversity on the performance and risk of listed non-financial companies in France. It is negative on financial performance and positive on volatility of stock price returns and default risk. In order to explain these relationships, age diversity is decomposed into diversity of directors’ personal values, estimated from the European Social Survey. The diversity of certain values may lead to conflicts, impair board efficiency, and thus reduce profitability and increase risk. The results remain robust when potential endogeneity problems are taken into account.
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