Acceso usuarios
Claudia Emiko Yoshinaga, Taís Heidemann Freitas, Gustavo Andrey de Almeida Lopes Fernandes
Purpose – This study examines how different dimensions of board diversity influence the financial performance of non-financial Brazilian companies, focusing on Brazil’s institutional and cultural particularities.
Theoretical framework – The study combines Resource Dependence Theory (RDT), Agency Theory, and Upper Echelons Theory to emphasize the mechanisms through which board diversity may affect organizational performance.
Design/methodology/approach – This is an empirical, longitudinal study that analyzes data from 367 companies listed on the B3 between 2011 and 2021. We applied panel data regression models with fixed effects, and we constructed diversity variables using indices such as Blau’s, as well as dummy variables.
Findings – The results indicate statistically significant associations between some dimensions of diversity and financial performance, highlighting the positive impact of academic background diversity and previous board experience, as well as negative effects associated with female participation and positive effects from family ties.
Practical & social implications – This research offers important recommendations for improving governance practices in Brazil, suggesting that diversity should be promoted strategically and effectively to overcome tokenism and align with national contextual specificities.
Originality/value – The study contributes to the literature by conducting a comprehensive analysis of board diversity in Brazil, incorporating multiple dimensions beyond gender, such as academic background, experience, independence, and family ties, based on an unprecedented dataset for Brazil.
