The majority of previous research in the field of board diversity was dedicated to the direct link between board gender diversity and firm performance. Grounded in Agency- and Resource dependence theory, this thesis expands on this research and examines the main relationship including the influence of two additional factors: educational level of female directors and mandatory board gender quotas. Analyzing a sample of 454 European firms (3,871 firm-year observations) over the period 2007-2017, a positive relationship between board gender diversity and firm performance is found. Furthermore, the results suggest that educational levels or board gender quotas do not affect this relationship. The effects on firm performance differ depending on whether legislative measures or voluntary initiatives are in place, i.e. in contrast to legislative quotas, voluntary initiatives enhance firm performance.

This paper examines the moderating effect of national culture on the relationship betweenboard gender diversity and corporate financial performance. To test the hypotheses, FixedEffects regression is used in combination with a sample of 1,499 firms from 23 countries and7,125 firm-year observations over a time frame of seven years. This paper provides evidencefor a significant positive effect of board gender diversity on firm performance if there are atleast three females seated on the board. Furthermore, a significant moderating effect ofnational culture on the relationship between board gender diversity and firm performance hasbeen found.

This paper is focused on the effect board gender diversity has on firm risk-taking behaviour within the domain of mergers and acquisitions (M&A). As existing literature has produced mixed findings concerning board effectiveness in the corporate context, it is suggested that external contingencies might have an impact on the influence of female board representativeness. In response, this study examines the impact of board gender diversity on the degree of acquisitiveness by taking a crosscultural perspective. Building on social identity theory, this paper predicts that female representativeness at the board level is negatively associated with a firm’s acquisitiveness. Additionally, this study theorizes and empirically tests the moderating effect of culture in terms of gender egalitarianism and uncertainty avoidance. The panel data used in this analysis consists of 111 Global 500 firms from 17 different countries, covering the period 2012 - 2016. Results in this paper support the notion that board gender diversity is negatively associated with acquisitiveness and that culture in terms of gender egalitarianism has a weakening effect on this relationship. Moreover, this paper contributes to existing research by offering new insights onto the role culture plays in the relationship between board gender diversity and firm risk-taking behaviour and, as a result, helps to reconcile mixed findings of previous literature focused on this topic.

This paper investigates the relationship between board gender diversity and financial performance. Previous work in this area has focused on providing evidence for a direct link between the two factors, which has resulted in mixed, inconclusive evidence. This study includes corporate social responsibility as a moderating influence on this relationship. The dataset consists of 5,077 firm-year observations with 839 firms present. The study was done with data from six emerging markets as identified by S&P Dow Jones Global Equity Index Series. The results indicate a positive interaction between board gender diversity and a firm’s corporate social responsibility engagement and a strong positive association between corporate social responsibility engagement and financial performance.

Diversity is a multi-billion-dollar business. Dating back to the pre-Civil Rights era, what scholars now call discursive strategy–the language and meaning that shape phenomena–has shaped the diversity landscape. Over the past 75 years, we have witnessed a pattern of strategic maneuvering of the discursive strategy concerning diversity from the Civil Rights Act of 1964 to the Equal Employment Opportunity Commission (EEOC) of the 1970s to affirmative action (1980s) to diversity management (1990s) to inclusiveness (2000s) and most recently to Environmental, Social and Corporate Governance (ESG). However, in response to reactions from its stakeholders, firms, e.g., Bud Light and Target have been forced to rethink the word choices, and subsequent actions, that reflect its attention to diversity. To frame these issues for strategy research, I propose that firms expand their strategies to include discursive diversity strategy, which I define as word choices among top leadership that reflect the firm's attention to diversity, equity, and inclusion. / Doctor of Philosophy / Diversity is not just a buzzword—it is big business. From the pre-Civil Rights era to today, language and meaning have been pivotal in shaping diversity initiatives. This study examines the evolution of what scholars term "discursive strategy" within the diversity landscape over the past 75 years. We trace a trajectory from the Civil Rights Act of 1964 to the Equal Employment Opportunity Commission (EEOC), affirmative action, diversity management, inclusiveness, and the recent focus on Environmental, Social, and Corporate Governance (ESG). Recent events, such as reactions from stakeholders, have prompted firms like Bud Light and Target to reassess their word choices and subsequent actions regarding diversity. This research proposes a novel framework for strategy analysis: discursive diversity strategy. This framework expands traditional strategy models to include top leadership's language and word choices, reflecting a firm's commitment to diversity, equity, and inclusion. Through a qualitative analysis of corporate communications and actions, we explore how firms strategically position themselves in the discourse surrounding diversity. Our findings suggest that firms' discursive diversity strategies reflect not only their internal policies but also deeply intertwined with their external reputations and stakeholder relationships. Understanding the nuances of a discursive diversity strategy is crucial for firms seeking to navigate an increasingly complex and diverse business landscape. By adopting a more comprehensive approach that considers words and actions, firms can better align their diversity initiatives with broader organizational goals and societal expectations.

Background:           This thesis was written in context of the debate concerning gender equality and female representation on company boards. Gender quota legislation have been implemented by various countries on a national level, and a similar regulation was proposed by the European Commission. Legislation regarding board gender diversity have given rise to the discussion on the actual effects of female director’s on board effectiveness and firm financial performance.   Purpose:                  The aim of the study is to evaluate the relationship between gender diversity on boards and firm financial results. A sample of 100 Swedish companies listed on Nasdaq Stockholm for the time period 2013-2016 is analysed.    Method:                    The study had a quantitative approach and used a panel data methodology. The data analysis was conducted using Ordinary Least Square Regression. Board gender diversity was measured by four variables including the diversity measurements Blau and Shannon indices, and Tobin’s Q was deployed as the market-based measurement of financial performance.   Conclusion: The results of the data analysis indicate that the presence of one or more women has a positive effect on financial performance, which contradicts previous findings. Also, it is found that higher gender diversity on boards influenced firm performance positively, which conformed to the majority of the previous findings.

The purpose of this study was to examine the attention to the COVID-19 pandemic displayed by top-level management in companies listed on Nasdaq OMX Stockholm Large Cap, and how this aforementioned attention was affected by the board size and board gender diversity of respective company. To accomplish this, a content analysis on a word-by-word level was conducted of all interim reports produced in 2020 by each company, and data regarding the board size and board gender diversity was gathered, for each company. The frequency with which each company mentioned select keywords concerning the COVID-19 pandemic was measured and then used as a comparative measure of the attention to the COVID-19 pandemic. In order to determine the magnitude of the impact of the independent variables a control variable, firm size, was introduced and linear fits were constructed of various combinations of variables. The resulting fits all clearly displayed an absence of correlation between either board size or board gender diversity and the attention paid to the COVID-19 pandemic by top-level management in large Swedish companies. Hence, this study suggests that there is no increase in board activity regarding daily operations in large Swedish companies during crises.

The relationship between disclosure about sustainability, financial performance, andcorporate governance deserves more attention in the modern business environment. Thisthesis investigates the complex variations in this relationship in the case of Swedish listedcompanies. This study intends to provide insight on the mechanisms by which governancestructures influence the financial consequences of sustainability initiatives byinvestigating how corporate governance functions as a mediator between sustainabilitydisclosure and financial performance. Utilizing data from the NASDAQ Stockholm via the REFINITIV EIKON Database, thestudy investigates the implicit impact of corporate governance components such as boardgender diversity and CEO-Chairman duality on determining the relationship betweensustainability practices and financial performance. The study's systematic search strategyand methodical analysis aim to provide significant insights for companies, investors, andregulators on how to use governance frameworks to generate sustainable andadvantageous business models. This study contributes to the broader conversation on corporate sustainability andgovernance practices by addressing a knowledge gap about how governance structuresregulate the relationship between sustainability disclosure and financial performance. Thefindings are meant to inspire stakeholders about the crucial role that governance plays inpromoting sustainable business practices in the Swedish corporate landscape, as well as tohave practical implications for companies looking to enhance their financial performanceand sustainability strategies.

No / This paper seeks to contribute to the existing business strategy and the environment literature by examining the effect of governance structures on environmental performance within a unique context of improving environmental governance, policies, regulations and management. Specifically, we investigate the extent to which corporate board gender diversity, including the proportion, age and level of education of female directors, affect environmental performance of Chinese publicly listed corporations. Using one of the largest Chinese datasets to-date, consisting of a sample of 383 listed A-shares from 2011 to 2015 (i.e., observations of 1,674), our findings are three-fold. First, we find that the proportion and age of female directors have a positive effect on the overall corporate environmental performance. Second, our findings indicate that the proportion and age of female directors also have a positive effect on the three individual environmental performance components, namely environmental (i) strategy, (ii) implementation and (iii) disclosure, respectively. Finally, and by contrast, we do not find any evidence that suggests that the level of education of female directors has any impact on environmental performance, neither the overall environmental performance measure nor its individual components. Our findings have important implication for regulators and policy-makers. Our evidence is robust to controlling for alternative measures, other governance and firm-level control variables, and possible endogeneities. We interpret our findings within a multi-theoretical framework that draws insights from agency, legitimacy, neo-institutional, resource dependence, stakeholder, and tokenism theoretical perspectives.