Diversity in the Boardroom: A Systematic and Interdisciplinary Review of the Literature

After several decades of male Caucasian dominance, the composition of boards of directors has recently changed. Various factors, such as social pressure, the evolution of corporate law and good governance codes, have contributed to increase board (mostly, but not only) gender diversity. The growing prevalence of more diverse boards and the availability of data on directors’ demographics encouraged corporate governance scholars to investigate the antecedents and the consequences of board diversity. Early studies developed around the idea that directors’ diversity increases board experiences and perspectives, and so positively influences board effectiveness and corporate outcomes. The empirical evidence collected on board diversity’s impact on board and company results shows, however, only partial or mixed findings. Thus, the goal of this systematic and interdisciplinary literature review on board diversity is to understand the characteristics of previous studies and to summarize their main results. Our analysis identifies existing gaps, presents major theoretical and methodological barriers, and highlights future avenues to further advance research on board diversity.