Board generational diversity in emerging markets |
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| Institution: | 1. Institute of Economic Research, Hitotsubashi University, Tokyo, Japan;2. Faculty of Economics, Hosei University, Tokyo, Japan;3. Institute of Economic Research, Kyoto University, Kyoto, Japan;1. School of Economics, East China Normal University, Shanghai, China;2. School of Economics and management, Wuhan University, Wuhan, China;3. State Grid Fujian Electric Power Co. Ltd., Fujian 350003, China;1. College of Business Administration, Capital University of Economics and Business, Zhangjialukou Road No.121, Fengtai District, Beijing, China;2. Department of Business and Information Technology, Missouri University of Science and Technology, 101 Fulton Hall, 301 W. 14th Street, 65409 Rolla, MO, USA;3. Nankai Business School, Nankai University, 94 Weijin Road, Tianjin, China;1. Department of Accounting, Faculty of Economics and Business, Universitas Gadjah Mada (Center for Management Accounting Studies and Micro, Small, and Medium Enterprises), Jalan Sosio Humaniora 1, Bulaksumur, Yogyakarta 55281, Indonesia;2. Macquarie Business School, Macquarie University, 4 Eastern Road, Macquarie Park, NSW 2109, Australia;1. Monetary and Banking Research Institute, Tehran, Iran;2. Graduate School of Management and Economics, Sharif University of Technology, Tehran, Iran;3. Department of Finance, Orfalea College of Business, California Polytechnic State University, San Luis Obispo, CA 93407, USA |
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| Abstract: | To identify the determinants of the generational diversity of board membership in emerging market firms, we conducted an empirical analysis using state-level social inequality indices and data on 14,598 listed/unlisted firms from 20 Eastern European countries and China. We found that, in these emerging markets, social inequality strongly inhibits the generational diversity of board membership, regardless of the gender of board members. The results also reveal that four firm attributes—board size, CEO duality, state ownership, and the presence of foreign investors from non-advanced economies as firm owners—significantly affect the age composition of board directors in line with our expectations. Two other firm attributes—ownership concentration and firm ownership by foreign investors from advanced economies—are also found to have a significant impact on board generational diversity; however, the direction of their impact contradicts our predictions. Supplementary estimations carried out by introducing various sample restrictions produce similar results, thus confirming the statistical robustness of our findings. |
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