| dc.description.abstract | This thesis examines the relationship between diversity on the board of
directors and firm performance, as measured by ESG performance and financial
performance (ROA and Tobin’s Q). Using four different measures of board
diversity across 223 publicly listed firms in the Nordic region from 2018-2021.
We find that board diversity, measured by gender, cultural background, and
independence, is positively associated with ESG performance, while age diversity
is negatively related. The percentage of independent directors is found to be
negatively associated with both financial performance measures. While we find
a significant positive relationship between financial performance, as measured by
Tobin’s Q, and board cultural diversity, we also discover a negative association
between board gender diversity and Tobin’s Q. Finally, we find that ESG
performance is positively associated with financial performance when measured
by Tobin’s Q. Our results remain robust when we modify our models and apply
sub-samples. | en_US |
