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dc.contributor.authorMeen, Eiliv Kvernes
dc.contributor.authorStallum, Jonatan
dc.date.accessioned2023-11-24T08:46:37Z
dc.date.available2023-11-24T08:46:37Z
dc.date.issued2023
dc.identifier.urihttps://hdl.handle.net/11250/3104475
dc.descriptionMasteroppgave(MSc) in Master of Science in Business, Sustainable finance - Handelshøyskolen BI, 2023en_US
dc.description.abstractThis 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
dc.language.isoengen_US
dc.publisherHandelshøyskolen BIen_US
dc.subjectsustainable financeen_US
dc.titleThe Relationship between Board Diversity, ESG, and Financial Performance: A Nordic Studyen_US
dc.typeMaster thesisen_US


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