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Regulation interventions impact on board diversity
No full textThis study examines the influence of regulatory interventions and board diversity on stock performance volatility, firm return, and innovation outputs. To achieve that, we construct an index to gauge the demographic diversity of board composition. We uncover strong evidence that external interventions have dynamically impacted those relationships. Using the difference-in- difference approach, we document strong evidence that the departure of non-traditional directors from the board in the post-SOX era results in a smaller number of patents registered, higher firm returns, and lower stock volatility. This effect is concentrated in firms that are larger in size on average, have more (independent) directors sitting on the board, and invest more in capital expenditure
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