The carter et al. article “Corporate Governance, Board Diversity, and Firm Value” finds that controlling for industry, size, and other corporate governance measures, they observe:

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no significant relationships between the fraction of women or minorities on the board and firm value

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that a lower fraction of women or minorities on the board diminishes firm value

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that a higher fraction of women or minorities on the board leads to higher firm value

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significant positive relationships between the fraction of women or minorities on the board and firm value

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The carter et al. article “Corporate Governance, Board Diversity, and Firm Value...

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