Diversité des conseils d’administration et volatilité boursière des firmes en France

This study analyzes the impact of director heterogeneity on stock return volatility of public companies in France. Empirically, diversity and each of its components, except age, reduce this volatility. This phenomenon is explained by a less risky and more persistent financing policy adopted by diverse boards. The moderating effect of board diversity on firm risk increases with the growth opportunities. Diversity makes it possible to compensate for the lack of manager’s supervision resulting from a too low proportion of independent directors. On the other hand, it increases the stock return volatility of the most innovative firms.

• Publication year

  2022

• Venue

  Management International

• Publication date

  Unknown publication date

• Fields of study

  Not labeled

• Identifiers
  DOI 10.7202/1095753ar
• External record

  Open on Semantic Scholar

• Source metadata

  Semantic Scholar

• No claims are published for this paper.

• No concepts are published for this paper.

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