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- Title
Diversité des conseils d’administration et volatilité boursière des firmes en France.
- Authors
Maati, Jerome; Maati-Sauvez, Christine
- Abstract
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.
- Subjects
FRANCE; RATE of return on stocks; DIVERSITY in the workplace; ECONOMIES of scale; PUBLIC companies; SUPERVISION
- Publication
Management international / International Management / Gestiòn Internacional, 2022, Vol 26, Issue 6, p133
- ISSN
1206-1697
- Publication type
Article
- DOI
10.7202/1095753ar