Do gender-diverse boards affect corporate governance and board performance?

人们一直非常关注创建更加多样化的公司董事会。英国政府赞助的2011-15年戴维斯报告概述了商业案例，并设定了目标，以帮助推动这一议程。大公司接受了这些目标，从2011年到2018年，富时100指数董事会的女性人数从152人增加到305人。然而，其他地方的研究表明，将董事会多元化与财务业绩联系起来时，结果好坏参半。考虑到“价值创造”的更广泛的透镜，将更大的董事会多样性与管理更好的治理流程联系起来，理由是女性有更大的监督能力、不同的观点和提出困难问题的意愿。富时主席在董事会评估中的反馈是，多样性创造了更好的辩论质量，因为有不同的观点，这反过来又为整个业务带来了更好的结果。然而，除了一些值得注意的例外，大多数关于组合和性能的研究都没有考虑这些“输入”和“输出”关系之间的过程。通过对美国、加拿大和英国20多年来董事会中女性的描述性数据，我们对董事会性别多元化是否以及如何影响公司治理和董事会绩效有了更细致的了解。拟议的博士学位将通过三个相关项目来解决这些问题，这些项目将投资者的动机与董事会的构成以及主席对多元化董事会有效运作的影响联系在一起。机构投资者在构建其投票策略时会关注哪些多样性因素？多样性报告是英国治理准则的一部分，但往往没有得到充分遵守（FRC，2018）。从机构投资者收集的调查数据将确定他们的方法是否符合他们参与公司多元化问题的动机。在问责、监督和风险方面，多元化董事会与同质董事会的行为是否不同？英国金融行为监管局（FCA）通过监管回报、授权请求和监管活动收集受监管公司的数据，在分析这些数据时，应该能够了解行为风险和董事会组成之间的相互作用。它们还保存有关投诉、可疑活动报告和执法案件的数据。UoEBS已经可以获得BoardEx的专有数据，FCA还建议使用FCA / PRA关于审慎风险的数据; FCA关于薪酬结构的潜在数据;以及包含执行交易的交易台的相对详细信息的MirachII数据，包括个人特征。埃克塞特领导力中心（ExCL）和FCA正在签署保密协议，以合作访问其数据集。3.主席在确保多元化董事会的有效性方面发挥什么作用？通过与董事会主席和潜在的董事会评估人员的访谈，这项工作将增加我们对董事会动态的了解-行为和社会认知过程解释了多样性如何以及为什么会影响精英群体的表现。接触这些人往往是这类研究的主要障碍（Leblanc & Schwartz，2007）。凭借我和ExCL的网络，这是这项建议的一个优势。由于在公司董事会主席领域的实地研究有限，它将在非常实际的层面上直接从董事会工作人员和董事会工作人员那里提供见解，以更好地了解业务和多样性成果的动态和影响。

There has been much focus on creating more diverse corporate boardrooms. The UK government-sponsored Davies reports of 2011-15 outlined the business case and set targets to help drive this agenda. By-and-large corporations embraced the targets with the number of women sitting on FTSE 100 boards increasing from 152 to 305 from 2011 to 2018. However, research elsewhere reveals mixed outcomes when linking board diversity to financial performance. Considering the wider lens of "value creation", link greater board diversity and better managed governance processes, citing women's greater monitoring, differing perspectives and willingness to ask difficult questions. Feedback from FTSE Chairs in board evaluations is that diversity creates better quality debate as there are different perspectives and this, in turn, leads to better outcomes for the business as a whole. However, with some notable exceptions, most of the research looking at composition and performance fails to consider the processes between those 'input' and 'output' relationships. With more than 20 years of descriptive women on boards data in the USA, Canada and UK, a more nuanced understanding is sought of whether and how gender-diverse boards affect corporate governance and board performance. The proposed PhD will address these issues over three related projects which tie together investor motivations to board makeup and the impact a Chair has on the effective running of a diverse board.1. What diversity factors do Institutional Investors pay attention to when constructing their voting strategies?Diversity reporting is part of the Code of Governance in the UK but is often not fully adhered to (FRC, 2018). Survey data collected from institutional investors will determine whether their methods match their motivations for their engagement on corporate diversity issues.2. Do diverse boards behave differently to homogenous boards in terms of accountability, oversight and risk?The Financial Conduct Authority (FCA) collects data on regulated firms via regulatory returns, authorisation requests and supervisory activities, which when analysed should allow an understanding of the interplay between conduct risk and board composition. They also hold data on Complaints, Suspicious Activity Reports, and Enforcement Cases. UoEBS already has access to BoardEx proprietary data and the FCA is also suggesting the use of FCA / PRA data on prudential risk; potential FCA data on compensation structures; and Mifid II data containing relatively detailed information on the trading desks carrying out a trade, including individual characteristics. Exeter Centre for Leadership (ExCL) and the FCA are in the process of signing Non-Disclosure Agreements to collaborate in access to their data sets.3. What is the role of the Chair in ensuring the effectiveness of a diverse board?Through interviews with board Chairs and potentially board evaluators, this work will add to our knowledge of board dynamics - the behavioural and socio-cognitive processes explaining how and why diversity affects performance in elite groups. Access to such individuals is often a major barrier to this type of research (Leblanc & Schwartz, 2007). With my network and that of ExCL, this is a strength of this proposal. With such limited field research in the area of corporate board Chairs, it will provide insight directly from people working on and with boards, at a very practical level, to better understand the dynamics and influences of business and diversity outcomes.