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This study investigates the impact of board diversity on firm performance in emerging markets, focusing on Indonesia.

Could Board Diversity Enhance Firm Performance in Emerging Markets?

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This study investigates the impact of board diversity on firm performance in emerging markets, focusing on Indonesia.
Analyzed panel dataset of 4,345 observations from 724 non-financial companies listed on the IDX from 2019-2024.
Employed a random-effects model and upper echelon theory to assess board diversity impacts.
Conducted robustness tests to address potential endogeneity bias.
Gender diversity positively affects accounting-based performance (exact metrics not specified).
Nationality diversity shows a significant effect on market-based performance (exact metrics not specified).
Religious diversity demonstrates a significant negative relationship with market-based performance.

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Randomized trial examines board diversity's influence on firm performance in Indonesia, suggesting critical governance strategies.

Taufiq et al. (2026) studied this question.

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