Intergenerational Tensions in the Boardroom: An Interrelationship Between Board Age Diversity, Generational Values, and Governance for Social Impact

ABSTRACT This study investigates whether board age diversity influences governance practices for social impact from an international perspective, while considering the moderating role of generational values. Amid increasing expectations for corporate social responsibility, generational differences in board members' perspectives may create complex dynamics in decision‐making processes related to social impact initiatives. Hypothesis testing is conducted using multiple regression analysis with a two‐step GMM estimator based on the Arellano–Bond methodology. The international sample comprises 13,478 firm‐year observations spanning the period 2018–2024. The findings indicate that board age diversity has a positive effect on governance for social impact. Moreover, this relationship is significantly strengthened when pro‐social generational values—such as collectivism and intergenerational empathy—dominate board composition. The theoretical implications of this study underscore the importance of understanding intergenerational dynamics in governance structures oriented toward social sustainability. From a practical perspective, companies are encouraged not only to consider age diversity on boards but also to strategically manage intergenerational values and preferences through cross‐generational training programs or inclusive governance forums. Overall, this study makes an original contribution by integrating demographic characteristics and generational value perspectives, thereby extending the literature on sustainability governance and intergenerational tensions in the boardroom.