Board Diversity & Shareholder VotingBy Gow, Ian D. and Larcker, David F. and Watts, Edward, Board Diversity and Shareholder Voting (November 18, 2020). Rock Center for Corporate Governance at Stanford University Working Paper No. 245, Stanford University Graduate School of Business Research Paper No. 3915, European Corporate Governance Institute – Finance Working Paper 716/2020.
Using a broad sample of director elections from 2003 through 2018, the paper provides robust evidence that shareholders value board diversity.