The study by Carter et al. “Corporate Governance, Board Diversity, and Firm Value” finds that after taking into account industry, size, and other measures:

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the fraction of women on the board and firm value is positively related

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the fraction of women on the board causes higher firm value

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the fraction of ethnic and racial minority board members is negatively correlated with firm value

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the percentage of female employees predicts a higher firm value

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The study by Carter et al. “Corporate Governance, Board Diversity, and Firm Valu...

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