Impact of boardroom diversity on corporate financial performance

Abstract This study investigates the impact of boardroom diversity (BD) on firms’ financial performance (FP), drawing economic and resource dependency theory. The further explores influence strategic change (SC) this nexus, using a six-dimensional index to measurse BD SC. A dataset 240 non-financial firms listed four stock exchanges (Moscow, Shanghai, Bombay, Pakistan) over 13-year period (2008–2020) is analyzed employing generalized method moments address common endogeneity problem in econometrics specification. empirical results indicate that has positive FP, however, weakened by robustness findings confirmed through alternative estimators. provides useful policy implications for managers practitioners, suggesting increasing can lead improved but careful consideration must be given how SC may connection.