Microsoft Word - 18707-Article Text-65842-writer2-new Dire Receive doi:10.5 Abstra Diversit effectiv differen firm. H and firm diversit generat concept ctor’s A Tunku P Tunku Pute Scho ed: July 5, 2 5296/ajfa.v ct ty of board veness. It c nt values, k However, ea m performa ty, research ions carry i t, age diver Age Di Puteri Intan eri Intan Sa ool of Econo 4 2021 A 13i2.18707 members h an be post knowledge a arlier studie ance. This hers must ca its own com sity should iversity Pe Mazrah Ma Safinaz Sch 06010 S E-mail Ayo afinaz Schoo 06010 Sin E-mail: a Saidat omics and M 43300 Serda E-mail: sai ccepted: No URL: ht has become tulated that and behavio s have prod study propo apture the mmon and be examine 89 y and Fi erspecti alek (Corres hool of Acc Sintok, Ked l: mazrah@ oib Che-Ah ol of Accou ntok, Kedah ayoib@uum tunur Fauzi Managemen ang, Selang idatunur@u ov. 17, 2021 https://doi.or a recent top t directors or that can duced mixe oses that in difference unique cha ed based on Asian irm Per ive sponding au ountancy, U dah, Malays uum.edu.m hmad untancy, Uni h, Malaysia m.edu.my Saidin nt, Universit gor, Malaysi upm.edu.my 1 Publ rg/10.5296/ pic by whic from a diff influence t ed findings n order to in the age aracteristics. n the inclus n Journal of F rforman uthor) Universiti U ia y iversiti Utar ti Putra Mal ia y lished: Dece ajfa.v13i2.1 ch it has bee fferent gene the decision on the effe examine th cohort of d . Consistent sion of diffe Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro nce: A Utara Malay ra Malaysia laysia ember 28, 2 18707 en linked to eration will ns and actio ect of direct he influence directors. D t with the d erent genera ccounting 946-052X 13, No. 2 think.org/ New sia a 2021 o board’s l exhibit ons of a tor's age e of age Different diversity ations to the boar Keywo rd, and not j rds: age, di just the ave iversity, gen erage numbe neration, per 90 er of directo rformance Asian ors’ age as p n Journal of F practiced in Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro earlier stud ccounting 946-052X 13, No. 2 think.org/ dies. 1. Intro The col be cons Malays means Malays reform the mo restricte (other th In Mala director things. manage order to (1984), the firm highligh delivery governa decided decision diversit regulato director firm’s p Stegere The con backgro member the deci the dec within (Hoffm may ha Furtherm (previou represen 2013). exampl gender other d oduction llapse of me sidered the ia. The ref of ‘tidying ian Code on is on enhan nitoring ro ed the audit han as a dire aysia, the lat rs to hold th However, ement. They o be able to e board of di m’s decisio hted that th y of sustai ance mecha d at the boa ns are amon ty of board ory bodies rs with dive performanc ean, 2012). ncept of div ounds, gend r of the boa ision-makin cisions mad the board man & Maier ave the sam more, as th usly, only s ntatives of The govern e in the U. diversity on developed c ega corpora impetus to formation h g up’ the b n Corporate ncing the in les of dire t committee ector) and m test Malays heir positio the role o y are also ex enhance its irectors is a on-making. e board is a inable valu anism espe ard level. T ng the decisi members h and the ge erse backgr e (Abdullah versity of th ders, ethnic ard represen ng process (M de by comp which later r, 1961). Th me perspect he responsi shareholders the entire s nment, in g K, regulato n their boar countries, su tions such a o corporate has been foc boardroom e Governanc ndependence ctors. For e from recei must not be a sian Code on on for a max of director xpected to b performanc also respons The Malay also respons ue to its s cially in a Top manage ions that req as received eneral publi ounds can e h & Ku Ism e board of d cities, ages, nts accompl Minichilli e panies, acco r may spaw his is based o tive and th ibility of th s), it stands stakeholders general has ory agencies ds (Goyal, K uch as the 91 as WorldCo e governanc cusing on h (see for ex ce, 2017). T e of non-ex example, th iving any co an affiliated n Corporate ximum num rs goes bey be actively ce. For exam sible in iden ysian Code sible for the stakeholders unitary bo ement appo quire board d countless a ic. This is enhance the mail, 2013 directors ca etc. amon lished indiv et al., 2009) omplished b wn into fru on the belie hrough dive he board h a strong po s (Husey & s begun to s encourage Kakabadse United Sta Asian om and Enro ce reforms having ‘bet xample U.S The early em ecutive dire he U.S Sar onsulting, a d person of t e Governanc mber of nin yond than involved in mple, as pos ntifying strat e on Corpo e long-term s. Furtherm oard structu ointments, i ’s approval. attention, no because th e effectiven ; Horvath & an be viewed ng the direc viduals whic . Diversity o by having uitful discus fs that a hom ersity, they has now ex oint that the & Rindova, recognize e top public & Kakabad ates and th n Journal of F on in the ea in many c tter’ corpor S Sarbanes mphasis on ectors which rbanes Oxle advisory and the company ce (2017) re e (9) years just their n the compa stulated by H tegic directi orate Gover success of more, as th ure, most m internal con . Therefore, ot only by r he perceptio ness of the b & Spirollar d as having ctors (Peche ch can cont of board me several dif ssions and mogenous g can bring xpanded to board shou 2001; Abdu the benefit c listed com dse, 2019). M he European Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro arly 21st cen countries in rate govern Oxley Ac board of d h is consist ey Act (20 d compensa ny or any sub equires inde only, amon oversight any’s opera Hambrick & ions and im rnance (201 a company he highest main decisi ntrols and s , in recent y researchers on is that b board and t ri, 2012; Ga g a mix of ed ersky, 2016 tribute and embers can fferent pers exchange o group of ind g in several other stake uld be comp ullah & Ku ts of diver mpanies to Meanwhile n Union ha ccounting 946-052X 13, No. 2 think.org/ ntury can ncluding nance by t, 2002; irectors’ ent with 002) has atory fee bsidiary. ependent ng other role to ations, in & Mason mproving 17) also y and the internal ions are strategic ears, the but also board of thus, the avrea & ducation 6). Each enhance improve pectives of ideas dividuals l inputs. eholders prised of u Ismail, sity, for improve , several ave now required Laksma policy o Shrader effect it Age is have co tradition people generat by the B the S&P compan half of director study in 2007 re and the average Malays executiv & Marim average recent s by a pr (2020) represen (based o into the showed only 5 boards a the max Previou Limited perform Gavrea studies, concept corpora d corporatio ana & Lee, of 30-percen r (2003), div t has on firm recognized ommonly cla nalists, baby of the same ion) and un Board Gove P 500 in 20 nies with an the S&P 50 rs in their 50 n Malaysia evealed that mean is alm e age of be ia consisted ve directors muthu (201 e age of boa study titled rivate invest had found ntation. The on market c eir gender an d that 95 per per cent of are becomin ximum age usly, the ma d empirical mance (see & Stegerea , especially tual framew ate entity. A ons to disc 2015). In M nt women o versity may m’s perform d as one dis assified ind y boom, Ge e age gener ique (as com ernance Res 017 had fou n average ag 00 boards h 0s, 60s and by Abdulla the minimu most 58. It etween 50 t d of middle s or ex-gove 6) of 60 list ard member ‘Detailed A tment firm that Malay e study had capitalizatio nd age diver r cent of dire f directors a ng ‘older’. R e limit for aximum age studies ha for exampl an, 2012) an y those con work of the As noted by close their b Malaysia, the on the board y be a highly mance is less stinct charac dividuals acc eneration-X ration have mpared to ot search LLC und little di ge of all bo have three d 70s. Simil ah & Ku Ism um average has also be to 59 years e to retire-a ernment off ted compan rs is 59; wh Analysis on RHL Ventu ysia’s corpo d assessed 8 n on Bursa rsity, educat ectors are ag are aged be Recently, th directorship of director ave been c le Abdullah nd the eviden nducted in M e relationsh Carter, Sim 92 board diver e Prime Min d by 2016. y visible eff s clear. cteristic am cording to d X, Generatio been postu ther generat C based in th ispersion in oards was 6 decades repr lar scenario mail (2013) age of the b een found th s old. The aged group ficers, comm nies between hile the low Malaysia’s tures based orate board 873 director Malaysia) i tion, career, ged 40-plus elow 40. Cu he new Mala p and has rs is seventy conducted o h & Ku Ism nce has been Malaysia. T hip between mkins & Sim Asian rsity practic nister has a However, a fort to demo mong individ different age on-Y and Ge ulated to ha tions) chara he U.S on th n the averag 62.4. Within resented on o can also be ) of 100 top board is 49, hat almost 7 study also members w monly politi n the years 2 west is 49 an Top 100 C in Malaysi drooms lack rships from in 2020, whe , and other r (with most umulatively aysian Com set the mi y (70) under on the effe mail, 2013; n mixed, wh This paper n age diver mpson (2003 n Journal of F ces conside nnounced o as noted by onstrate disc duals. Rese e generation eneration-Z ave common acteristics. In he boards o ge of directo n individual n their board e found in M p listed com , while the m 75 percent o observed th who have pr icians. A lat 2009 to 2013 nd the highe ompanies B a, cited fro k diversity Malaysia’s ereby exam related expe aged in the , this signa mpanies Act nimum age r the Compa ct of direc ; Horvath & hich suggest is proposin rsity and th 3): Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro ering this ( on 27th June Erhardt, W crimination, earchers in ns (cohorts) Z. At the sam n (among th n a study co of companie ors in the S l boards, m ds, most com Malaysia. A mpanies for maximum a of the board hat most bo reviously se ter study by 3 had found est is 71. In Board Comp om the Born in gender s largest com minations we eriences. Th eir 50s and 6 als to users 2016 has ab e of eighte anies Act, 1 ctor's age a & Spirollar ts the need f ing a more he perform ccounting 946-052X 13, No. 2 think.org/ Harjoto, e 2011, a Werbel & , and the the past ) such as me time, he same onducted es within S&P 500 ore than mmonly An earlier the year age is 68 d has an oards in erved as y Hassan d that the n a more position’ neo Post and age mpanies ere made he results 60s), and that our bolished en (18). 965. and firm ri, 2012; for more refined mance of “….give the rela theoreti Furtherm relevant otherwi more ef differen (Creary inconsis director limited firm pe (2013) within M more st and dom contrary 2. Liter 2.1 Firm Previou governa affect f 1992; H leadersh Butler, Reid, 2 Gourlay There a that the decision mitigati Lorsch, part of t be cons secure c a small Accord associat (1992) happeni en the emph ationship b ical and emp more, as hi t in the bu ise, it is jus ffective, bo nt voices, in y, McDonn stencies in rs, while the studies hav erformance and Hassan Malaysian tudies are to minance of y to develop rature Revi m Performa us studies c ance mecha firm perform Hermalin an hip structur 1985; Wei 2003; Shuke y and Seato are mixed re e size of the n making in ing the effo , 1992), but the managem structive for critical reso l board of ing to Jen tion and co believed th ing among m hasis being p between bo mpirical inve ighlighted b usiness env st a ‘tokenis oards need ntegrates co nell, Ghai measuring e basic conc ve also been especially i n & Marim corporation o be conduc f family-ow ped countrie iew ance conducted o anisms. Am mance are b nd Weisbac re, independ sbach, 1988 eri and Sha n, 2004; Na esults regar e board doe n a compan ort problem when they ment proces r some com ources and re f directors nsen (1993) ommunicati hat small siz members of placed on b ard diversi estigation” ( by Abdullah vironment i sm’ or a sim to have a m ontrasting in & Scrug age divers cept of diver n conducted in Malaysia muthu (2016 ns, distinct cted in Mal wned firms es which ha on firm pe mong the co board size ch, 2000; Z dent non-ex 8), firm siz aari, 2012; achum, 2004 rding board es matter as ny (Monks a and in beco grow too bi ss (Hermali mpanies as t educe envir improves f ), smaller ion, co-ope ze of board f boards. 93 board divers ity and sha (p. 35). ah & Ku Ism if it helps mple ‘comp more egalit nsights, and ggs, 2019). sity, whereb rsity looks a d to examin a, the excep 6). With th from those laysia. High are among ave disperse erformance ommon fact (see for ex emzem and xecutive ch ze (see for e Abor, 200 4; Santalo a size and pe s it affects and Minow oming more ig, boards b in and Weis they provid ronmental u firms’ perf groups of eration and d may prev Asian sity as part o areholder v mail (2013) in enhanci pliance’. In tarian cultur d welcomes . Earlier s by it has b at the inclus ne the effect ption are th he unique o of develop h ownership g the chara ed ownershi have alway tors identifi xample Jens d Kacem, 2 hairman (se example Eh 07) and div and Becerra erformance the extent o w, 1995). Sm e effective become mor bach, 2000) de diversity uncertainties formance (Z boards are coordinatio ent free-rid n Journal of F of good corp value creat ), board div ng the boa order to m re, which i conversatio studies hav been based sion as well t of director ose by Abd wnership s ped countrie p concentrat acteristics o p (Thillaina ys related ied in previ sen, 1993; L 014), non-e e for exam hikioya, 200 versification a, 2008). . Empirical of monitorin mall boards (Jensen, 19 re symbolic ). However, that would s. There is s Zemzem an e assumed on while, L ding and cha Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro rporate gove tion deserv versity can ard’s effect make diverse is one that ons about d ave suffere on average l. In addition r's’ age dive dullah & Ku structure tha es, it is hop tion, cross h of Malaysia athan, 1999 it to the c ious literatu Lipton and executive d mple Baysin 09; Bernad n (see for e l evidence i ng, controll are said to 993; and Lip c rather than , bigger boa d help comp strong evide and Kacem, to produc Lipton and hallenges of ccounting 946-052X 13, No. 2 think.org/ ernance, ves both only be tiveness; e boards elevates diversity ed from e age of n to this, ersity on u Ismail at exists ped that holdings an firms ). orporate ures that Lorsch, directors, nger and dette and example ndicates ling and o help in pton and n being a ards may panies to ence that , 2014). e easier Lorsch, f interest Non-ex expecte the dire on the b proport effect o director Xiao-La associat evidenc non-exe known compan relation shareho non-exe financia executiv (Haniff presump not sele legitima Hence, perform Evidenc studies perform perform study fo with sep single p (Abdull Past res perform organiz non-exe executiv organiz role in c Ehikioy perform Bernade xecutive dire ed to bring in ectors (Abdu board, prior ion of non-e on the firm rs on the c an (2006) r ted with the ce suggestin ecutive dire as Bursa nies’ board nships with olding and C ecutive dire al reporting ve director fa and Huda ption that in ected based ate busines they do not m the role ef ce on the rel provided mance. In M mance of M ound that fir parate board person led to lah, 2004). search has a mance of co zations perfo ecutive dom ve chairma zation by ke controlling ya (2009) mance since ette and Re ectors are c ndependenc ullah, 2004) studies doc executive di m performan company bo revealed tha e probabilit ng the adv ctors on boa Malaysia) ds that we the presenc CEO dualit ectors had le g timeliness rs in Malay ib, 2006; Ra n most deve d on their ex s activities t function as ffectively. lationship b evidence o Malaysia, m Malaysian fi rms that had d leadership o financial r also figured orporations form better minated chai an can act eeping basic managemen had found e it can gen eid (2003) w commonly ce into the b ). Despite th cumented m irectors and nce for Kor oard. Simil at a larger ty of distres vantages an ards. A stud main boar ere domina ce of large ty. Meanwh ed to better s (Abdullah ysia had no ahman and M loping coun xpertise and and for co s monitors d between CEO of a positiv many studie irms (Rahm d duality ro p (Rahman a eports being out the influ . For insta financially irman as co a vital pa c points. Ou nt compared that firm nerate more which found 94 known as board and ad he advantag mixed results d firm perfor rean listed ar finding proportion ss. Several nd disadvan dy by Abdul rd listed co ated by no shareholde hile, other s auditing sy h, 2006). ot influence Mohamed A ntries, includ d experienc ontacts and due to the la O duality an ve relations es show th man and Ha oles were no and Haniffa g issued mu uence of no ance, Baysin with outsi ompared to art in crea utside indep d to inside c size has revenue an d that a tra Asian ‘non-emplo dd to the div es of having s pertaining rmance. Cho firms as a was also f of non-exe studies in M ntages of h llah (2002) ompanies s on-executive ers, while n studies foun ystems (Sall However, o ed the perf Ali, 2006). T ding Malay ce, but more d contracts ack of exper nd firm perf ship betwee hat duality aniffa, 2005 ot performin a, 2005). In uch later than on-executive nger and B ders who a insiders (ex ating variou pendent chai chairman (W a significa nd high lev de-off exist n Journal of F oyees’ or ou versity of sk g more non- to the relati oi et al. (200 result of h found in Ch ecutive dire Malaysia pr having a h involving th showed tha e independ negatively r nd that a hi leh et al., 20 other studie formance o The argume sia, indepen e often for (Haniffa a tise and kno formance ar en duality roles have 5; Abdullah ng as well a addition, fir n those with e and indepe Butler (198 are placed a xecutives) d us strategic irman is ass Weisbach, 1 nt positive verage. This ts between Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro utside direc kills and exp -executive d ionship betw 07) found a having inde hina, Zong ectors is ne resent contr high percen he KLSE (c at Malaysia dents had related to d igher percen 005), and im es found th of Malaysia ent was base ndent directo political re and Hudaib owledge req re also mixe of roles a no impact h, 2006). as their coun rms domina h separation endent chai 85), conclud as independ dominated, c decisions sumed to ac 1988). e relationsh s is consiste the firm’s ccounting 946-052X 13, No. 2 think.org/ ctors are pertise of directors ween the positive ependent Jun and egatively radictory ntage of currently an listed positive irectors’ ntage of mproved hat non- an firms ed on the ors were asons to , 2006). quired to ed. Some and firm t on the Another nterparts ated by a n of roles rman on ded that dent and for non- s in the ct a vital hip with ent with size and perform firm. In higher p large fi improve relation monitor Evidenc among firms ha Burgers product that firm the pres 2.2 Boa Under t Japan a The ma respons structur other no only res matters organiz Earlier perspec function 1976; F minima actions the firm director making director their ov indepen director early 20 For exa Govern things. mance that i ndirectly it potential of irms can ut ed firm perf nship betwee ring ability ce also indi them (Gour ave operatio s (1989) co ts or service ms in devel sence of the ard of Direc the two-tier and Netherla anagement sible in mo re as practic on-executiv sponsible to relating to zation. literatures ctives. This n to the ma Fama, 1980 al involvem and decisio m’s resourc rs are respo g decisions t rs under the versight role ndent from t rs relates to 000s have fo ample, the S nance (2002) is, increase is said that f communic tilize their formance. A en board siz pursue high icate that di rlay and Se ons in more ontend that es in genera oping coun e commodity ctors as Cor r board stru ands requir board perf onitoring th ced in count ve directors o communic strategy, pe on the b theory view anagers to m 0; Fama & ment in the ons. On the o ces for their onsible to m that may ha e agency the es. Based on the managem o this theory ocused on e Sarbanes Ox ), both focu (decrease) t larger firm cation confl resources e A study by A ze and lever her leverage iversified st eaton, 2004; than one in diversificati ating the rev ntries would y sectors. rporate Gov ucture such e the board forms the e he managem tries such as sit on the cate to stake erformance, board of di ws the resp mitigate the Jensen, 19 corporate e other hand, r own bene monitor and ave a negati eory focuse n the theory ment, comp y. Furtherm nhancing th xley Act (20 us on definin 95 in firm size m size has b licts. As rep efficiently Abor (2007) rage. The stu e to raise the trategy cou ; Nachum, 2 ndustry (San ion may im venues. Nac d be better o vernance M as the ones d of supervi executive fu ment board s Malaysia same board eholders, bu , planning, directors mo ponsibility o e agency co 983). The th entity, they managers h efits at the d control th ive impact s on the ind y, the board pany, and sh more, many he independ 002) in the U ng and appo Asian e reduces (r better sourc ported by S and minim ) reported ev udy argued e value of th uld be used 2004). Dive ntalo and Be mprove firm chum (2004 off by adopt Mechanism s practiced i isor to appo unctions, w d. Meanwh and many o d. Therefore ut they are a resources a ostly discu of the direc ost within a heory is be y have limit have the opp expense of he managers on the shar dependence d is suggeste hareholders. reforms on dence of the U.S and the ointing indep n Journal of F raises) the p e of ideas a Shukeri and ize downsi vidence in s that large b he firm. to enhance ersified stra ecerra, 2008 m performan 4) on the oth ting diversif in countries oint the boa while the su hile, under other countr e, the board also respons and standard uss accordin ctors is to p an entity (Je cause share ted informa portunity an f sharehold s from takin reholders. T of the direc ed to includ . The concep n corporate board (and Malaysian pendent dire Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro performanc and knowle d Shaari (20 ide risk, lea support of a boards with e firm perfo ategy is iden 8). Kim, Hw nce through ther hand ad fied strateg s such as G ard of mana upervisory b the unitary ries, execut d of director sible in deal ds of condu ing to the provide mo ensen & M eholders ha ation on ma nd motivatio ders. Theref ng any acti The effectiv ctors in per de directors ept of non-ex e governanc its sub-com Code on C ectors, amo ccounting 946-052X 13, No. 2 think.org/ ce of the edge but 012) that ading to positive superior ormance, ntified if wang and various dvocates y due to Germany, agement. board is y board ives and rs is not ing with ct of the agency onitoring Meckling, ave very anagers’ on to use fore, the ions and eness of rforming who are xecutive ce in the mmittee). orporate ng other In contr work di of share self-actu internal commit steward combin Meanw legitima Pfeffer focusin for man transact Therefo bring a 2.3 Boa Board d director represen people. appreci backgro as a var are obse (cogniti 2003). D and per Engen ( related t and dis heterog represen refers to board d creativi Furtherm homoge allows increase rast, the stew iligently (Do eholders, in ualization ( l personnel tment to th dship theory nation of ind while, the res acy, advice & Salancik g on broade naging exte tion costs a ore, based o difference t ard’s Divers diversity ha rs with diff ntation (Ba However, ated based ounds and e riety in com ervable (dem ive) such as Demograph rceptions th (2013) class to informati parity has b geneous thu ntation of n o having a v diversity ha ity and inn more, dive enous board the board t es firm’s ab wardship th onaldson & n order to ac (Davis et a has more in he success y), it can b dependent a source depen and couns k, 1978). Th er aspects o ernal depend associated w on the theory to the comp sity as been defi fferent char asaglio, 201 as highligh d on skills xperiences mposition of mographic) s knowledge hics charact hat will infl sifies divers ion and dec been relate us, the boa not only sha variety of m as been arg novation an erse membe d (Arfken et to provide bility to reco heory views & Davis, 199 chieve highe al., 1997). T ntimate kno of the firm be conclud nd executiv ndence theo el to the fir he theory lo of directors’ dencies, red with environ y, the direct pany. ined in seve racteristics. 12), whereb hted by Ba each indi in their life. f the board ) such as ge e, values, pe eristics are fluence the sity into var ision makin d to status- ard should areholders b members on gued to en nd creates ers might a t al., 2004). a wide ran ognize the n 96 managers a 94). The man er personal Therefore, b wledge of t m. Based o ded that bo ve directors. ory views di rms (Hillma ooks beyond responsibi ducing envi nmental inte tors should eral ways, b The basic by the boar asaglio (201 dividual pos . Kang, Che of directors ender, age, r erception an claimed to decision-m riety, separa ng, separatio -related pro reflect tha but also oth the board (V nhance the effective also ask qu . As claime nge of know need of the s Asian as good stew nagers are a outcomes o board of di the organiza on these tw ards should . irectors as r an et al., 20 d the monit lity. The bo ironmental erdependenc be appointe but in gener concept o rd should b 12), the ben ssesses thr eng & Gray s. Two gene race and eth nd personalit be associat making proc ation and dis on has been ocesses. The at society. her stakeho Van der Wa understand problem-so uestions th d by Harjot wledge and stakeholder n Journal of F wards who a argued to ac of achievem irectors com ational oper wo theories d be consis esource pro 000; Hilma toring roles oard is view uncertainty cy (Pfeffer ed among in ral it can be of diversity be represent nefits of di rough diffe (2007) defi eral classifi hnicity and ty (Erhardt, ted with cog ess, and th sparity, whe related to so e fact that t A diverse olders. Simp alt & Ingley ding of the olving (Car hat would n to, Laksman d skills and s. Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro are trustwo ct in the best ment, affilia mprising m rations and a s (i.e., agen sted of a b oviders that an & Dalzie of the dire wed as a me y, and redu & Salancik ndividuals w e defined as can be re nted by a m iversity nee erent career ined board d ications of d the non-ob , Werbel & gnitive base hus quality. ere variety h ocial catego the society board allo ply, board d y, 2003). In e market, in rter et al., not be que na & Lee (2 d at the sam ccounting 946-052X 13, No. 2 think.org/ rthy and t interest ation and mostly of a deeper ncy and balanced supplies el, 2003; ectors by chanism cing the k, 1978). who can s having elated to mixed of ed to be r paths, diversity diversity servable Shrader, es, value Dijk & has been orization itself is ows for diversity general, ncreases , 2003). eried by 2015), it me time, 2.4 Age Age has areas ha on the l related innovat concept Generat were bo expecte were le Hence, career w careers 2017). taught t may be one-on- eye-to-e Meanw Baby-b which t signific optimis for thei Meyer, they are persona (Kane,2 (Dankle Gen-Xe fits the Gen-Xe complex Profess This ma technol come as their pr their car is a nor generat e and Gener s been recog ave classifie lines dividin to unique tions of its t. People bo tion" becau orn during t ed to have a ed to be har they consid with one co than those o Besides tha to respect au e less tech -one interpe eye (Kane, 2 while, those oomers got they were cant events stic, followin ir hard-wor 2015). The e also respo al gratificati 2017). How efsen & Me ers (those bo m well du ers are the x generation ionally, this ay be becau ogy busines s no surpris redecessors reers and m rmal, accept ions (i.e., b rations gnized as on ed individu ng one gene characteri time-period orn before m se children the most dev a tough life d-working, der work as mpany. In o of the young at, being ra uthority, and hnologically ersonal skil 2017). e born in their names born (Dan that affect ng the indep rk, idealism ey are more onsible for ion, which wever, boom eyer, 2015). orn in mid- e to their first gener n and some s generation use they hav sses and the e that Gen-X (Jennings, maybe even m ted method aby boomer ne distinct c uals based o eration to th stics which d. Psycholo mid-1940s a of this era w vastating ec e. Due to th respectful a privilege other words ger generati aised in a p d they tend y-adept than lls because the mid-19 s because of nklefsen & their world pendence o m and comm optimistic a the “Me G often show mers are als 1960s to ea flexible and ation that g people even n is known ve witnessed e collapse o Xers might 2000). Gen multiple car of career ad rs & Gen-X 97 characteristi on generatio he other. Fu h are shap ogical differ are named a were expecte conomical e he economic of authority e and this gr s, they are l ions, but the paternalistic to be good t n younger they are m 940s to m f an increas Meyer, 20 dview. They of the nation mitment to and are ope Generation,” ws up as a s so self-mot arly 1980s) a d self-relia grow up co n regard Ge to question d years of c of even larg approach th n-Xers expe reers (Dankl dvancemen X) also have Asian c among ind ons, howeve urthermore, ped by the rences betw as traditiona ed to be seen event in our c and politi y and loyal roup is mor less likely to ey expect th c environme team-player generation more accust mid-1960s a ed mark in t 015). The B y grew up i n. Like tradi peace in t en to change ” (a.k.a Gen sense of ent tivated and are known f ant nature ( omfortably en-Xers as s n authority corporate do ge, establish heir work an ct to have m lefsen & Me nt for Gen-X different co n Journal of F dividuals. R er, no conse each gener unique ev ween genera alist, also kn n and not he r nation’s hi ical uncerta (Danklefse re likely to h o change jo he same loya ent, the sile rs. Even tho s, but they tomed to d are known the birth rat Boomer gen n a time wh itionalists, b the workpla e than the p neration-Y) titlement in show long for being en (Danklefsen with techn elf-indulgen and to be sk ownsizing, hed compani nd careers v multiple em eyer, 2015), Xers (Jennin ommunicati Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro Researchers ensus (as ye ration has a vents, settin ations is no nown as the eard. Tradit istory, so th ainty, tradit en & Meyer have had a obs to advan alty in return ent generat ough this ge y often hav dealing with as baby-b te during the neration ha when the nat boomers are ace (Dankl prior generat with its pu n today’s wo g-term comm ntrepreneur n & Meyer nology. Gen nt (Jennings keptical in the failure nies, hence i very differen mployers thr , hence job- ngs, 2000). ion-styles, w ccounting 946-052X 13, No. 2 think.org/ in many et) exists lso been ngs and ot a new e "Silent ionalists hey were ionalists r, 2015). lifetime nce their n (Kane, tion was neration ve great h people boomers. e time in as many tion was e known efsen & tion, but ursuit of orkforce mitment s, which , 2015). n-X is a s, 2000). general. of many it should ntly than roughout hopping The two whereby Gen-Xe the anal 2000). The nex taught t but they as the connect Internet (Dankle Gen-Y thrive o Genera differen in a hea in-perso so they 3. Theo The ass through importa between viewed maximi importa et al., 2 explicit honor a firm’s s conside 1995; W shareho enhance accepte have int also to 1984). T Even th ultimate suggest ers tend to b lytical abilit xt generation to put them y are self-im ‘millennials tion, hence t, cell phon efsen & M has grown on social me ation-Z (thos nt from the m althier econo on to online are well-pr oretical Fra sociation be h the agency ant role as d n owners an as an essen izing firm p ant resource 2000; Palme tly and imp all those con shareholder er in their de Wood & Jon olders. As c e their wea ed that the r terdependen actively be This duality hough some e power ov ts that the be more info ties and long n, Generati mselves first. mportant (W s’, grew up this is most nes and the eyer, 2015) n up natural edia, all cha se born star millennials. omy. Despit e interaction repared for a amework a etween boar y, resource described u nd managers ntial link be performance e for a firm b er & Barbe plicitly have ntracts (Free rs are regard ecision-mak nes, 1995; M capital prov alth which c role of boar nce roles. T e involved i y role can en e decisions ver the dec firm perfo formal and d g-term persp ion-Y can als . Unlike the Williams, 20 p in a time t attributabl e ability to ). In other lly collabor aracteristics rting in the m This genera te their obvi ns and are ac a global bus nd Hypoth rd diversity dependence nder the ag s of the firm etween the e (Pfeffer 19 because it pr er, 2001). M e contracts w eman 1983, ded as one king process Mitchell et a viders to th can be achi rd of directo he board is in the strate nhance the p s are under isions. Upp ormance is 98 direct. They pective that so be called e baby-boom 013). This g e when the le to the fac o access inf words, the rative, talen well-suited mid-90s to ation tend to ious techno ccustomed t siness envir hesis Develo and firm pe e and stakeh gency theory m. Under the firm and th 973; Pfeffer rovides a lin Meanwhile, with variou 1984; Dona of the man s (Clarkson, al., 1997), h he firm, sh ieved throu ors under th not only re egic decisio performance the respon per Echelon s affected b Asian y rely heavil t their senior d “Generatio mers, this g eneration w e largest nu ct that this g formation a ey are mult nted and op d to the new the early ’0 o be indepen ology profici o engaging ronment. opment erformance holder theor y in reducin e resource d he external r & Salanci nk with the e the stakeho us social co aldson & Pr ny stakehold , 1995; Don hence the bo areholders ugh better f he unitary s sponsible to on-making e of the com nsibility of n theory by by the top n Journal of F ly on e-mai r colleagues on Me” beca generation is which is also umber of h generation g almost anyw i-taskers w pen-minded w economy. 00s) are pois ndent, as a r iency, Gen- with friends can be exp ries. As age ng the infor dependence resources t ik, 1978) an external env older theory nstituents a reston, 1995 ders whom aldson & Pr oard works h expect thei firm perform structure re o monitor th process (Ha mpany, if effe CEO, the y Hambrick p managem Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro il and may n s possess (Je ause they ha s not self-ab o commonly homes had grew up wit where at a who are tech d, flexible a sed to be so result of gro -Zers seem t s all over th plained theo ents, boards rmation asy theory, the that are ess nd is regard vironment ( y argues th and are exp 5; Jones, 199 the board n reston, 1995 hard to plea ir investme mance. It is equires the b he managem Hambrick & fectively per board still k & Mason ment and th ccounting 946-052X 13, No. 2 think.org/ not have ennings, ave been bsorbed, y known internet th email, any time h-savvy. and they omewhat owing up to prefer he world, retically s play an ymmetry board is ential in ded as an Hillman hat firms pected to 95). The needs to 5; Jones, ase these ents will s widely board to ment, but Mason, rformed. has the n (1984) herefore, characte effectiv The eff decision experien active r drive to (Abdull similar help the perspec age is p are mor boards Spirolla underta (1984) time, th the deci & Ku Is the boar board in being m Earlier A stud relation be insig Spirolla 46 firm relation negativ Another director positive has a po be prob average 2012). T & Mari where 1 that dir director eristics of t ve board can fect of dire n by the bo nce, wisdom responsibilit o succeed. lah & Ku Is information e board to h ctive on an i postulated d re likely to are believe ari (2012) a ake major s argued that he need for ision-makin smail, 2013 rd should al nsensitive to more indepe studies have dy conducte nship betwee gnificant. U ari (2012) fo ms listed on B nship with R e relationsh r Malaysian rs’ age and e relationshi ositive relati bably due t e age of boa This has bee imuthu (201 1, if the aver ectors whos rs’ age is inc top managem n result in b ector's age oard of dir m and econ ties in corpo Young dire smail, 2013) n, experienc ave diverse issue which detrimental t avoid risky ed to have argued that structural c t young ma diversity ag ng styles of t ). As the wo lso be comp o different a ndent due t e shown mi ed in Swe en board me Using a samp ound a nega Bucharest S ROE and RO hip between n study by A firm value ip between ionship, age to the weak ard of direct en replicate 16). In cont rage age of d se nearing t consistent w ment influe etter shareh diversity on rectors. Hou omic resour orations and ectors are a ). On the ot ce, and beli information h enhance b to risk-takin y decisions. lower perfo younger m hanges to nagers are ge group ca the board m orkforce, cu prised of this age levels. F o low attach xed finding eden by Pe embers’ ave ple of 136 S ative relatio Stock Excha OA. In Mala n older boa Abdul Latif e. In contras older board e is found to knesses in m tors (see for ed by Malay trast, Abdu directors is their retirem with diversit 99 ence the dec holders’ wea n firm perf ule (1990) rces, middl d society, w also expecte ther hand, d iefs; and th n. Therefor board’s discu ng. Vroom While risk formance (H members are improve pr more inclin an be related might be bias ustomers an s generation Furthermore hment to m gs on the eff esämaa, K erage age an S&P 500 in onship betwe ange in 2010 aysia, Abdu ard and RO f et. al (201 st, Hassan d with ROE o be insignif measuring r example H ysian studie ullah & Ku less than 60 ment is con ty argument Asian cisions and alth. formance c argued tha e-aged mem whilst young ed to bring directors of t herefore, ha re, board wit ussion and & Pahl (19 k taking is e Hassan & M e more wil rospects. H ned to adop d to the pos sed towards nd others hav n. Having th e, younger m anagement fect of direct Klaesson, H nd its effect ndex compa een age and 0, Gavrea e ullah & Ku I OA, but is 13) found a & Marimut E and Tobin ficant with R age diversi Horvath & s by Abdul Ismail (201 0 years, and nsidered to b ts which foc n Journal of F actions of t can be relat at older mem mber carries g members h new persp the same ag ving differe th disperse quality dec 71) found t essential to Marimuthu, ling to bea However, H t risky strat sibility that s the same ag ve become t he same age members ca or main sha tor's’ age on Haahti (200 on perform anies in 200 d firm value t al. (2012) Ismail (2013 insignifican negative re thu (2016) ’s Q. Howe ROA. The m ity. Most o Spirollari, 2 Latif et. al. 13) uses du 0 if otherw be “stale”. T cus on the in Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro the firm. H ted to high mbers can s major pos have the ene pectives to t ge groups m ent age gro age may ha cision. Furth that older m performanc 2016). Ho ar more risk Hambrick & tegies. At th t the leaders age group (A the new gen level may m an also be re areholders. n firm perfo 8), examin mance was p 05-2009, Ho e. Meanwhil found insig 3) found sig nt with Tob elationship b found a sig ever, even th mixed findin of these stud 2012; Gavre (2013) and ummy meas wise. The rat The use of nclusion of d ccounting 946-052X 13, No. 2 think.org/ ence, an h quality provide itions of ergy and the firm may have ups will ave more hermore, managers ce, older orvath & k and to & Mason he same ship and Abdullah neration, make the elated to ormance. ning the roven to orvath & le, using gnificant gnificant bin’s Q. between gnificant hough it ngs may dies use ea et al., d Hassan urement ionale is average different age of in based o and abo Gray (2 director bracket between measure effect o H1: Div 4. Conc Board shareho but also wealth. howeve the need mechan unique enhance whereby characte director Howeve corpora effect. E which i examin director studies one gen (i.e., un study of Acknow This stu Referen Abor, J Corpor https://d ndividuals o on percentag ove 71. Ther 2007), this s rs’ age shou s in classify n 61 to 70 ement shou of the percen versity in ag clusion of director olders’ repre o to be invo Earlier stu er recently, d for divers nism in man individual e firm’s pe y individu eristics, wh rs from div er, there has ate performa Earlier studi is inconsiste e the effect rs with diffe which clas neration to t nder 40, 40-4 f diversity. wledgment udy is funde nces J. (2007). C rate Govern doi.org/10.1 on the board ge of directo refore, follo tudy propos uld be sepa ying directo and over 7 uld be 3 ove ntage of dire ge of directo rs is the hi esentatives, olved in stra udies on bo there are in sity in board naging dep director w erformance. uals from hile same g versify gen s been no co ance, which ies measure ent with the t of age div erent age co s people int the next, fiv 49, 50-59, 6 ts ed by Unive Corporate g nance: The 1108/14720 d of director ors in a spec owing Diepe ses that in o arated to dif ors’ age dive 1. Assumin er 5. Howe ectors in ea ors is positiv ighest gove the board ategic decisi oard of dire ncreasing in d members. endencies o will bring n Diversity different generations nerations is onclusive em h is possibly e director's’ e diversity versity, the ohorts. This to generatio ve (5) age c 60-69 and 7 ersiti Utara M governance e Internatio 700710727 100 rs. Meanwh cific age gro en (2015) an order to exam fferent uniq ersity: unde ng a compa ever, in the ach cohort, n vely related ernance me is responsib ion-making ectors focus nterests by th The resourc of company necessary n in age has generation have comm expected mpirical evi y due to the age diversit concept. H e measurem s measurem ons. While n cohorts are 70 over old) Malaysia un and financ onal Journa 7131 Asian hile, Diepen oup; till 40, nd another e mine the eff que groups. er 41, betwe any has dire study by D not diversity d to firm per echanism in ble to not o g with the go s more on t he governm ce dependen y other than network, kn s long been ns are bel mon charac to contribu idence on th e failure in ty based on ence, this s ment should ment is consi no consensu suggested t . The measu nder the Re cing decisio al of Busin n Journal of F n (2015) mea , 41 till 50, earlier study fect of direc Both studi een 41 to 50 ectors in thr Diepen (201 y in cohorts rformance. n the corpo only monito oal of enhan the indepen ment, public nce theory v n external f nowledge, a n recognize lieved to cteristics. T ute to more he influence recognizing average age tudy propo be based o istent with s us exists on o be used in urement is m search Gene ons of Gha ness in Soc Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro asures age d 51 till 60, 6 y by Kang, C ctor's’ age d ies use five 0, between 5 ree (3) coh 15), it exam s. orate struct or the mana ncing share ndence of d and researc views direc factors, hen and connec ed in social possess d Therefore, b e quality d e of age dive g each gene e of board m oses that in on the inclu social/demo n the cutting n the future more suitab eration Gra anaian liste ciety, 7(1), ccounting 946-052X 13, No. 2 think.org/ diversity 61 till 70 Cheng & diversity, e (5) age 51 to 60, orts, the mines the ture. As agement, holders’ directors, chers on tors as a nce each ctions to l studies different board of decision. ersity on eration’s members order to usion of ographic g line of e studies ble in the ant 2017. d firms. , 83-92. Abdul director 3(2), 10 Abdulla Asian 1 Abdulla listed c 47-61. h Abdulla financia https://d Abdulla of lar https://d Abdul R Malays Abdul earning https://d Arfken, presenc https://d Barret, Investor https://i 7.pdf Basagli School http://w Baysing perform Organiz Bernam Retriev https://w Latif, R., rships, boar 05-111. ah, S. N. (20 1997 financi ah, S. N. (2 companies. https://doi.o ah, S. N. al reports i doi.org/10.2 ah, S. N., & rge Malay doi.org/10.1 Rahman, R. ia. Corpora Rahman, R gs managem doi.org/10.1 , D. E., Bel ce of wom doi.org/10.1 A. (2017). r Respon irrcinstitute ia, S. (2012 www.uniboc ger, B. D. & mance: effe zation, 1, 10 ma. (2020, Ja ed www.thebor Kamardin, rd character 002). Audit ial crisis. U 004). Board Corporate org/10.1108 （2006）. B in Malaysia 22495/cocv4 Ismail, K. N ysian firm 17576/pengu & Haniffa, ate Ownersh R. & Moha ment: Malay 1108/02686 lar, S. L. & men on corp 1023/B:BUS Age diver nsibility R .org/wp-con ). The diffe of cconi.eu/wp & Butler, H cts of chan 01-124. anuary 11). rneopost.co H., Mohd ristics and f committee Utara Manag d compositi Governanc 8/147207004 Board comp a. Journal 4i2p3 N. I. K. （2 ms and p urusan-201 R. (2005). T hip and Con amed Ali, F ysian eviden 900610680 & Helms, M porate boa SI.0000022 sity within Research ntent/upload erent facets Man s/allegatiCT H. N. (1985 nges in bo Malaysian om/2020/01/ 101 d, K. N. T firm perform establishme gement Revi ion, CEO du ce Internati 410558871 position, au of Corpora 2013）. Gen performanc 3-38-03 The effect o ntrol, 2(2), 4 F. H. (2006 nce. Manag 0549 M. M. (2004) ards. Journ 125.95758. boards of Center ds/2017/03/ of diversity nagement. TP/8-%20ab ). Corporat oard compo corporate b /11/msian-c Asian T. & Che mance in M ent in Malay iew, 3(1), 1 uality and p ional Journ udit commit ate Owners nder, ethnic e. Jurnal of role duali 40-47. https 6). Board, gerial Audi ). The ultim al of Busi 98 directors o Institute /FINAL-Ag y in boards bstract_WB te governan osition. Jou boards lack corporate-bo n Journal of F Adam, N. Malaysia. Ma ysia: Some -17. performance nal of Busi ttee and tim ship & Co and age div Pengurus ty on corpo s://doi.org/1 audit comm iting Journa mate glass ce ness Ethics f the S&P (IRRCi). ge-Diversity of director Retrieved Br.pdf. nce and the urnal of La diversity. B oards-lack-d Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro . (2013). M anagement insights pri e among M iness in So meline of c ontrol, 4(2) versity of th usan, 38, orate perform 0.22495/co mittee, cult al, 21(7), 7 eiling revis s, 50(2), 1 500 compa Retrieved y-Study-Ma rs. In SDA d board of d aw, Econom Borneo Post diversity/ ccounting 946-052X 13, No. 2 think.org/ Multiple Science, or to the alaysian ciety, 4, orporate , 33-45. e boards 27-40. mance in ocv2i2p4 ture and 783-804. ited: the 177-186. anies. In from rch-201 Bocconi from irectors’ mics, & t Online. from: Carter, and f https://s Choi, J corpora 941–96 Clarkso perform https://d Creary, Improv https://h Danklef from: https://w lly-that- Davis, manage Donald concept https://d Donald and s https://d Dijk, H diversit 123-282 Diepen, – Evide July 2nd Erhardt perform https://d Ehikioy econom Busines D. A., Simk firm valu ssrn.com/ab . J., Park, S ate governan 62. https://do on, M. (199 mance. doi.org/10.5 S.J., McD es Your hbr.org/201 fsen, E. & M www.njcpa -different. J. H., Scho ement. Acad son, T. & ts, evidenc doi.org/10.5 son, L., & D shareholder doi.org/10.1 H. V. & Eng ty. Journal 2. https://do , N. (201). T ence from th d, 2015, En t, N. L., We mance. Co doi.org/10.1 ya, B. (200 mies: eviden ss in Society kins, B. J. & ue. The bstract=3440 S. W., & Yo nce reform oi.org/10.10 5). A stakeh Academy 5465/amr.19 Donnell, M.H Board’s P 9/03/when- Meyer, C. (2 .org/stay-in oorman, F. demy of Man Preston, L ce and im 5465/amr.19 Davis, J. H. returns. 1177/03128 gen, M. L. ( of Occupa oi.org/10.11 The effect o he Netherlan nschede, The erbel, J.D. orporate G 1111/1467-8 09). Corpora nce from N y, 9(3), 231- & Simpson, W Financial 042. oo, S. S. (2 in Korea. J 017/S00221 holder fram of 995.950327 H., Ghai, S Performance -and-why-di 2015). Gene nformed/top D., & Don nagement R L. (1995). T mplications. 995.950327 (1991). Ste Australia 962910160 2013). A st ational and 11/joop.120 of gender, ag nds. Paper p e Netherlan & Shrader, Governance 8683.00011 ate governa Nigeria. Cor -243. https:/ 102 W. G. (2003 Review, 007). The v Journal of 090000034 mework for Managem 71994 S. & Scrug e. Harvard iversity-imp erational eth ics/article/2 naldson, L. Review, 22( The stakeho Academy 71992 ewardship t an Journa 00103 tatus perspe d Organizat 014 ge and natio presented at nds. , C. B. (200 e: An In 1 ance structu rporate Go //doi.org/10 Asian 3). Corpora February value of out Financial a 458 analyzing a ment R ggs, J. (201 d Business proves-your hics: are we 2015/11/19/ (1997). To 1), 20-47. h older theory of Mana theory or ag al of M ective on the tional Psyc onality dive t the 5th IBA 03). Board ternational ure and firm overnance: 0.1108/1472 n Journal of F te governan y 2003. tside directo and Quantit and evaluati Review, 9). When a s Review. r-boards-per really that d generationa oward a stew https://doi.or y of the m gement Re gency theory Management e consequen chology, Sp rsity on com A Bachelor of director Review, m performa The Intern 2070091096 Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro nce, board d Retrieved ors: Eviden tative Analy ing corporat 20, and Why D Retrieved erformance different? R al-ethics-are wardship th rg/10.2307/ modern corp eview, 20, y: CEO gov t, 16(1), nces of wor pecial Issue mpany perfo Thesis Con r diversity a 11(2), 1 ance in dev national Jou 64307 ccounting 946-052X 13, No. 2 think.org/ diversity, from: nce from ysis, 42, te social 92-117. Diversity d from: Retrieved e-we-rea heory of /259223 poration: 65-91. vernance 49-64. rk group e, 86(2), ormance nference, and firm 102-111. veloping urnal of Fama, E Econom Fama, E Econom Freema Manage Freema Books. Gavrea, perform https://i Goyal, function Studies, Gourlay compan https://d Hambri its t https://d Harjoto respons https://d Hassan, examin Hillman corpora change. https://d Hoffma member Psychol Horvath perform https://d Houle, E. (1980). my, 88(2), 2 E. F., & Jen mics, 26, 30 an, R. E. (19 ement, 1, 31 an, R. E. (1 , C., Steger mance: ideas.repec. R., Kakaba nal diversity , 3(2), 113- y, A. & Sea nies. doi.org/10.1 ick, D. C. an top man doi.org/10.5 o, M., Lak sibility. doi.org/10.1 , R. & Mari ing large co n, A. J., Ca ate directors . Jou doi.org/10.1 an, L. R. & rs of homo logy, 62(2), h, R. & Spir mance? T doi.org/10.1 C. O. (1990 Agency pr 88-307. http sen, M. C. ( 1-325. https 983). Strateg 1-60. https:/ 1984). Strat rean, R. & M evidence org/a/bbn/j adse, N. & y on FTSE 136. https:// aton, J. S. ( Applied 1080/00036 nd Mason, P nagers. A 5465/amr.19 ksmana, I. Journal 1007/s1055 imuthu, M. ompanies us anella, A. A s: Strategic rnal 1111/1467-6 & Maier, N. ogeneous an , 401-407. h rollari, P. (2 he U.S. 18267/j.pep 0). Who sho roblems and ps://doi.org/ (1983). Sepa s://doi.org/1 gic managem //doi.org/10 tegic manag Marin, A. ( from ournl/2012_ Kakabadse 350 boards /doi.org/10. (2004). The d 840420002 P. A. (1984) Academy 984.427762 & Lee, R of 1-014-2343 (2016). Co sing panel d A. & Paetzo adaptation of M 6486.00179 R. F. (196 nd heterogen https://doi.o 2012). Do th evidence .435 ould be on y 103 d the theor /10.1086/26 aration of o 10.1086/467 ment: A sta 0.1017/CBO gement: a s (2012). Cor Roman _1_2_gavre e, A. (2019 s: directors’ .1108/JCMS e determina Economics 295610 ). Upper Ec of Ma 28 R. (2015). Busines 3-0 orporate gov data. Econom old, R. L. ( of board c Management 9 61). Quality neous grou org/10.1037/ he board of . Prague your board? Asian ry of the fi 60866 ownership an 7037 akeholder ap O978113919 stakeholder rporate boar nian fi ea.html. 9). Improvin ’ perspectiv S-09-2019- ants of firm , helons: The nagement Board div ss Eth vernance, bo mics Bulleti (2000). The omposition t Stud and accept ups. The Jou /h0044025 f directors´ c Econom Non-profit n Journal of F firm. The Jo nd control. J pproach. Ad 92675.003 r approach. rd structure rms. R ng corporat ve. Journal 0044 m diversifica 36(18), e organizatio Review, versity and hics, 1 oard diversi in, 36(3, A1 e resource d n in respons dies, tance of pro urnal of Ab characteristi mic Paper World, 8, 3 Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro Journal of P Journal of L dvances in S . New York and organi Retrieve te governan of Capital ation in UK 205 on as a refle 9, 1 d corporate 132, 6 ity, and firm 170. dependence se to enviro 37, 2 oblem solu bnormal and tics influenc rs, 4, 4 33–35. ccounting 946-052X 13, No. 2 think.org/ Political Law and Strategic k: Basic izational from: nce with Markets K quoted 59-2071. ection of 193-206. e social 641-660. m value: e role of onmental 235-255. tions by d Social ce firm´s 470-486. Huse, M subsidia https://d Jenning https://w Jensen, systems https://d Jensen, costs https://d Jones, T Academ https://d Kane, S generat https://w Kang, H diversit Review, Kim, W profit https://d Levit, A from: h Lipton, Busines Malays Miliken effects o https://d Minichi examin https://d Mitchel salience Review, M., & Rind ary board doi.org/10.1 gs, A. T. www.journa M. C. (199 s. doi.org/10.1 M. C. & M and owne doi.org/10.1 T. M. (1995 my doi.org/10.5 S. (2017). Co ion can be www.thebal H., Cheng, ty and inde , 15(2), 194 W. C., Hwan perform doi.org/10.1 A. (2015). M https://www M. & Lors ss Lawyer, 4 ian Code on n, F. & Mar of diversity doi.org/10.5 illi, A., Za ation of bo doi.org/10.1 ll, R., Agle, e: defining , 22 (4): 853 dova, V. P. ds. Journ 1023/A:101 (2000). H alofaccount 93). The mod Journal 1111/j.1540 Meckling, W ership stru 1016/0304-4 5). Instrum of 5465/amr.19 ommon cha enefit your lance.com/w M. & Gray pendence o 4-207. https ng, P. & Bur mance. S 1002/smj.42 Make way fo .nytimes.co sch, J.W. ( 48, 59-77. n Corporate rtin, L. (199 in organiza 5465/amr.19 attoni, A., oard task p 1111/j.1467 B. & Wood the princip 3-886. https (2001). Sta nal of M 301790906 Hiring gene tancy.com/i dern industr of -6261.1993 W. H. (1976 ucture. Jo 405X(76)90 ental stakeh Manageme 995.950731 aracteristics law firm, workplace-c y, S. J. (20 of Australia ://doi.org/10 rgers, W. P. Strategic 250100105 or generatio om/2015/03/ 1992). A m e Governanc 96). Searchi ational group 996.960506 & Zona, F performanc -8551.2008 d, W. (1997 ple of who s://doi.org/1 104 akeholders’ Managemen 67 eration X. ssues/2000/ rial revoluti F 3.tb04022.x 6). Theory ournal of 0026-X holder theo ent 2924 of tradition 20 March characteristi 007). Corpo an boards. C 0.1111/j.14 (1989). Glo Manage on Z. March /29/jobs/ma modest prop ce. (2017). K ing for com ups. Academ 60217 F. (2009). ce. British 8.00591.x 7). Towards and what 10.2307/259 Asian expectation nt and February /feb/hiringg ion, exit, an Finance, of the firm Financial ry: A synth Review, nalists (the s h 2017, Leg ics-silent-ge orate govern Corporate G 67-8683.20 obal diversi ment J 28, 2015. T ake-way-for posal for im Kuala Lump mmon thread my of Manag Making bo Journal of s a theory of really coun 9247 n Journal of F ns of board Governanc 1, (2000) generationx. nd the failure 48, : manageria l Economi hesis of ethi 20(2) ilent genera gal Careers eneration-2 nance and b Governance 007.00554.x ification stra Journal, The New Yor r-generation mproved cor pur: Securit ds: understa gement Revie oards effect f Managem f stakeholde nts. Academ Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro d roles: The ce, 5, 1 . Retrieved .html. e of interna 8 al behavior, ics, 3, 3 hics and eco ), 4 ation) how t rs. Retrieve 164692. board comp e: An Inter x ategy and c 10(1), rk Times. R n-z.html rporate gove ties Commi anding the m iew, 21(2), 4 tive: An em ment, 20(1), er identifica my of Mana ccounting 946-052X 13, No. 2 think.org/ e case of 153-178. d from: l control 831-880. , agency 305-360. onomics. 404-437. he silent ed from: position: national orporate 45-57. Retrieved ernance. ission. multiple 402-433. mpirical , 55-74. ation and agement Mohd S characte https://d Monks, Nachum Journal https://d Palmer, theory o https://d Pechers enhance https://d Pesäma perform Pfeffer, organiz https://d Pfeffer, depende Santalo perform https://d Sarbane Shukeri perform 5(9), 12 Thillain markets Corpora Weisba 20, 431 William millenn https://w ost-gen Saleh, N., M eristics: doi.org/10.1 , R. A. G & m, L. (2004 l o doi.org/10.1 , D. & Barb of corporate doi.org/10.2 sky, A. (20 e board doi.org/10.1 aa, O; Klae mance: the c , J. (1973). zation envi doi.org/10.2 , J. & Sala ence perspe o, J. & Bece mance lin doi.org/10.1 es Oxley Ac i, S. W., Sh mance? Evid 20-127. http nathan, R. ( s, mechanis ate Governa ach, M. S. (1 -460. https: ms, R. (2013 nials loo www.psych eration. Mohd Iskand Evidence 17576/pengu Minow, N. 4). Geograp of 1111/j.1467 ber, B. M. e acquisitio 2307/26671 016). Divers performanc 1515/stcb-2 esson, J. & case of Gnos Size, comp ironment l 2307/23916 ancik, G. R ective. New rra, M. (200 nkage. Th 1111/j.1540 ct. (2002). R hin, O. W. & dence from ps://doi.org/ (1999). Cor sms, agent ance. 1988). Outsi ://doi.org/10 3). Is gen Y ok dim. hologytoday dar, T. & Rah from M urusan-200 . (1995). Co phic and ind Manageme -6486.2004 (2001). Cha ons in the 1 26 sity in boa ce. Studia 016-0009 & Haahti, sjö region in position and linkage. A 68 R. (1978). T York: Harp 08). Compe he Journ -6261.2008 Retrieved fr & Shaari, M Malaysian 10.5539/ibr rporate gov s & the le ide directors 0.1016/0304 Y becoming Posted y.com/blog/w 105 hmat, M. M Malaysia. 5-24-04 orporate Go dustrial div ent 4.00432.x allengers, e 960s. Admi ard of direc Commerc A. (2008). n Sweden. I d function o Administrati The externa per and Row etition from nal of 8.01333.x rom: https:// M. S. (2012 public liste r.v5n9p120 vernance & egal infrast s and CEO t 4-405X(88) g the new "l d Apr wired-succe Asian M. (2005). Ea Jurnal P overnance, 5 versification Studies, elites, and o inistrative S ctors: Revie cialia Bra . Board of Innovative M of hospital b ive Scienc al control w. specialized Finance, /www.sec.g 2). Do board d firms. Int restructurin tructure. W turnover. Jo )90053-0 lost generat 09, 2 ess/201304/ n Journal of F arnings man Pengurusan 5th Edition. of develop 41, owning fam Science Qua ew of diver atislavensia f directors Marketing, boards of d e Quarter of organiza d firms and t 63(2). gov/about/la d of charact ternational B ng in Malay World Bank/ ournal of Fin tion”? Econ 2013, R /is-gen-y-be Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro nagement an n, 24, . ping countr 2 milies: a soc arterly, 46, rsity as a f a, 9(33), and its ef 4(4), 77-85 directors: a rly, 18, 3 ations: A r the diversif April: 8 aws/soa2002 teristics aff Business Re ysia – A re k/OECD Su nancial Eco nomic prosp Retrieved ecoming-the ccounting 946-052X 13, No. 2 think.org/ nd board 77-103. ry firms. 273-294. ial class 87-120. factor to 88-101. ffect on 5 study of 349-363. resource fication– 851-883. 2.pdf. fect firm esearch, eview of urvey of onomics, pects for from: e-new-l Wood, research Analysi Van de backgro Review, Vroom, Journal Zemzem the Tun https://d Copyri Copyrig the jour This is Commo D. & Jones h on corpo is, 3(3), 229 er Walt, N. ound, gende , 11(3), July , V. H. & P l of Applied m, A. & Kac nisian lendin doi.org/10.2 ights ght for this rnal. an open-a ons Attribut s, R. (1995) orate social 9-267. https & Ingley, er and ethnic y: 218-234. Pahl, B. (197 d Psychology cem, O. (20 ng institutio 20525/ijfbs. article is re access articl tion license ). Stakehold l performan ://doi.org/10 C. (2003). c diversity o https://doi. 71). Relatio gy, 55(5) Oc 014). Risk m ons. Interna v3i1.179 etained by t le distribute (http://crea 106 der mismat nce. The I 0.1108/eb02 Board dyn of directors. org/10.111 onship betw ctober: 399- management ational Jour the author(s ed under th ativecommo Asian ching: a the Internationa 28831 namics and . Corporate 1/1467-868 ween age and 405. https:/ t, board char rnal of Fina s), with firs he terms an ons.org/licen n Journal of F eoretical pr al Journal the influen Governanc 3.00320 d risk taking /doi.org/10. racteristics ance & Ban st publicatio nd conditio nses/by/4.0/ Finance & Ac ISSN 19 2021, Vol. 1 ajfa.macro roblem in em of Organi nce of prof ce: An Inter g among m .1037/h003 and perform nking Studi on rights gr ons of the C /) ccounting 946-052X 13, No. 2 think.org/ mpirical izational fessional national anagers. 1776 mance in es, 3(1). ranted to Creative