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<p>This study explores how gender diversity on corporate boards influences CEO turnover and firm performance, addressing a key issue in corporate governance. Using data from 31,158 firm-year observations across 2578 US industrial firms, the study examines whether gender-diverse boards are more likely to initiate CEO turnover and how such changes affect firm profitability. The findings reveal that gender-diverse boards are 72.8% more likely to replace CEOs in underperforming firms, resulting in a 3.9% increase in return on assets (ROA) 3&#xa0;years after the transition. These results highlight the critical role of board diversity in fostering accountability and driving adaptive strategies, emphasizing its contribution to improved long-term performance. This research bridges gaps in the literature by showing how diversity strengthens corporate governance through leadership transitions and enhances knowledge creation and application, aligning with the broader discourse on the benefits of diversity in decision-making and oversight.</p>

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Board Gender Diversity, CEO Turnover, and Subsequent Firm Performance

  • 期刊论文

  • 发表日期：

    2025年4月24日

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  • Matthew Imes,
  • Jessica West,
  • Mark West,
  • Shan Yan

摘要

This study explores how gender diversity on corporate boards influences CEO turnover and firm performance, addressing a key issue in corporate governance. Using data from 31,158 firm-year observations across 2578 US industrial firms, the study examines whether gender-diverse boards are more likely to initiate CEO turnover and how such changes affect firm profitability. The findings reveal that gender-diverse boards are 72.8% more likely to replace CEOs in underperforming firms, resulting in a 3.9% increase in return on assets (ROA) 3 years after the transition. These results highlight the critical role of board diversity in fostering accountability and driving adaptive strategies, emphasizing its contribution to improved long-term performance. This research bridges gaps in the literature by showing how diversity strengthens corporate governance through leadership transitions and enhances knowledge creation and application, aligning with the broader discourse on the benefits of diversity in decision-making and oversight.