The University of Southampton
University of Southampton Institutional Repository

Board composition and financial performance: uncovering the effects of diversity in an emerging economy

Mahadeo, Jyoti Devi, Soobaroyen, Teerooven and Oogarah-Hanuman, Vanisha (2012) Board composition and financial performance: uncovering the effects of diversity in an emerging economy Journal of Business Ethics, 105, (3), pp. 375-388. (doi:10.1007/s10551-011-0973-z).

Record type: Article


We examine the key elements of board diversity (or heterogeneity) amongst listed companies operating in an emerging economy (Mauritius) and the extent to which these influence financial performance. Specifically, we ask whether there is evidence of tangible benefits in pursuing a strategy of board diversity in terms of gender-, age-, educational background and independence in a corporate context which has long been dominated by family-led and ‘closed’ boardrooms. In light of recent corporate governance developments which appear to foster greater diversity, we examine data from the 2007 annual reports of all 42 companies listed on the Stock Exchange of Mauritius. We find that (i) women remain poorly represented on boards (ii) there is a relatively satisfactory level of heterogeneity in terms of educational background, age and independence in relation to developed countries. We also find significant regression coefficients for all four variables in terms of their impact on short-term performance. However, these relationships are characterised by both negative and positive impacts thereby leading to discussions on the validity of a strict heterogeneous or homogeneous board composition in the context of a developing economy.

Full text not available from this repository.

More information

Accepted/In Press date: July 2011
Published date: 2012
Organisations: Centre of Excellence in Decision, Analytics & Risk Research


Local EPrints ID: 194657
ISSN: 0167-4544
PURE UUID: 7098ae36-d3d5-4b85-85d1-8a46588431e5

Catalogue record

Date deposited: 09 Aug 2011 11:12
Last modified: 18 Jul 2017 11:26

Export record



Author: Jyoti Devi Mahadeo
Author: Teerooven Soobaroyen
Author: Vanisha Oogarah-Hanuman

University divisions

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton:

ePrints Soton supports OAI 2.0 with a base URL of

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.