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Board Diversity and Outward FDI: Evidence from Europe

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  • Valeria Gattai
  • Piergiovanna Natale
  • Francesca Rossi

Abstract

Employing firm-level panel data from 2011 to 2015, we investigate the relationship between board diversity and outward foreign direct investment (OFDI) among firms headquartered in Europe. Previous studies suggest that best-performing firms self-select into OFDI and that board diversity affects firm performance and strategic decisions. Our focus is on board diversity in terms of gender and nationality as determinants of OFDI. After controlling for endogeneity using instrumental variables and control function methods, we find that board diversity positively affects OFDI by increasing firm performance; however, firms with more diverse boards are less likely to open foreign subsidiaries. Our findings also reveal that the negative effect of board diversity on OFDI is stronger in more productive firms.

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  • Valeria Gattai & Piergiovanna Natale & Francesca Rossi, 2022. "Board Diversity and Outward FDI: Evidence from Europe," Working Papers 491, University of Milano-Bicocca, Department of Economics, revised Mar 2022.
    • Handle: RePEc:mib:wpaper:491
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    More about this item

    Keywords

    Board diversity; Outward Foreign Direct Investment (OFDI); Foreign Direct Investment (FDI); Firm performance; Europe;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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