Board Diversity's effect on Stock Volatility An empirical study on the Swedish market

Detta är en Kandidat-uppsats från

Författare: Simon Risberg; Sanna Tegenfeldt; [2023-09-15]

Nyckelord: ;

Sammanfattning: In recent years, group diversity has become a prevalent topic of discussion with regard to benefits and drawbacks. This thesis examines the impact of board diversity on stock volatility using data on board directors in Swedish companies over a ten-year period. Regression analysis is employed to investigate the relationship between board diversity and stock volatility. The main finding suggests no significant relationship between board diversity and stock volatility. However, the sensitivity analysis reveals a negative relationship between gender diversity and stock volatility, implying that increased gender diversity may reduce stock volatility. While considering the limitations, particularly the lack of data in the diversity index, further research with more comprehensive and conclusive data is recommended to validate or challenge these findings. Incorporating additional variables and exploring their interactions would deepen the understanding of this complex area. While this study does not establish a direct impact of board diversity on stock volatility, it offers valuable insights for investors and implications for corporate and national governance, particularly in relation to potential future quotas.

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