Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity

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Do environmental, social, and governance activities improve corporate financial performance? (2018, background): “Regarding the issue of women on the board, many studies found that board gender diversity may improve CFP (Erhardt et al., 2003; Hoobler et al., 2016; Terjesen et al., 2016; Wang, 2012).”
Female board directorship and firm performance: What really matters? (2018, background): “As discussed in the literature, the decision to apoint female directors is correlated with various characteristics of he firm ( Ahern and Dittmar, 2012; Terjesen et al., 2016 ).”
Women in the boardroom and their impact on climate change related disclosure (2017, background): “However, in order to avoid the agency conflict, the management should avoid the cost of dealing with environment problems, namely, reducing high-energy consumption, activities to reduce GHG emission, and air and water treatment before being released to the environment (Terjesen et al., 2016).”
Board diversity and firm performance: evidence from the U.K. SMEs (2017, background): “In a recent study, Terjesen, Couto, and Francisco (2015) stated that the presence of female directors is recommended in 16 countries and mandated by gender quotas in 14 countries.”