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Contribution Details

Type Master Thesis
Scope Discipline-based scholarship
Title Is There Value in Director Origin Diversity? An Analysis of a Legislative Change in Switzerland
Organization Unit
  • Daniel Strickler
  • Alexander Wagner
  • Christoph Wenk Bernasconi
  • English
Institution University of Zurich
Faculty Faculty of Business, Economics and Informatics
Number of Pages 38
Date October 2017
Abstract Text A legal change in 2008, no longer requiring Swiss firms to occupy their boards with amajority of Swiss directors, and Switzerland hosting numerous internationally operating firms provided an natural experiment for the value proposition of internationally diverse boards. Using a panel of 81 firms for the years 2006 to 2012 listed on the Swiss stock exchange, this thesis investigates the drivers of international diversity of boards and the implications on firm valuation. Mixed ANOVA showed that larger and more international firms have significantly more diverse boards in terms of nationalities than smaller firms and firms operating domestically. ANOVA showed a significant increase in diversity but could not associate it with the legal change. OLS, fixed and random effects could not support the value proposition.
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