Board Composition Beyond Independence

Abstract

Board composition is a critical element in the ability of the board to impact firm outcomes. While much of this research has focused on size and independence, there is growing literature that investigates the composition of directors’ demography, human capital, and social capital. The purpose of this article is to synthesize this diverse literature. The authors first review the literature on board demographics, human capital, and social capital composition research. In doing so, they highlight the theoretical and methodological approaches utilized. Finally, they suggest avenues for future research that can advance our understanding of the effects of board composition.