This study investigates the impact of boardroom diversity (BD) on firms’ financial performance (FP), drawing on economic and resource dependency theory. It explores the influence of strategic change (SC) on this nexus, using a six-dimensional index to measure BD and SC. Analyzing a dataset of 240 non-financial firms listed on four stock exchanges (Moscow, Shanghai, Bombay, and Pakistan) over 13 years (2008–2020), the study uses the generalized method of moments. Results indicate a positive impact of BD on FP, weakened by SC. The findings offer policy implications for improving FP through increased BD, while considering SC's influence.

Tanveer Bagh, Muhammad Asif Khan, Natanya Meyer, Hammad Riaz