The current study investigates whether board age diversity affects company financial performance and risk, and whether diverse work-related values held by directors of different ages are the underlying cause of any effects via a sample of listed companies from Turkey, which has a collectivistic and paternalistic culture. In order to investigate these effects, various 2 Stage Least Squares Instrumental Variables models are employed. In addition, to investigate through which channels age diversity may affect company performance, directors' personal values are also considered via propensity score matching. Even though directors’ values are not observable, it is assumed that their ages reflect their values. For this purpose, the current study utilizes the World Value Survey data. The findings suggest that board age diversity has a positive effect on both company performance and risk, but do not suggest that intra-group conflicts in terms of work-related values are the underlying causes of this positive effect.

目前的研究通过来自土耳其的上市公司样本，调查董事会年龄多元化是否影响公司财务业绩和风险，以及不同年龄董事持有的与工作相关的不同价值观是否是任何影响的根本原因，该公司具有集体主义和家长式文化。为了研究这些影响，采用了各种 2 阶段最小二乘工具变量模型。此外，为了调查年龄多样性可能通过哪些渠道影响公司绩效，还通过倾向得分匹配来考虑董事的个人价值观。尽管董事的价值观是不可观察的，但假设他们的年龄反映了他们的价值观。为此，当前的研究利用了世界价值调查数据。