This study examines the effect of board diversity on risk-taking for tourism firms and analyzes the moderating effect of board independence, CEO duality, and free cash flows in this proposed relationship. Using a composite index of board diversity and a sample of tourism firms from the US hotel, restaurant, and airline industries, we find that greater board diversity leads to lower risk-taking, measured in standard deviation of return on assets. Moreover, we report that the risk-reduction effect of board diversity is more profound when tourism firms have less board independence and less free cash flows for investments. When board diversity is decomposed into relation-oriented and task-oriented diversity attributes, we find that only the task-oriented diversity is influential in reducing firm risk-taking for tourism firms. Akin to main analysis, the board independence and free cash flows are significant moderators of the relationship between task-oriented diversity and firm risk-taking.

这项研究考察了董事会多元化对旅游公司承担风险的影响，并分析了董事会中独立性，首席执行官双重性和自由现金流量在这种提议关系中的调节作用。使用董事会多元化综合指数以及来自美国酒店，饭店和航空业的旅游公司的样本，我们发现，董事会多元化程度越高，以资产收益率的标准差衡量的风险就越低。此外，我们报告说，当旅游公司的董事会独立性较低且投资的自由现金流较少时，董事会多元化的风险降低效果会更深远。当董事会多元化被分解为关系导向型和任务导向型的属性时，我们发现只有任务导向型的多元化才能降低旅游公司的风险承担。类似于主要分析，