The board of directors’ diversity plays a crucial role in the firm’s decision-making process, which includes risk management. This study proposes a multidimensional index to measure board diversity. We use the Standard and Poor’s (S&P) 1500 between 1996 and 2013 to analyse the relationship between board diversity and credit risk. We find an inverse and significative relation between board diversity and credit risk, which means that diversity matters in credit risk, and more diversity leads to less credit risk.

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董事会多元化对信用风险是否重要？

董事会的多元化在公司的决策过程中起着至关重要的作用，其中包括风险管理。本研究提出了一个多维指标来衡量董事会的多样性。我们使用 1996 年至 2013 年间的标准普尔 (S&P) 1500 指数来分析董事会多元化与信用风险之间的关系。我们发现董事会多元化与信用风险之间存在显着的反比关系，这意味着多元化在信用风险中很重要，而多元化程度越高，信用风险越低。