Governance diversity: Its impact on strategic variation and results

Ihssan Samara, M. K. Nandakumar, Nicholas O'Regan, Hanada M. Almoumani

Research output: Contribution to journalArticlepeer-review


This paper investigates the impact of four drivers of Governance diversity, namely gender, tenure, age, and educational attainment, on strategic direction and variation. It then incorporates corporate financial results as a moderating variable, testing how it impacts the links between board diversity and strategic variation. Strategic variation or change is assessed based on measuring deviation from past strategies. Our sample consists of 5011 firm-year observations from 930 firms in the United States between 2010 and 2018. The findings indicate that the four drivers of Governance diversity show a positive relationship between the corporate board of directors and strategic variation/change. However, the strength of the effect depends on overall firm results/performance.

Original languageEnglish
Pages (from-to)29-42
JournalStrategic Change
Issue number1
Early online date15 Dec 2022
Publication statusPublished - Jan 2023

Bibliographical note

Copyright © 2022, John Wiley & Sons Ltd. This is the peer reviewed version of the following article: 'Samara, I., Nandakumar, M. K., O'Regan, N., & Almoumani, H. M. (2023). Governance diversity: Its impact on strategic variation and results. Strategic Change, 32( 1), 29– 42', which has been published in final form at []. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.

Funding & Acknowledgments: This work was supported by the Deanship of Research & Postgraduate Studies, University of Petra [grant number 2020/2/1].


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