The literature on corporate governance has highlighted the importance of board characteristics related to firm innovation. However, empirical findings have not been totally conclusive, and some seem contradictory. Adopting a new perspective, we have tried to help resolve the puzzle using a meta-analysis that integrates findings from 96 previous studies to analyze the relationship between board attributes, grouped by their relation to structural or demographic diversity, and firm innovation for the period 1988–2018. The results suggest that certain aspects of boards, such as meeting frequency and the proportions of independent directors and outsiders, show the most significant correlations with firm innovation, but the levels of association vary depending on whether innovation is measured as inputs or outputs and depending on the sample considered and the methodology employed. Finally, general guidelines are suggested regarding practical implications and future research. JEL CLASSIFICATION: O32, G34

PurposeAlthough the literature on corporate governance and firm innovation finds that board independence is important, this paper proposes that the presence of independent directors alone is not enough to explain their impact on firm innovation. This study analyses if diversity among independent directors may affect the relationship between board independence and firm innovation.Design/methodology/approachA panel data on a sample of 124 Spanish listed companies for the period 2008–2019 used to test the hypotheses.FindingsResults suggest that independent directors have a negative effect on firm innovation, measured as number of patents, but when there are high levels of gender and nationality diversity among such directors, this negative effect may be mitigated.Originality/valueConsidering that firm innovation is a complex process associated with decision-making and that board independence itself may be not enough, this study goes a step further and delves deeper into the characteristics of independent directors. As far as is known, this paper is the first theoretical and empirical study that considers that independent director diversity as a moderating variable between board independence and firm innovation. Besides, this research contributes to the debate on the role of independent directors in firm innovation and the results may also serve as a guideline for policy makers and firms for structuring boards that are pro-innovation.

El objetivo de investigación es analizar los efectos del altruismo y la credibilidad en las percepciones de la imagen de RSC, y a la vez, la influencia de ésta sobre en la intención de compra. El método consistió en un análisis de ecuaciones estructurales con una muestra de 309 jóvenes universitarios. Los hallazgos sugieren que cuando las comunicaciones de RSC son percibidas como legítimas, el consumidor crea una percepción altruista y creíble, potenciando una imagen socialmente responsable que motiva la intención de compra millennial. La originalidad consiste en presentar un análisis de la generación millennials quienes se muestran como una tendencia socialmente responsable. La principal limitación es la inclusión de millenials universitarios de una sola universidad

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