“…Some studies conclude that demographic diversity among leadership ranks reduces segregation and increases pay equity and mobility opportunities for women and minorities (Bilimoria, 2006;Carter et al, 2003Carter et al, , 2010Cohen and Huffman, 2007;Skaggs et al, 2012;Stainback and Kwon, 2012;Terjesen and Singh, 2008). Scholarship specific to board diversity also finds that diverse boards are more transparent and accountable, communicate more effectively, implement innovation more successfully and enjoy better reputations compared to firms without diverse boards (Bear et al, 2010;Brown et al, 2002;Fondas and Sassalos, 2000;Miller and Triana, 2009;Torchia et al, 2011).…”