Board Diversity and Corporate Performance: Evidence from the Belgrade Stock Exchange

Mihailović, Branko and Popović, Vesna and Radović, Gordana (2026) Board Diversity and Corporate Performance: Evidence from the Belgrade Stock Exchange. Economics of Enterprise, 74 (3-4). pp. 195-205. ISSN 0353-443X

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Abstract

For a discussion group of 88 companies registered on the Belgrade Stock Exchange (BSE) among 2019 and 2024, this investigation analyzes the link between board diversity and corporate performance. We find substantial proof that board gender diversity, board independence, and the existence of an audit committee have a statistically substantial as well as economically measurable positive influence on corporate performance, as measured by return on assets (ROA), return on equity (ROE), and Tobin’s Q. We do that with the help of pooled OLS, fixed effects, random effects, and two-step standard metric GMM estimation techniques in order to account for possible endogenous factors. On the other hand, throughout all parameters, CEO duality is associated with significantly poorer financial results.

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