Fields and Keys (2003)

Fields, M. Andrew and Phyllis Y. Keys. "The Emergence of Corporate Governance from Wall St. to Main St.: Outside Directors, Board Diversity, Earnings Management, and Managerial Incentives to Bear Risk" The Financial Review, February 2003.

Includes a review of the literature on board diversity and shareholder value through 2002. See also Carter, Simkins, and Simpson (2003).

From the paper:  "Recent corporate events have brought a heightened public awareness to corporate governance issues. Much work has been accomplished to date, but it is clear that much more remains to be done. This paper provides a review of empirical research in four relevant areas of corporate governance. Specifically, the paper provides an overview of (a) the role that outside directors play in monitoring managers, (b) the emerging literature on the impact of board diversity, (c) the existence of and incentives for corporate executives to manage firm earnings, and (d) managerial incentives to bear risk."

Link:  https://onlinelibrary.wiley.com/doi/pdf/10.1111/1540-6288.00032