Purpose In the wake of inconsistent findings between board diversity and firm performance, the purpose of this paper is to advance the research by examining the linear and non-linear nature of the relationship between board demographic diversity (gender, age, tenure, and education) and firm performance in Indian knowledge-intensive firms (KIFs). Design/methodology/approach This study uses a panel data set of top KIFs in India that is listed in National Stock Exchange’s Top-200 list for the period 2010-2014. Findings Results indicate that there exists a positive linear relationship between the overall board demographic diversity index (board gender, age, tenure, and education) and firm performance. Among the effects of individual board diversity variables, the authors have found that board age diversity positively whereas education diversity negatively influences firm performance. Furthermore, gender diversity and tenure diversity do not significantly influence the firm performance. Research limitations/implications This study is based on the following demographic factors: gender, age, tenure, and level of education. The authors did not include other demographic variables such as nationality and language. Practical implications This research would help knowledge-intensive companies in designing their corporate boards. The results indicate that companies should have more diverse boards to enhance firm performance. Originality/value To the best of the authors’ knowledge, this is the first research to examine the effect of the overall board diversity index and individual board demographic diversity indices (gender, age, education, and tenure) on firm performance in the context of KIFs in India.

Purpose The purpose of this paper is to synthesize the diverse literature on board demographic diversity and to provide avenues for future research. Design/methodology/approach The study provides a comprehensive literature review of theoretical and empirical studies published in leading management journals from 1989 to 2015. Findings The literature review revealed several aspects that are related to board demographic diversity. These aspects have been classified into: definitions and types of board diversity, dimensions of board demographic diversity, measurement and outcomes of board diversity, reasons for existing conflicting empirical findings about the relationship between board diversity and firm dynamics, and research on mediators and moderators. Originality/value Issues pertaining to board demographic diversity identified in this paper have theoretical and practical implications, and include avenues for future research.

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