“…"In addition, most of the empirical research on board diversity was mainly carried out in developed countries, such as the U.S. [19], the U.K. [20] and Australia" [21]. "Owing to the differences between the developed and the developing countries, in terms of their regulatory, cultural and economic environments, size of capital markets and effectiveness of governance mechanism [22][23][24][25], more evidence should be drawn from the developing countries, in a way to contribute to the limited literature on board diversity in these countries, particularly in developing countries" [26]. "Rather than relying on research results from other countries, researchers need to take national circumstances into account in examining board diversity, thus calling for more research works on this topic to be undertaken in different countries" [27].…”