“…In the next section we review the potential impacts of board ethnicity on board monitoring and present our hypotheses. 3 Studies have also illustrated the importance of nationality (Frijns, Dodd and Cimerova, 2016;Masulis, Wang and Xie, 2012), financial expertise (Guner, Malmendier and Tate, 2008), political experience (Agrawal and Knoeber, 2001;Goldman, Rocholl and So, 2009) and occupation [CEOs (Fahlenbrach, Low and Stulz, 2010), bankers (Dittman, Maug and Scheider, 2010), academics (Francis, Hasan and Wu, 2015;White et al, 2014) and former CEOs (Fahlenbrach, Minton and Pan, 2011)]. Carter et al (2010) control for the possibility that past performance influences board diversity, but not future performance.…”