Impacto de la diversidad del directorio en las decisiones de innovación: evidencia empírica de las multilatinas (#154)

Authors

Mendiola, Luis

Martinez, Diego

Abstract

Innovation is central to the competitiveness and international expansion of multilatinas, yet empirical evidence on how board diversity influences innovation decisions in these firms remains limited. Drawing on Behavioral Agency Theory, this study examines the impact of demographic, cognitive, and structural board diversity on innovation investment, measured through capital expenditures (CAPEX). Using panel data from multilatinas and estimating fixed-effects models, the analysis evaluates the differentiated effects of multiple diversity dimensions on firms’ innovation intensity. The results show that cognitive and structural diversity, particularly director experience, board independence, and board size—positively and consistently influence innovation investment. Conversely, demographic diversity, especially female representation, exhibits a negative association with CAPEX-based innovation, suggesting that demographic attributes alone may not be sufficient to promote long-term investment decisions in institutionally volatile environments. Regulatory quality emerges as a critical contextual factor that strengthens firms’ willingness to invest in innovation. The study contributes to literature by providing a multidimensional view of diversity’s effects on innovation and by highlighting the importance of institutional context for strategic decision-making in emerging-market multinationals. These findings offer practical implications for firms seeking to enhance innovation through governance reforms and for policymakers aiming to foster more supportive regulatory environments