Keywords: diversity, top management team, performance


The purpose of this literature review is to provide future research opportunities on the diversity of top management teams from the literature of leading management journals, especially in the field of finance and corporate governance from 2015-2018. Two literature review articles previously conducted by Kagzi & Guha, 2018 and Roberson, 2017, became the initial basis for conducting this review literature review. The literature review framework contains the background of the literature review, literature review methodology, and future research opportunities.


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[1]. Ali, M., & Azmi, W. (2016). Religion in the boardroom and its impact on Islamic banks' performance. Review of Financial Economics, 31(1), 83-88.
[2]. Altin, D. Analisis Kinerja Keuangan Bank BPR Konvensional di Indonesia Periode 2009 sampai dengan 2012. PEKBIS (Jurnal Pendidikan Ekonomi Dan Bisnis), 5(2), 101-110
[3]. Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588-612.
[4]. Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018). Female Board Directorship and Firm Performance: What Really Matters? Journal of Banking & Finance.
[5]. Conyon, M. J., & He, L. (2017). Firm performance and boardroom gender diversity: A quantile regression approach. Journal of Business Research, 79, 198-211.
[6]. Estélyi, K. S., & Nisar, T. M. (2016). Diverse boards: Why do firms get foreign nationals on their boards? Journal of Corporate Finance, 39, 174-192.
[7]. Farag, H., & Mallin, C. (2017). Board diversity and financial fragility: Evidence from European banks. International Review of Financial Analysis, 49, 98-112.
[8]. Frijns, B., Dodd, O., & Cimerova, H. (2016). The impact of cultural diversity in corporate boards on firm performance. Journal of Corporate Finance, 41, 521-541.
[9]. García-Meca, E., García-Sánchez, I.-M., & Martínez-Ferrero, J. (2015). Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance, 53, 202-214.
[10]. Green, C. P., & Homroy, S. (2018). Female directors, board committees and firm performance. European Economic Review, 102, 19-38.
[11]. Hassan, R., & Marimuthu, M. (2018). Bridging and Bonding: Having a Muslim Diversity on Corporate Boards and Firm Performance. Journal of Islamic Accounting and Business Research(just-accepted), 00-00.
[12]. Harjoto, M. A., Laksmana, I., & Yang, Y.-w. (2018). Board diversity and corporate investment oversight. Journal of Business Research, 90, 40-47.
[13]. Kagzi, M. A., & Guha, M. (2018). Board demographic diversity: a review of literature. Journal of Strategy and Management(just-accepted), 00-00.
[14]. Li, P.-Y. (2018). Top management team characteristics and firm internationalization: The moderating role of the size of middle managers. International Business Review, 27(1), 125-138.
[15]. Low, D. C., Roberts, H., & Whiting, R. H. (2015). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific-Basin Finance Journal, 35, 381-401.
[16]. Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2018). Gender diversity in the board, women’s leadership and business performance. Gender in Management: An International Journal.
[17]. Owen, A. L., & Temesvary, J. (2018). The performance effects of gender diversity on bank boards. Journal of Banking & Finance, 90, 50-63.
[18]. Perryman, A. A., Fernando, G. D., & Tripathy, A. (2016). Do gender differences persist? An examination of gender diversity on firm performance, risk, and executive compensation. Journal of Business Research, 69(2), 579-586.
[19]. Roberson, Q., Holmes IV, O., & Perry, J. L. (2017). Transforming research on diversity and firm performance: A dynamic capabilities perspective. Academy of Management Annals, 11(1), 189-216.
[20]. Saeed, A., & Sameer, M. (2017). Impact of board gender diversity on dividend payments: Evidence from some emerging economies. International Business Review, 26(6), 1100-1113.
[21]. Schwab, A., Werbel, J. D., Hofmann, H., & Henriques, P. L. (2016). Managerial gender diversity and firm performance: An integration of different theoretical perspectives. Group & Organization Management, 41(1), 5-31.
[22]. Suhardi, S. (2017). Telaah Kepemilikan Kebenaran Ilmiah Pada Pengembangan Pengetahuan Akuntansi. University Library of Munich, Germany
[23]. Talavera, O., Yin, S., & Zhang, M. (2018). Age diversity, directors' personal values, and bank performance. International Review of Financial Analysis, 55, 60-79.
[24]. Thams, Y., Bendell, B. L., & Terjesen, S. (2018). Explaining women's presence on corporate boards: The institutionalization of progressive gender-related policies. Journal of Business Research, 86, 130-140.
How to Cite
Altin, D., & Suhardi, S. (2021). META REVIU: DIVERSITAS TOP MANAGEMENT TEAM TERHADAP KINERJA PERUSAHAAN. JEM Jurnal Ekonomi Dan Manajemen, 7(2), 41-57. Retrieved from