Table 7 Summary of results Hypotheses... | Emerald Publishing

Table 7

Summary of results

Hypotheses	Supported?	King IV effect	Positive (+) negative (−) influence of contextual factors
H1	Y	Increased gender and racial diversity	± Compliance with reporting of diversity targets and progress ± Use of alternative sourcing methods to fill skills and expertise gaps − Skills shortage, lack of diversity of executive directors can affect pipeline of NEDs − Long tenure of NEDs means fewer opportunities to appoint ± Smaller boards mean fewer opportunities albeit improving cohesion and impact − Change in culture requires time, e.g. transition from “comply and explain” to “apply and explain” + Claims of less cronyism than in the past
H2a	Y	Diversity index positively associated with market performance (before King IV)	− Perception of window dressing/tokenisms − Takes time to develop productive diversity – balancing cohesion and independence − No diversity of thought if new appointments have (or are seen to have) same characteristics as in-group ± Orderly onboarding
H2b	Y	Negative moderation effect; board diversity shows less association with market performance after King IV
H3a	N	Diversity dimensions and diversity index not associated with environmental or social performance (before King IV)	+ Directors mirror society’s focus on addressing social inequalities ± Green energy transition pits environmental sustainability against social and economic performance
H3b	Y	Diversity index significantly interacted with post-King IV indicator: negative moderation effect with environmental performance, positive moderation effect with social performance after King IV

Hypotheses	Supported?	King IV effect	Positive (+) negative (−) influence of contextual factors
H1	Y	Increased gender and racial diversity	± Compliance with reporting of diversity targets and progress± Use of alternative sourcing methods to fill skills and expertise gaps− Skills shortage, lack of diversity of executive directors can affect pipeline of NEDs− Long tenure of NEDs means fewer opportunities to appoint± Smaller boards mean fewer opportunities albeit improving cohesion and impact− Change in culture requires time, e.g. transition from “comply and explain” to “apply and explain”+ Claims of less cronyism than in the past
H2a	Y	Diversity index positively associated with market performance (before King IV)	− Perception of window dressing/tokenisms− Takes time to develop productive diversity – balancing cohesion and independence− No diversity of thought if new appointments have (or are seen to have) same characteristics as in-group± Orderly onboarding
H2b	Y	Negative moderation effect; board diversity shows less association with market performance after King IV
H3a	N	Diversity dimensions and diversity index not associated with environmental or social performance (before King IV)	+ Directors mirror society’s focus on addressing social inequalities± Green energy transition pits environmental sustainability against social and economic performance
H3b	Y	Diversity index significantly interacted with post-King IV indicator: negative moderation effect with environmental performance, positive moderation effect with social performance after King IV

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