We examine whether board demographic diversity enhances cognitive diversity (measured as director dissent in the boardroom) and monitoring. At the director level, we find that individual directors who are dissimilar relative to other board members in terms of tenure and experience are more likely to dissent. At the board level, boards composed of directors with heterogenous tenure, experience, and gender are more likely to dissent. We also find that stock market reactions to director resignation announcements are more negative for directors who have ever dissented than for other directors. Moreover, following dissent-driven proposal rejections, firms experience an improvement in value and internal governance and a decrease in risk. The results suggest that directors with diverse qualifications and skillsets and female directors enhance cognitive diversity and that this enhanced cognitive diversity helps increase firm value and monitoring effectiveness.

中文翻译：

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董事会人口多样性是否会增强认知多样性和监控？

我们研究了董事会人口多样性是否增强了认知多样性（以董事会中的董事异议来衡量）和监督。在董事层面，我们发现在任期和经验方面与其他董事会成员不同的个别董事更有可能提出异议。在董事会层面，由任期、经验和性别不同的董事组成的董事会更有可能持不同意见。我们还发现，股票市场对董事辞职公告的反应对于曾经提出异议的董事比对其他董事更为负面。此外，在异议驱动的提案被拒绝后，公司会经历价值和内部治理的改善以及风险的降低。