Is the Serotonin Transporter Gene Associated with Board and Management Diversity? A Cross-National Study

Abstract

This study aims to explore how the serotonin transporter gene affects corporate governance practices in an economy directly and indirectly through national culture. We investigate how the serotonin transporter gene affects corporate governance practices, especially board and management gender diversity and board independence in different economies. Our empirical analyses reveal that the prevalence of the S-allele carriers in an economy is negatively associated with board and management gender diversity and board independence. We also find that cultural collectivism mediates the effect of the S-allele on board gender diversity to some extent. By uncovering the relationships between human genes, national culture, and corporate governance practices in different economies, this study contributes to comparative corporate governance research. Specifically, this study offers some evidence that genetic differences may impact governance and management practices. By doing so, the study extends the scope of cross-national comparison of corporate governance practices.