Board tenure diversity and shareholder value creation of non-financial companies listed in South Africa
Douglas Zvinowanda ORCID ↗ · Elza Odendaal ORCID ↗
International Journal of Business Ecosystem & Strategy · 2026 · Vol. 7 / Issue 6 · 70-89
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Observed 21 Oct 2026, 00:14 UTC
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Abstract
This research examined the influence of board tenure diversity (BTD) on shareholder value creation (SVC) among 95 non-financial companies listed in South Africa. A quantitative quasi-experimental research design was employed. The data collection sources included integrated annual reports, the Who Owns Whom database and the Osiris database. The study used a fixed effects model to test the hypotheses. BTD was measured using the Blau index (BI_BTD), average tenure (AVE_TBM), standard deviation (SD_TBM), and coefficient of variation for tenure board members (TBM), as well as dummies for short tenured boards (AVE_TBM 3) and long tenured boards (AVE_TBM 10) The proxies of SVC included standard market value added (SMVA), market-to-book ratio (MTB) and Tobin’s Q (TBQ). The results of curvilinear quadratic models indicate that all BTD measures had both positive and negative influences on all SVC measures, highlighting an inverted U-shaped effect. The inverted U-shape effect reflects a trade-off between beneficial knowledge accumulation and harmful entrenchment or coordination problems as board tenure diversity increases beyond an optimal level. Given the inverted U-shaped effect, many proposals for corporate governance reform explicitly stress the importance of limiting board tenure.
Keywords: {'name': 'Corporate Governance'}, {'name': 'board tenure diversity'}, {'name': 'shareholder value creation'}, {'name': 'South Africa'}, {'name': 'Theories of diversity'}, {'name': 'curvilinear models'}
Authors & affiliations
Douglas Zvinowanda
University of South Africa
Elza Odendaal
University of South Africa
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