20.500.12556/RUL-182126 Pharmaceutical companies’ financial outcomes related to innovation and diversity Purpose: This study seeks to understand what are the separate and grouped effects of innovation and diversity of the board of directors on the value creation and financial performance of the global pharmaceutical industry. Design/methodology/approach: To this end, a sample of 92 publicly traded companies, located in 24 countries, whose data were obtained between 2015 and 2022, is considered. The hypotheses arising from the objectives of the study are verified by means of a regression with panel data, both for the main and robustness tests Findings: The results indicate that: i. innovation positively (negatively) affects value creation (financial performance), ii. board diversity positively affects value creation, and iii. the moderating effect of diversity in innovation negatively affects value creation. Practical implications: The results can help investors and pharmaceutical companies to better direct their investments in innovation, as well as in the composition of boards that are more appropriate to the industry's profile. Social implications: Regulators and governments are encouraged to evolve by defining policies focused on research in cutting-edge technologies and diversity in corporate leadership. Originality/value: This study differs from the others since it analyzes the mentioned effects in the pharmaceutical industry on a global scale. In addition, it innovates by considering a diversity proxy that combines gender and age aspects. pharmaceutical industry innovations investments return on equity innovation board diversity value creation financial performance pharmaceutical industry farmacevtska industrija inovacije investicije donosnost kapitala true false false Angleški jezik Slovenski jezik Članek v reviji 2026-04-24 13:24:58 2026-04-24 13:29:12 2026-04-25 04:48:50 0000-00-00 00:00:00 2026 0 0 Str. 348-367 iss. 1 Vol. 22 2026 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.152 1697-9818 10.3926/ic.3251 275371011 document_(1).pdf document_(1).pdf 1 084114F58406C1CB6CADFD82E9DBFABE a09ab38e8b6295ca097f2624fd4e8eb3c9a23da508d6b95569517b105ecc8eeb 4a4cda6e-3fd0-11f1-b0ab-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=233095 https://www.intangiblecapital.org/index.php/ic/article/view/3251 0 5a6a1243-3fd0-11f1-b0ab-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=233096 Ekonomska fakulteta 0 0 0