NONE 20260114131645847 wseas/wseas content-registration-form+ja@crossref.org content-registration-form Financial Engineering 2945-1140 01 10 2025 01 10 2025 3 Rakesh Yadav Welingkar Institute of Management Development and Research, Mumbai, INDIA https://orcid.org/0000-0001-7872-3100 Ameya Patil MIT-WPU, Pune, INDIA This research examines the relationship between institutional isomorphism and board diversity in multinational hospitality firms. Using institutional theory, we analyze coercive, mimetic, and normative pressures shaping governance structures across different regulatory environments. A dataset of publicly listed hospitality firms from France, the United Kingdom, and the United States (2010-2019) is utilized to assess how board diversity practices emerge and evolve. Findings indicate that coercive isomorphism dominates in civil law jurisdictions with mandated gender diversity policies, while mimetic and normative isomorphism play a more significant role in common law countries where market-driven solutions influence board compositions. Furthermore, boarddiversity demonstrates a positive but non-linear impact on firm performance, varying across different performance quartiles. This study contributes to institutional theory in the hospitality sector and provides insights for corporate governance policymakers and industry leaders. 11 21 2025 11 21 2025 495 42 https://wseas.com/journals/fe/2025/a84fe-032(2025).pdf 10.37394/232032.2025.3.42 https://wseas.com/journals/fe/2025/a84fe-032(2025).pdf Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309. Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. The Quarterly Journal of Economics, 127(1), 137-197. Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33-53. DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147-160. Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111. Geletkanycz, M. A., & Hambrick, D. C. (1997). The external ties of top executives: Implications for strategic choice and performance. Administrative Science Quarterly, 42(4), 654- 681. Gregorič, A., Oxelheim, L., Randøy, T., & Thomsen, S. (2017). Resistance to change in the corporate elite: Female directors’ appointments onto Nordic boards. Journal of Business Ethics, 141(2), 267-287. Gröschl, S., & Arcot, S. (2014). Female board directors, firm performance, and governance: A study of Indian firms. Journal of Business Ethics, 123(4), 619-633. Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2009). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 46(2), 169-194. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113- 1155. Terjesen, S., Aguilera, R. V., & Lorenz, R. (2016). Legislating a woman’s seat on the board: Institutional factors driving gender quotas for boards of directors. Journal of Business Ethics, 128(2), 233-251.