The relationship between board diversity and firm performance in the lodging industry: The moderating role of internationalization

•This study examines the moderating role of internationalization on the board diversity-firm performance relationship in the lodging industry.•Gender diversity shows a positive and significant effect on firm performance, while age diversity has an insignificant effect on firm performance.•The degree of internationalization significantly magnifies the effect of gender diversity on firm performance.•This study expects to contribute to corporate governance literature while providing practical guidelines for stakeholders of a lodging firm.