Gender Diversity on Corporate Boards: Do Women Contribute Unique Skills?
研究女性董事通过提供特定功能专长（如会计、法律等）来增加董事会异质性，从而提升公司价值，帮助解释性别多样性对估值影响的混合结论。
We show that gender diversity in corporate boards could improve firm value because of the contributions that women make to the board. Prior studies examine valuation effects of gender-diverse boards and reach mixed conclusions. To help resolve this conundrum, we consider how gender diversity could affect firm value, that is, what mechanisms could explain how female directors benefit corporate board performance. We hypothesize and provide evidence that women directors contribute to boards by offering specific functional expertise, often missing from corporate boards. The additional expertise increases board heterogeneity which Kim and Starks (2015) show can increase firm value.