Women in power with power: The influence of meaningful board representation on default risk
研究了19个新兴市场917家公司2005-2019年数据，发现女性董事比例与违约风险呈倒U型关系，且需至少三位女性董事才能显著降低风险，独立或领导职位的女性董事作用更明显。
This paper examines the relationship between the presence of female board members and firms' corporate default risk. We find an inverted “U-shaped” relationship for a sample of 917 firms in 19 emerging markets for the period 2005–2019. We also show that, consistent with critical mass theory, boards need to have three or more female directors to significantly reduce default risk. Furthermore, having female directors with an independent role on the board in countries with less familial dominance, or having female directors with a leadership position, significantly reduces default risk. Finally, we find a positive effect of the interaction between a country's gender inequality and board gender diversity on default risk.