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Gender diversity and the spillover effects of women on boards

This paper presents evidence that female directors can influence fellow male directors and that their influence can spillover to the male director's other directorships. When working on the same board as women, male directors who also work alongside women within their wider directorship networks are shown to have better attendance records, suggesting that they are more conscientious in their monitoring duty. Accordingly, the more male directors interact with women, the more we find higher CEO turnover sensitivity to poor performance and lower equity risk. Based on conversion theory from the psychology literature, our findings suggest that female directors can exert influence on firm-level decisions despite their minority status in the boardroom.