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Integrating risk, gender diversity and upper echelons literatures, we examine whether the presence of women in upper management (top management team (TMT) and board of directors (BOD)) and the tenure of TMTs and BODs are associated with the risk of lawsuits. An analysis of data from firms in the US retail industry shows that the presence of women in TMTs and BODs and the tenure of TMTs and BODs are negatively associated with legal risk, but longer tenured BODs with more women had a positive impact on lawsuits. Implications and suggestions for future research are offered.

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