“…According to recent studies, gender diversity within the boardroom is one of the topics in the literature that has been most extensively studied over the last three decades (Khatib et al, 2021;S anchez-Teba et al, 2021). Previous literature has studied the direct effect of the presence of female directors on both firm performance (Cabeza-Garc ıa et al, 2021;Manita et al, 2020;Post and Byron, 2015;Terjesen et al, 2016) and firm innovation (Ain et al, 2022;Attah-Boakye et al, 2020;Cumming and Leung, 2021;Mukarram et al, 2018;Nadeem et al, 2020;Rossi et al, 2017;Saggese and Sarto, 2019;T€ opfer, 2018;Vafaei et al, 2020;Valenti and Horner, 2020), finding positive effects of their presence in boardrooms. The underlying arguments for these positive effects rely on specific qualities of a female director which may be a helpful contribution to the diversity of the whole board (Arena et al, 2015;Galia and Zenou, 2012;Khan et al, 2021;Saggese et al, 2021;Torchia et al, 2011).…”