Attracting Female Directors in the United States: The Roles of Boards, Executives, and Other Stakeholders

Abstract

Previous research related to board gender diversity typically focuses on international settings outside of the U.S. In this study, we examine the influence of boards, executives, and other stakeholders in appointing a female director candidate to a U.S. board, which is a voluntary regime dominated by male candidates. Following institutional theory, social identity theory, and resource dependence theory, we find that boards, executives, and institutional investors play persistent roles across various time periods, company sizes, and levels of CEO power. Workforce and customer stakeholders have become significant influencers only in more recent years and in smaller firms. Understanding factors that allow firms to successfully attract female board members in a voluntary regime should be of interest to board members and regulators worldwide. Our findings should also be of interest to accounting academics examining the role of board gender diversity in the oversight of audit, financial reporting, and tax policies. Data Availability: All data are publicly available from the cited sources. JEL Classifications: G34; M48.