Women’s representation on boards, diversity practices, and internationalization: Evidence from greenfield investment

This study examines the role of women directors in shaping strategic decisions within corporate boards, with a particular emphasis on internationalization strategies such as greenfield investments among S&P 500 firms. While existing research highlights the benefits of women’s board representation for firm performance, it often overlooks their contributions to critical decision-making areas. We argue that female directors enhance their influence on board decisions by promoting diversity practices, which enable firms to leverage their unique perspectives more effectively. Furthermore, we posit that advocacy for diversity decreases as women’s board representation reaches a critical mass. Lastly, we link diversity practices to enhanced firm adaptability in complex business environments. By investigating the mediating mechanisms through which gender-diverse boards influence international strategies, our research addresses gaps in the literature on board diversity, entry modes, and diversity, equity, and inclusion (DEI) initiatives. This study offers insights into how women’s representation on boards translates into actionable influence, fostering improved strategic decision-making and organizational performance.