“…These studies point out that board gender diversity positively impacts firm performance, including accounting and market performance (Issa et al , 2021; Mastella et al , 2021), firm efficiency (Ali et al , 2021; Ullah et al , 2020), financial reporting quality (Dobija et al , 2021), financial distress (Guizani and Abdalkrim, 2022) and risk level (Khan and Vieito, 2013; Perryman et al , 2016). Interestingly, a recent study by Gharbi and Othmani (2022) concluded that there is a threshold effect in this relationship, suggesting that a minimum of one-third female presence on boards is required to achieve the desired effect of board gender diversity. It has also been put forward that board gender diversity contributes to nonfinancial performance by fostering shareholders’ trust in the firm (Perrault, 2015), increasing corporate innovation in the form of R&D expenditure (Miller and Del Carmen Triana, 2009) and leading to better reputation (Brammer et al , 2009).…”