The implications of female directors for risk-taking in Italian high-tech boards

Combining the predictions of upper echelons theory with board human capital theory, this chapter aims to shed light on the effects of female board directors on firm risk-taking and also on the moderating role of board human capital diversity on this relationship. Through OLS regression analysis, we empirically investigate a sample of 149 Italian high-tech firms. The findings show that a greater representation of female directors on the board negatively affects firm risk-taking and such an effect is increased by board human capital diversity. The chapter contributes to the book by pointing out the boundary conditions under which gender diversity can “break down barriers’’ and positively affect firm risk-taking. The findings also have implications for board nomination committees as they show how the gender and human capital diversity of board directors are important factors to consider when making board appointments in relation to firm risk-taking.