Do female independent directors reduce corporate risk taking during COVID-19?

This article examines the impact of female independent directors on corporate risk taking during the COVID-19 pandemic. Our findings suggest that there is a negative relationship between female independent directors and corporate risk taking, indicating that female independent directors can effectively lower risks during this period. In addition, it is reported that the negative impact of female independent directors on firm risks is pronounced in the hospitality industry, as well as in regions with higher confirmed cases of COVID-19. Our results call for greater female independent directors’ recruitment in the boardroom, yielding benefits of lowering firm risks during a crisis.