may influence its performance in that they are appointed with less formality. This could impact the diversity of the board …

emphasis on board gender diversity.Design/methodology/approach – We exploit a novel measure of takeover vulnerability based on ….Findings – Our results show that a more active takeover market leads to lower board gender diversity. Specifically, a rise in … takeover vulnerability by one standard deviation results in a decline in board gender diversity by 10.01%. Moreover, stronger …