Abstract
This study investigates the influence of board gender diversity on stock price crash risk. Using panel data from U.S. public firms from 1999 to 2021, our findings reveal that board gender diversity reduces corporate future stock price crash risk. Furthermore, our study demonstrates that financially distressed firms, male-dominated industries, less competitive firms, and periods of lower economic uncertainty are more likely to benefit the favorable effects of board gender diversity in mitigating future stock price crash risk. Our research also suggests that the reduction in crash risk is achieved through alleviating CEO career concerns. Finally, we provide supporting evidence to the critical mass theory that firms with three or more monitoring and advising female independent directors, benefit more from the board gender effects.