In recent years, studies have documented high economic returns in companies with a greater representation of women at all levels of the company organization (Adams & Ferreira, 2009; Campbell & Vera, 2010; Christiansen et al., 2016; Kersley et al., 2021; Birindelli & Iannuzzi, 2022). In addition to higher economic returns, greater gender diversity leads to a richer analytical perspective that improves decision-making and problem-solving processes, allowing companies to adopt more innovative and forward-looking growth strategies (Kersley et al., 2021). For these reasons, large investors prefer firms with better gender diversity because it reduces reputational risk from equal opportunity disputes (Fredman, 2022). Consequently, these benefits translate into improved financial performance for both financial and non-financial firms (Birindelli & Iannuzzi, 2022). This aligns with the stakeholder theory (Freeman, 1984), which is commonly referenced in studies on gender diversity in boards of directors. According to Cornell & Shapiro (1987), effective management of stakeholders is crucial for a company’s success and value, while the board of directors plays a vital role in balancing management plans with the interests of various stakeholders. From this perspective, a gender-diverse board better represents the interests of different stakeholders than a homogeneous board and is more attuned to their needs (Harjoto et al., 2015).