This study confirms that the proportion of women on the board of leading non-financial Indian corporations is associated with their operational risk-taking behavior, specifically in the form of trade credit receivables. Using a sample of Nifty-Fifty firms over a five-year period (2014–2018), the study found that an increase in board diversity leads to a decrease in trade credit receivables. A dynamic panel regression model and robustness tests support these results. Overall, the work highlights the importance of board diversity and its potential impact on organizational outcomes, and it contributes to our understanding of agency theory, stakeholder theory, and upper echelons theory. The study concludes that presence of women on the board affects the risk-taking behavior of Indian firms, but generalizing these findings to other industries and settings should require caution.