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The focus on the value of more diversity on corporate boards has specifically emphasized women, but not all women.

Numerous resources have been developed to help companies identify qualified women candidates for board seats, and as a result, gender representation is slowly increasing. Today, women represent 23% of S&P 1500 directors. However,

...we find that banks with more gender diversity on their board perform better once the composition of these boards reaches a critical level of gender diversity, corresponding to a board female share of around 13-17 percent.

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