We empirically examine the role of board gender diversity in influencing stock price crash risk at the firm-level in twelve (12) Asia-Pacific Markets. Using a dataset comprising data from 1021 listed firms over the period 2006–2016, we employ a random effect model in a regression setting. Controlling for the firm and market-level variables, we find that board gender diversity results in lowering the stock price crash risk of the firm. Bifurcating women directors on corporate board into numerical representation (token and critical mass representation), the results support our main conjectures and suggest that the economic significance of this relationship is higher for firms that have three or more women directors on the board as compared to the firms that have less than three women directors on the corporate board. Our results are robust to alternative measures of stock price crash risk, potential endogeneity and selection biases.

我们实证检验了董事会性别多样性在影响十二 (12) 个亚太市场公司层面股价崩盘风险方面的作用。使用包含 2006 年至 2016 年期间 1021 家上市公司数据的数据集，我们在回归设置中采用随机效应模型。控制公司和市场层面的变量，我们发现董事会性别多样性降低了公司的股价崩盘风险。将公司董事会中的女性董事分为数字代表（代币和临界质量代表），结果支持我们的主要猜想，并表明与董事会中拥有三名或更多女性董事的公司相比，这种关系的经济意义更高公司董事会中女性董事少于三名的公司。