We explore the role of female directors in mitigating CEO luck. CEOs are ‘lucky’ when they receive stock option grants on days when the stock price is the lowest in the month of the grant, implying opportunistic timing. Our results show that board gender diversity significantly deters the opportunistic timing of option grants. The effect of board gender diversity is 17.19 percent stronger than that of board independence in reducing CEO luck. Board gender diversity plays an effective governance role, even more effective than board independence does. Our results support the benefits of board gender diversity in mitigating the agency cost.

中文翻译：

---

董事会性别多元化会降低“CEO运气”吗？

我们探讨了女性董事在减轻 CEO 运气方面的作用。当 CEO 在授予当月股票价格最低的日子收到股票期权授予时，他们是“幸运的”，这意味着机会主义时机。我们的研究结果表明，董事会性别多样性显着阻止了期权授予的机会主义时机。董事会性别多元化对降低 CEO 运气的影响比董事会独立性强 17.19%。董事会性别多元化发挥着有效的治理作用，甚至比董事会独立性更有效。我们的结果支持董事会性别多元化在降低代理成本方面的好处。