Three contextual factors will determine the existence and magnitude of the instrumental benefit of including more women on boards. Factor One considers whether and how traits ascribed to women connect to women. Factor Two shows how companies and board governance vary enormously. Factor Three places these elements of the individuals and the companies in the national and global contexts. Methodical study that accounts for these contexts would likely show that companies with strong board governance in countries whose regulations foster inclusion would gain the most benefits from diversity.
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