Understanding the effects of women on corporate boards (WOCB) has significant implications for business, management, gender equality, and policymaking. The purpose of this research is to synthesize the literature that investigated the influence of WOCB on various firm outcomes. We first review studies that considered endogeneity issues to improve causal inferences. Built on the insights offered by this body of literature, we identify unanswered questions and provide a framework to facilitate interpreting the mixed findings and suggest directions for future research that can advance our knowledge concerning the roles of WOCB in affecting board functioning and firm outcomes.
