Do female directors have a dark side? Challenges and perspectives after the pandemic crisis in Italy

The study investigates the relationship between female board representation and the financial performance of Italian Innovative Small and Medium Enterprises (SMEs) before and during the COVID-19 pandemic. While prior literature highlights the potential advantages of gender-diverse boards, including improved innovation, decision-making, and financial performance, the findings reveal a negative association between the presence of women on boards and firm profitability in the studied context. This counterintuitive outcome prompts further investigation into the dynamics of gender diversity during crises and its implications for corporate governance.