Abstract
This study finds that even after controlling for board gender diversity, TMT gender diversity has a distinct and positive effect on corporate innovation. The study also finds that the joint interaction of tournament incentives and TMT gender diversity is detrimental to innovation, implying the two are substitutes. The substitution effect persists beyond the year of female transition and is concentrated on larger firms and firms in low-technology industries. Our results are robust across alternative measures of tournament incentives, female representation, and innovation and after accounting for the endogeneity of both tournament incentives and TMT gender diversity. Thus, for gender-diverse TMTs pursuing an active innovation policy, tournament incentives may not be appropriate.
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