Giráldez, PilarSamaniego-Medina, Reyes2025-07-072025-07-072025-06-13Management Research Review, nº48 (13) , pp.89-111.10.1108/MRR-08-2024-0652https://hdl.handle.net/10433/24327This study examines how board gender diversity (BGD) influences credit ratings and finds that increased female representation boosts ratings by up to 1.86%. This effect is especially pronounced when transitioning from speculative to investment-grade ratings, underscoring BGD’s critical role in improving corporate risk governance and credit evaluations.Proyectos de investigación Ref. PID2021128420OB-I00 funded by MCIN/AEI/10.13039/501100011033; Regional Government of Andalusia Ref. “ProyExcel_00934” Research Group SEJ-555Purpose This study aims to investigate the relationship between board gender diversity (BGD) and credit ratings, using agency theory, resource dependence theory and critical mass theory as theoretical frameworks. Design/methodology/approach This paper analyses a sample of 1,037 North American companies from 2008 to 2017. The methodology includes the Arellano–Bond generalized method of moments (GMM), an ordinal extension of the binary logit model and robustness tests to address potential endogeneity and sample selection bias. Findings The results indicate that increasing female representation on boards significantly affects credit ratings. Specifically, each additional female board member increases the likelihood of obtaining a higher credit rating by up to 17.71. This effect is particularly pronounced for firms transitioning to investment-grade ratings, where the impact of female representation is amplified fourfold. These findings highlight the important role of board gender diversity in improving firms’ credit evaluations. Originality/value By examining a crucial period and employing rigorous analytical techniques, this study fills a significant gap in the literature; it offers valuable insights into how BGD affects credit ratings and emphasizes its strategic importance in corporate risk governance.enAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/Corporate governanceRisk governanceGender diversityCredit ratingCritical mass of womenCorporate social responsibilityjournal articleopen access