Are women board members risk averse or agents of innovation? It’s complicated, new research shows

The effect of women board members on patent activity hinges on whether the company is meeting performance targets.

By: Stephen J. Smulowitz, Wake Forest University, The Conversation

Outlets: The Conversation

Published: February 13, 2026

Words: 772

Last Updated: 1 month ago

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By Stephen J. Smulowitz, Wake Forest University

Do women board members make a company more innovative or risk averse? The answer is both, according to our recent study. It all depends on how the company performs relative to its goals.

Professors Małgorzata Smulowitz, Didier Cossin and I examined 524 S&P 1500 companies from 1999 to 2016, measuring innovation through patent activity. Patents reflect both creative output and risk-taking. They require significant investment …

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