This study examines the relationship between board gender diversity and organizational financial performance for a sample of 9,517 organizations across 84 countries from 2010 to 2023. Overall, the findings suggest that gender diversity does not yield financial benefits for organizations. However, gender diversity shows a positive impact during periods of high external environmental turbulence, such as significant macroeconomic global changes. Specifically, for the sub-period of 2020 to 2023, gender diversity is found to have a significant positive effect on organizational financial performance. Additionally, the results highlight the importance of a critical mass of female directors, with two or more women on boards contributing to organizational financial performance, particularly during the COVID-19 crisis and its aftermath.
