By focusing on multiboard directors, we examine whether there are any differences between female and male director nominees in shareholders’ dissenting votes when they have multiple board positions. We predict that shareholders cast lower dissenting votes for female multiple-board nominees, but not for male nominees. We theorize that this is because shareholders evaluate female and male nominees differently, and female nominees’ multiple board experience mitigates a gender bias based on gendered role perceptions thereby conferring legitimacy. We also posit that such a differential effect of director multiple board positions is further moderated by director- and board- level contextual factors that influence the extent to which director nominees are perceived as legitimate for leadership positions: director managerial background and the presence of nominating committee. Using the sample of Japanese firms, we tested our predictions, and all hypotheses are supported. These findings contribute to research on board gender diversity, multiboard directors, and shareholder response to female director nominees.
