In recent years, significant strides have been made in increasing the representation of women on corporate boards (WOCBs) in various countries. However, the representation of WOCB does not necessarily lead to the empowerment of women directors due to tokenism, hindering the substantive progress toward gender diversity on board. This research critically examines the representation-empowerment relationship from an institutional perspective. We argue that country-specific regulatory, normative, and cognitive institutional environments present important conditions under which an increase in representation of WOCB is associated with a higher level of participation of women directors in board leadership roles. Specifically, we hypothesise that the representation-empowerment association is moderated by regulatory pressure, normative standards, and cultural orientation. We test our arguments using a sample of 270 Indian firms indexed by BSE, with a longitudinal quantitative design using HLM and IV2SLS methods. Data from 2012-2022 was compiled from BoardEx and Prowess, resulting in 2,970 firm-year observations. We find that subsequent diversity reforms that target specific issues of corporate governance positively moderate the representation-empowerment relationship, while a high degree of family ownership weakens the relationship. Our findings illuminate the significance of institutional determinants in fostering female board empowerment, providing valuable insights for policymakers and corporate leaders as they seek to enhance gender diversity and leadership within boardrooms.
