The number of women on public company boards has increased dramatically in recent years. We study where these women directors came from and how they were absorbed. In the past five years, women with board experience obtain significantly more board seats than their male colleagues. Women directors are also more likely to have no previous board experience than men, indicating movement on both the intensive and extensive margin. Adding a woman director is associated with a transitory increase in board size about a third of the time. This increase reverts the following year when an existing director rolls off.
Peter Cziraki & Adriana Z. Robertson, "When Bill Rolls Off: Continuity and Change on Corporate Boards”, Coase-Sandor Working Paper Series in Law and Economics, No. 990 (2023).