This study investigates whether board gender diversity mitigates stock price crash risk among U.S. equity REITs from 2000 to 2018. Using an instrumental variable approach based on geographic exposure to gender norms, we find that female board representation significantly reduces crash risk—but only in internally managed REITs, where boards have substantive control. No such effect appears in externally managed REITs, where strategic authority resides with external advisors. This governance boundary strengthens the causal interpretation of our findings. Female directors also moderate crash risk associated with portfolio concentration and large acquisitions. In addition, while religiosity reduces crash risk in REITs without women on the board, it increases risk when female directors are present—consistent with over-monitoring. These results highlight the role of governance structure in shaping the effectiveness of board diversity and underscore the importance of contextualizing board composition within organizational and cultural environments.
