We argue that the link between women directors in co‐determined supervisory boards and firm innovation depends on two contextual factors: (1) Women directors' power, as measured by their share among shareholder representatives, and (2) on whether women are represented in both representative...

This study investigates gender spillovers from women on supervisory boards to women on management boards in a two-tier system with employee codetermination. The supervisory board consists of a nominating committee mainly responsible for the appointment of directors in the management board. By...