Abstract
We explore whether public attention to gender equality is associated with an increase in female board representation. We find that firms are sensitive to changes in public attention to gender equality. However, the effects are mostly driven by firms whose ex ante culture is more sympathetic to gender equality. Greater female board representation is achieved thanks to the broadening of the pool of female directors and a reduction in the appointments of connected men, without any obvious compromises on directors’ quality. We show that public attention to gender equality is not merely driven by investor pressure and other corporate changes. Instead, changing societal demands driven by political and public events appear to be associated with changes in corporate leadership.