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This study investigates whether women directors’ attributes affect market valuation for banks. Functional attributes such as independence and leadership are considered together with professional attributes such as financial expertise, education and nationality. We have constructed a unique sample of 1,019 bank-year observations for the period 2007–2017 for 12 developing countries that are characterized by low women’s empowerment/quotas and a dual banking system. Alternative measures for women on the board have been used (i.e. the percentage of women and a dummy indicator). Our findings suggest strong evidence that the presence of women directors on the board is positively associated with bank value. Women as independent board members are also positively associated with market value, whereas women being in a chairperson leadership role has no significant association. Accounting and …