["Corporate Governance: An International Review, EarlyView. ", "\nABSTRACT\n\nResearch Question/Issue\nWe examine how women's representation on boards (WRB) shapes board processes (effort norms, cognitive conflict, and use of knowledge and skills) and how board chairs' leadership moderates those relationships. Our theory integrates insights from information processing theory with intergroup threat theory.\n\n\nResearch Findings/Insights\nOur survey of 731 directors across 95 boards shows that WRB helps board processes up to a point, after which the effect reverses. The inverted U‐shaped relationships peak below gender parity, meaning benefits diminish before WRB reaches 50%. Boards led by more authentic chairs demonstrate better board processes and less variance in processes at different levels of WRB, likely because their directors perceive less threat and more psychological safety.\n\n\nTheoretical/Academic Implications\nThis study (1) expands our understanding of how WRB shapes board processes, complementing prior research focused on firm‐level outcomes and women's critical mass; (2) highlights unintended negative dynamics in upper‐echelon teams as WRB tends toward parity; (3) identifies board chairs' authentic leadership as an explanation for variance in boards' ability to convert WRB into higher effort norms and better use of directors' knowledge and skills, contributing to research on leadership in diverse boards; (4) contributes to information processing theory by suggesting that high conflict‐avoidance may represent an important boundary for the effectiveness of diversity in upper echelons; and (5) contributes to status threat theory by showing that the precise majority–minority tipping point may depend on what is at stake.\n\n\nPractitioner/Policy Implication\nDirectors should remain vigilant to subtle biases and resistance as board diversity increases. Board chairs can enhance authentic leadership by embracing self‐awareness, transparency, and consistency. Policymakers promoting gender equity on boards must anticipate and address challenges linked to increasing diversity.\n\n"]