Re: your papers. I've looked at such research before. I've yet to see such a study that's as conclusive as it's made to sound. Last time:
https://news.ycombinator.com/item?id=15490501
Randomly picking the last paper you cite for example, we learn that Spanish companies with more women on the board have better financial performance. Seems like an open and shut case! But then buried deep in the paper, we also learn that the Spanish government has passed lots of sexually discriminatory laws that financially advantage companies that achieve arbitrary gender quotas, most notably, only companies with a certain level of female presence on boards can bid for public contracts.
The Spanish economy isn't the best. Big chunks of the Spanish economy is propped up by government spending originating in ECB quantitative easing and it's been that way for a while. If companies with male-only boards are being discriminated against in public procurement contracts, that by itself is sufficient to explain part of the difference.
That's a common problem with papers that argue more women on boards = more financial performance. Invariably they are studying countries that artificially tip the playing field towards such companies already, making it difficult to disentangle the different factors.
Could it not be a business decision to minimize risk?
(I, for one, am in favor of getting rid of all diversity quotas. Companies should be allowed to hire 100% black LGBT disabled women as much as they should be allowed to hire majority males out of elite universities.)
You're saying the opposite, that increasing gender bias will provide you with some economic benefit. At least what you're saying is rational and consistent.
Fine--we want more women. Research, and personal experience, shows gender-mixed teams outperform [1][2][3][4]. This is a business, not HR, decision.
We also want more cultural diversity. I don't like pitching in Latin America or the Middle East with zero cultural context on the home team. If you're a B2C company, you probably want socioeconomic diversity on your product teams (at the very least).
[1] http://eepulse.net/include/content/articles/Wall_Street_Reac... IPOs
[2] http://scholarship.sha.cornell.edu/cgi/viewcontent.cgi?artic... Fund management
[3] http://scholarship.law.unc.edu/cgi/viewcontent.cgi?article=4... Boards
[4] https://www.researchgate.net/profile/Antonio_Vera/publicatio... Boards