Corporate governance reforms in Japan have increasingly emphasized board diversity, particularly the appointment of female outside directors. However, existing studies provide mixed evidence regarding their impact on firm performance. A key limitation of prior research is the lack of attention to whether directors' skills are aligned with firms' strategic needs. This study addresses this gap by examining whether the strategic alignment between female outside directors' skills and corporate strategy affects firm performance.

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Keywords: Board diversity; corporate governance; Female outside directors; Firm performance; Japan; Strategic alignment