The purpose of this paper is to analyse the relationship between female representation on corporate boards and intellectual capital (IC) efficiency – while prior studies focus on the relationship between gender diversity and firms’ financial performance.,Drawing on data from top 500 UK listed firms for 2007–2016 (3,279 firm-years), this study employs an adjusted-value-added intellectual coefficient as a measure of IC efficiency. Further, the two-step system-generalised method of moments has been applied to account for endogeneity issues.,The results reveal a significant positive relationship between female representation on boards and IC efficiency, including human capital, structural/innovation capital and financial capital efficiency. These results are robust to alternative proxies for the independent variable and difference-in-difference estimation.,The results posit that female representation on boards is associated with IC efficiency, which is vital for firms’ value creation and competitive advantage in the knowledge-economy era. The study also endorses current legislation to increase female representation on corporate boards.,This is among the limited studies to explore the role of female representation on boards in IC efficiency – while most prior studies relate IC efficiency to financial performance.

中文翻译：

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女性在公司董事会中的代表席位会提高智力资本效率吗？

本文的目的是分析女性在公司董事会中的代表与智力资本（IC）效率之间的关系，而先前的研究则侧重于性别多样性与公司财务绩效之间的关系。，借鉴英国500强上市公司的数据在2007–2016年（3279个公司年）中，本研究采用调整后的增值智力系数来衡量IC效率。此外，两步法一般化的矩量法已用于解决内生性问题。结果表明，董事会中女性代表与IC效率（包括人力资本，结构/创新资本和财务资本效率）之间存在显着的正相关关系。这些结果对于自变量和差异差异估计的替代代理具有鲁棒性。结果表明，董事会中的女性代表与IC效率相关，这对于企业创造价值和知识经济中的竞争优势至关重要时代。该研究还赞同增加立法机构女性代表人数的现行立法。这是有限的研究之一，旨在探讨女性代表人数在IC效率中的作用，而大多数先前的研究都将IC效率与财务绩效相关。