The purpose of this paper is to study whether the presence of women directors on the corporate board influences financial performance (FP). To examine the underlying causal mechanism, the authors modeled firm-level intellectual capital efficiency (ICE) in the relationshipbetween board gender diversity (BGD) and FP.,Using a sample of 5,879 US firms, a structural model of BGD, IC and FP is conceptualized by accounting for the endogeneity issues and alternative measures of the key variables in the empirical framework. In the model, the percentage of women directors is taken as BGD measures and value-added intellectual coefficient as an IC performance measure, considering governance and corporate performance measures.,The authors find a significant impact of BGD on FP. In particular, the results suggest: BGD is linked to IC; the influence of board gender diversity on the FP is indirect; and ICE fully mediates the relationship between BGD and FP.,To the best of the author’s knowledge, no study has empirically investigated whether the firm-level IC performance explains the influence of BGD on FP. Drawing on the resource-based view and organizational learning theory of the firm, the authors empirically modeled the relationship between BGD and FP through a mediation mechanism of firm-level ICE to fill the void in the literature.

中文翻译：

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是什么驱动女性董事对公司绩效的影响？美国上市公司智力资本效率的证据

本文的目的是研究公司董事会中女性董事的存在是否会影响财务绩效（FP）。为了研究潜在的因果机制，作者在董事会性别多样性（BGD）与FP之间的关系中对公司级智力资本效率（ICE）进行了建模。使用5879家美国公司的样本，BGD，IC和FP的结构模型为通过考虑内生性问题和经验框架中关键变量的替代方法进行概念化。在该模型中，考虑到治理和公司绩效指标，将女性董事的比例作为BGD指标，将增值智力系数作为IC绩效指标。作者发现BGD对FP有重大影响。具体而言，结果表明：BGD与IC关联；董事会性别多样性对计划生育的影响是间接的；据作者所知，尚无研究以实证的方式调查公司级IC性能是否能解释BGD对FP的影响。作者利用企业的基于资源的观点和组织学习理论，通过企业级ICE的调解机制以经验为基础对BGD和FP之间的关系进行建模，以填补文献中的空白。