Purpose

This study examines the impact of female directors' representation in the boardroom and the role of institutional ownership (IO) on intellectual capital efficiency (ICE) and its three efficiency components: human capital efficiency (HCE); innovation capital efficiency (INCE) and capital employed efficiency (CEE).

Design/methodology/approach

A sample of non-financial French firms listed within the Société des Bourses Françaises-120 (SBF-120) was employed for the period from 2011 to 2020 using the generalized method of moments (GMM) approach to test the set of hypotheses.

Findings

Grounded in agency and resource dependence theories, this study found that female directors play a vital role in enhancing ICE. IO also has a significant role to play. Active institutional investors tend to push toward gender-balanced boardrooms and play an external supervisory role to improve efficiency. Moreover, female financial experts on audit committees also contribute to the ICE decision-making process within firms with high IO levels.

Research limitations/implications

This study focused only on IO. Future research may use other forms of ownership, such as foreign or family ownership.

Practical implications

The findings may serve as a reference for managers and policymakers to enhance IC management and make appropriate investment decisions. Managers and policymakers may rely on strategic and effective decisions regarding the efficient use of IC for value creation through the judgments of female directors.

Originality/value

The current study adds significant insights to the accounting and intellectual capital literature.

中文翻译：

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女性董事的代表性和智力资本效率：机构所有权重要吗？

目的

本研究探讨了女性董事在董事会中的代表性以及机构所有权（IO）对智力资本效率（ICE）及其三个效率组成部分的影响：人力资本效率（HCE）；创新资本效率（INCE）和资本使用效率（CEE）。

设计/方法论/途径

使用广义矩法 (GMM) 方法对 2011 年至 2020 年期间在法国证券交易所上市的法国非金融公司 - 120 (SBF-120) 的样本进行检验，以检验这组假设。

发现

这项研究以代理和资源依赖理论为基础，发现女性董事在加强 ICE 方面发挥着至关重要的作用。IO 也可以发挥重要作用。活跃的机构投资者倾向于推动董事会性别平衡，并发挥外部监督作用以提高效率。此外，审计委员会中的女性财务专家也为 IO 水平较高的公司内的 ICE 决策过程做出了贡献。

研究局限性/影响

本研究仅关注 IO。未来的研究可能会使用其他形式的所有权，例如外国或家庭所有权。

实际影响

研究结果可为管理者和政策制定者加强IC管理和做出适当的投资决策提供参考。管理者和政策制定者可以通过女性董事的判断，依靠关于有效利用 IC 来创造价值的战略和有效决策。

原创性/价值

当前的研究为会计和智力资本文献增添了重要的见解。