Unraveling the nexus: board gender diversity and intellectual capital efficiency in Italian innovative start-ups

In a knowledge-based economy, a gender-diverse board may enhance intellectual resources, as a driver of firms’ value creation. This study aims to explore the connection between Intellectual Capital Efficiency (ICE) and Board Gender Diversity (BGD) within Italian innovative startups. In this way, it seeks to address the literature gap concerning the existent relationship between the variables, given the growing interest in gender diversity. A quantitative analysis has been carried out on a panel dataset (2018-2022). Generalized least squares and ordinary least squares have been run to test the link between ICE and board gender diversity. The ICE, as dependent variable, is measured through the VAIC™ and each of its components (human, structural and employed capital efficiency), while two alternative proxies of board’s gender diversity are used, the Blau Index and women dummy. A set of control variables are included to account for the impact of factors that previous studies have identified as influencing the magnitude of VAIC™ and its three components. Consistent with Critical Mass Theory, Agency Theory and Resource Dependency Theory, several studies have established a connection between female participation and firm performance. However, empirical evidence continues to yield mixed results. Based on our analysis a significant and positive relationship between both variables emerges. The study’s outcomes can aid in the advancement of knowledge about gender and intellectual capital, and can be beneficial to policymakers, entrepreneurs and practitioners. Due to the specific focus of the exploration on innovative startups within the Italian economy, the research findings may not be entirely suitable to other business. Furthermore, future research should be addressed to investigate different sectors among longer periods.