Board gender diversity and intellectual capital disclosure as strategic resources. Insights from family and non-family firms

Purpose. This research examines the short-term connection between intellectual capital disclosure (ICD) and gender diversity within the board of directors, specifically considering the role of family status. This study highlights the distinctive features of family-owned firms, which tend to adopt a different approach to diversity than non-family firms, impacting their ICD practices. Methodology. A mixed-method approach is adopted. First, content analysis is conducted on non-financial reports of Italian-listed firms to generate an ICD index. The second part involves an OLS regression to test the relationship between the ICD and board gender diversity (proxied by the BLAU index) by considering the moderation role played by a dummy variable for family ownership. Findings. The results demonstrate that board gender diversity affects ICD differently, depending on the firm family status. Specifically, while diversity is positively associated with ICD in family firms, this effect is negatively moderated in non-family ones. Implications. From a managerial perspective, this study provides recommendations for family firms to improve the integration of diverse perspectives within their boards, enhancing their ICD practices. From a theoretical perspective, results support the “resource dependency theory”, which posits that diverse boards provide critical external resources, improving disclosure.