Boardroom Female Participation, Intellectual Capital Efficiency And Business Performance Of Selected Listed Firms In Ghana

Abstract

This paper aims to investigate the influence of female representation on corporate boards in effectively managing intellectual capital and its impact on business performance, particularly in the context of the Ghana Stock Exchange. The study utilizes the resource dependence theory to explore the interconnection between board gender diversity, intellectual capital, and business performance. A longitudinal panel analysis was carried out on a dataset comprising 434 observations, using data from thirty-one (31) publicly listed companies on the Ghana Stock Exchange (GSE) covering the period from 2009 2022. The research utilized the RE estimate technique along with the Hausman test to analyze the collected data. The study reveals that intellectual capital efficiency significantly and positively affects business performance. However, it does not find any significant influence of female representation on corporate boards on business performance. To enhance their performance and fully leverage the benefits of intellectual capital, companies should strive for greater representation of women in their boardrooms. Policymakers may consider implementing specific tax incentives or providing competitive advantages to companies with diverse boards when competing for government contracts. This research contributes to clarifying the complex relationship between board gender diversity and intellectual capital, shedding light on how these factors interact to influence business performance.