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<p>This paper investigates the impact of board gender diversity on intellectual capital performance (ICP), analysing 135 firms registered on the Indian stock exchange and 112 firms registered on the Chinese stock exchange, with data spanning from 2006 to 2018, collected from the Bloomberg database. Using Critical Mass Theory (CMT), the study examines the effect of the existence of two female directors versus three or more female directors on ICP, with Value-Added Intellectual Capital (VAIC) serving as the dependent variable. The system Generalized Method of Moments (GMM) dynamic panel data regression model is employed, alongside robustness tests, to achieve the study’s objectives. The outcomes indicate that the existence of three or more female directors on the board is significantly and positively associated with ICP for both Indian and Chinese firms. Additionally, the minority group of two female directors also has a significant effect on VAIC for Chinese firms. These findings validate the application of Kanter’s “Critical Mass Theory” and highlight the importance of board composition in influencing ICP. By using CMT, this study contributes to the literature on IC efficiency and women participation on corporate boards, particularly within the contexts of India and China. To the best of the authors’ knowledge, this is one of the first studies to assess the significance of critical mass female participation and its impact on ICP, a topic that has not been extensively explored in the Indian and Chinese contexts.</p>

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From Token to Critical Mass: Comparative Analysis of Board Gender Diversity and Intellectual Capital Performance from the India and China

  • 期刊论文

  • 发表日期：

    2026年2月27日

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  • Neha Smriti,
  • Niladri Das

摘要

This paper investigates the impact of board gender diversity on intellectual capital performance (ICP), analysing 135 firms registered on the Indian stock exchange and 112 firms registered on the Chinese stock exchange, with data spanning from 2006 to 2018, collected from the Bloomberg database. Using Critical Mass Theory (CMT), the study examines the effect of the existence of two female directors versus three or more female directors on ICP, with Value-Added Intellectual Capital (VAIC) serving as the dependent variable. The system Generalized Method of Moments (GMM) dynamic panel data regression model is employed, alongside robustness tests, to achieve the study’s objectives. The outcomes indicate that the existence of three or more female directors on the board is significantly and positively associated with ICP for both Indian and Chinese firms. Additionally, the minority group of two female directors also has a significant effect on VAIC for Chinese firms. These findings validate the application of Kanter’s “Critical Mass Theory” and highlight the importance of board composition in influencing ICP. By using CMT, this study contributes to the literature on IC efficiency and women participation on corporate boards, particularly within the contexts of India and China. To the best of the authors’ knowledge, this is one of the first studies to assess the significance of critical mass female participation and its impact on ICP, a topic that has not been extensively explored in the Indian and Chinese contexts.