Intellectual capital and financial performance of commercial state interest entities: does board gender dynamic matter?

Purpose This study investigates the influence of female board inclusion (FBI) on the intellectual capital (IC)-financial performance (FP) nexus of commercial state interest entities (CSIEs). Design/methodology/approach The analysis draws on panel data from Ghanaian CSIEs covering the period from 2012 to 2021. A two-step system generalized method of moments estimator is used to assess the dynamic relationships. Findings IC generally enhances FP across CSIEs. Notably, FBI strengthens the IC-FP link in fully-owned CSIEs but shows no significant effect in partially-owned CSIEs. The resource-based, resource dependency and agency theories provide a suitable theoretical lens for understanding FBI’s role in this context. Research limitations/implications The findings offer useful insights for policymakers in designing governance frameworks that promote FBI as a strategic complement to IC, potentially improving FP in CSIEs. Originality/value This study contributes to public sector literature by exploring FBI’s role in the IC-FP nexus within CSIEs. It also uniquely integrates both VAIC and MVAIC models to measure IC in this setting.