Board feminization and innovation through corporate venture capital investments: the moderating effects of independence and management skills

Ramzi Benkraiem, Sabri Boubaker, Souad Brinette and Sabrina Khemiri ()
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Souad Brinette: OCRE - Observatoire et Centre de Recherche en Entrepreneuriat - EDC - EDC Paris Business School
Sabrina Khemiri: LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - DEFI - Département Droit, Économie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]

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Abstract: The purpose of this paper is to investigate the relationship between board feminization and innovation through corporate venture capital (CVC) investments, as well as the moderating effects on this relationship of independence and management skills. This study relies on a set of unique data to measure CVC activity for all French-listed companies that undertook a CVC strategy between 2000 and 2018. We found that the appointment of female independent directors impeded CVC investments, whereas the appointment of female directors with management backgrounds enhanced such investments. Our findings are robust to alternative measures of board feminization. Overall, our results enrich the debate on the usefulness of these innovation vehicles for the French economy.

Keywords: Board attributes; Feminization; Innovation; Corporate venture capital investments; Financing; Sustainable Development Goals (search for similar items in EconPapers)
Date: 2021-02
Note: View the original document on HAL open archive server: https://hal.science/hal-03018707v1
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Citations: View citations in EconPapers (6)

Published in Technological Forecasting and Social Change, 2021, 163, pp.120467. ⟨10.1016/j.techfore.2020.120467⟩

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Journal Article: Board feminization and innovation through corporate venture capital investments: The moderating effects of independence and management skills (2021)
Working Paper: Board feminization and innovation through corporate venture capital investments: the moderating effect of independence and management skills (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03018707

DOI: 10.1016/j.techfore.2020.120467

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