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

Author

Listed:
  • Ramzi Benkraiem

    (Audencia Business School)

  • Sabri Boubaker

    (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School, IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel)

  • 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])

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.

Suggested Citation

  • Ramzi Benkraiem & Sabri Boubaker & Souad Brinette & Sabrina Khemiri, 2021. "Board feminization and innovation through corporate venture capital investments: the moderating effects of independence and management skills," Post-Print hal-03018707, HAL.
    • Handle: RePEc:hal:journl:hal-03018707
    DOI: 10.1016/j.techfore.2020.120467
    Note: View the original document on HAL open archive server: https://hal.science/hal-03018707v1
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    Cited by:

    1. Bashar Abu Khalaf & Munirah Sarhan Alqahtani & Maryam Saad Al-Naimi, 2025. "ESG Controversies and the Financial Performance of MENA Firms: The Moderating Role of Board Characteristics," Sustainability, MDPI, vol. 17(11), pages 1-22, May.
    2. Huang, Yi-Hou & Liang, Woan-lih & Truong, Quang-Thai & Wang, Yanzhi, 2022. "No new tricks for old dogs? Old directors and innovation performance," Technological Forecasting and Social Change, Elsevier, vol. 179(C).
    3. Marwan Mansour & Mohammad Fawzi Shubita & Abdalwali Lutfi & Mohammed W. A. Saleh & Mohamed Saad, 2024. "Female CEOs and Green Innovation: Evidence from Asian Firms," Sustainability, MDPI, vol. 16(21), pages 1-20, October.
    4. Korkmaz, Aslihan Gizem & Ucar, Erdem, 2025. "Social injustice and corporate innovation," The Quarterly Review of Economics and Finance, Elsevier, vol. 101(C).
    5. Xia, Li & Gao, Shuo & Wei, Jiuchang & Ding, Qiying, 2022. "Government subsidy and corporate green innovation - Does board governance play a role?," Energy Policy, Elsevier, vol. 161(C).
    6. An, Meng & Lin, Jiabao & Luo, Xin (Robert), 2024. "The impact of human AI skills on organizational innovation: The moderating role of digital organizational culture," Journal of Business Research, Elsevier, vol. 182(C).
    7. Lakhal, Faten & Hamrouni, Amal & Jilani, Ibtissem & Mahjoub, Imen & Benkraiem, Ramzi, 2024. "The power of inclusion: Does leadership gender diversity promote corporate and green innovation?," Research in International Business and Finance, Elsevier, vol. 67(PA).
    8. Mansour, Marwan & Al Zobi, Mo'taz & E'leimat, Dheif Allah & Abu alim, Sad & Tabash, Mosab I., 2025. "Female leadership, gender boards and environmental innovation: Comprehensive evidence from the global energy sector," Innovation and Green Development, Elsevier, vol. 4(4).
    9. García, C. José & Herrero, Begoña, 2022. "Corporate entrepreneurship and governance: Mergers and acquisitions in Europe," Technological Forecasting and Social Change, Elsevier, vol. 182(C).

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