Non-linear Relationship Between Board Gender Diversity and Research and Development Intensity: Does National Gender Inequality Matter?

This article explores the relationship between board gender diversity and research and development investments in the technology industry. The study employs a multi-theoretical framework based on the constructs of upper echelon theory, resource-dependency theory and on the literature on women’s attitude towards risk assessment. We adopt a panel data set of 390 technology firms over the study period 2009–2019. Our empirical research unveils an inverted curvilinear (U-shaped) relationship between board gender diversity and research and development investments, with national gender inequality negatively moderating this relationship. This study introduces an innovative framework that integrates considerations at both the micro level (the relationship between board gender diversity and research and development intensity) and the macro level (the moderating role of national gender inequality), offering a more comprehensive understanding of the multifaceted factors influencing firms’ investments in research and development initiatives. Our findings provide critical insights for enhancing gender diversity in corporate settings, serving both academic research and practical managerial and policymaking endeavours.