Sustainable Value Creation and Board Gender Diversity in Multinational Enterprises: The Moderating Role of Degree of Internationalisation

ABSTRACT This study explores the empirical relationship between sustainable value creation (SVC), board gender diversity (BGD) and the degree of internationalisation (DOI) in multinational enterprises (MNEs). Using an unbalanced panel of 285 MNEs across 22 countries over the period 2016–2025 and employing high‐dimensional fixed effects (FE), system GMM and entropy balancing techniques, we find that the individual effects of BGD and DOI on SVC are negative and insignificant, respectively. However, the interaction term (BGD × DOI) has a positive and significant effect on SVC. Theoretically, our findings suggest that the rigorous monitoring associated with gender‐diverse boards shifts from being a coordination cost to a value‐enhancing asset as MNEs face the heightened complexity and information asymmetry of global operations. This study contributes to Sustainability, Corporate Governance and International Business literature by synthesising stakeholder and legitimacy perspectives to explain the contingent role of corporate governance in MNE sustainable value creation.